Thriving Strip Mall on
3820-3840 AL-59 Foley, AL
For Sale
Contact for pricing
Fully occupied 12,000 SF strip mall on Highway 59.
Property Size12,000 SF
Lot Size1.08 Acres
Price / SF$241.67
Days on Market973
Property Features for 3820-3840 AL-59
General Information
Standard status
Active
Size
12,000 SF
Lot size
1.08 Acres
Property subtype
RETAIL
Listing Agency:
Re/Max of Orange Beach
(251) 533-6677
Listed By:
Heather Harp · License #new
(251) 533-6677
Source:
Moodyscre
Added: Nov 30, 2023
Changed: Jul 6
Last Checked: Jul 21 at 6:44AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Re/Max of Orange Beach
Investment Insights
Based on property information with market context.
Parkway Plaza is a strip mall strategically positioned along Highway 59. The complex comprises 13 rental spaces, ranging from 450 to over 2000 square feet, creating a versatile retail landscape. The property has a 100% occupancy rate and a tenant mix. This 12,000 square foot property has long-term lessees, easy access, and ample parking. An income producing sign is located on the south end of the property. The building's roof was replaced in 2021, and new flooring was installed the same year. Additionally, all parking lots were upgraded with LED light fixtures in 2022.
Key Highlights
- 100% Occupancy Rate: Demonstrates strong and consistent income generation.
- Strategic Location: Positioned along Highway 59, offering high visibility and accessibility.
- Versatile Retail Landscape: Comprises 13 rental spaces ranging from 450 to over 2000 sqft, attracting a diverse tenant base.
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $201.6k | $16.80 |
| − Vacancy | −$17.1k | −$1.43 |
| EGI | $184.5k | $15.37 |
| − OpEx | −$55.3k | −$4.61 |
| NOI | $129.1k | $10.76 |
12,000 SF · lease $16.80/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.84M
$1.61M – $2.15M
NOI $129,125 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.89M
$2.53M – $3.37M
NOI $202,003 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Strip mall - Fully occupied 12,000 SF strip mall on Highway 59.
Where is this strip mall located?
The property is located at 3820-3840 AL-59 Foley, AL.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: 100% Occupancy Rate: Demonstrates strong and consistent income generation.; Strategic Location: Positioned along Highway 59, offering high visibility and accessibility.; Versatile Retail Landscape: Comprises 13 rental spaces ranging from 450 to over 2000 sqft, attracting a diverse tenant base.
