Birmingham Retail NNN
For Sale
Contact for pricing
2313 Center Point Pkwy, Birmingham, AL
Corporate guaranteed NNN lease with excellent visibility in Birmingham.
Property Size14,916 SF
Lot Size2.05 Acres
Price / SF$187.11
Days on Market515
Property Features for 2313 Center Point Pkwy
General Information
Standard status
Active
Size
14,916 SF
Lot size
2.05 Acres
Property subtype
RETAIL
Properties For Sale
at 2313 Center Point Pkwy Contact us- Floor
- 1
- Size
- 13,905 SF
- Type
- RETAIL
- Availability
- AVAILABLE, Now
- Sublease
- Yes
Center Point Plaza
-13,905 SF former Walgreens with drive-thru available
on Center Point Parkway.
-Freestanding...
show more
Contact us
Listing Agency:
SRS Real Estate Partners | Birmingham
(205) 259-2195
Listed By:
Cooper Smith
(205) 706-0404
Source:
Moodyscre
Added: Apr 8, 2025
Changed: Sep 4
Last Checked: Sep 4 at 12:16PM
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 SRS Real Estate Partners | Birmingham
Investment Insights
Based on property information with market context.
This property, located on the hard corner of Center Point Parkway and 23rd Ave NE in Birmingham, offers excellent visibility with traffic counts of approximately 25,000 vehicles per day on Center Point Parkway and approximately 5,000 vehicles per day on 23rd Ave NE. The property has a corporate guarantee from Walgreens, ranked #27 on the Fortune 500 list as of January 2025, with approximately 4 years remaining on the lease and nearly $1.2M of remaining rent. The lease is an absolute NNN lease, offering zero landlord responsibilities. The roof of this property was replaced around 2014. The property is located near Firestone, Davita Kidney Care, Dollar Tree, Dollar General, Regions Bank, Auto Zone, Family Dollar, Taco Bell, Advance Auto Parts, Chick-fil-A, Walmart, USPS, Popeyes, and many national automotive dealerships. The Birmingham Hoover MSA has over 1,150,000 residents.
Key Highlights
- Corporate Guarantee: Lease guaranteed by Walgreens, ranked #27 on the Fortune 500.
- Absolute NNN Lease: Zero landlord responsibilities, offering a passive investment.
- Approximately 4 years remaining with nearly $1.2M of remaining rent.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$185,257
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.64%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,705,140
$3.7M
Cap Rate 7%
$2,646,529
$2.6M
Cap Rate 9%
$2,058,411
$2.1M
Market Conditions
NOI Build-Up for 14,916 SF
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.
Gross rent
$268.5K $18.00/SF
− Vacancy
−$21.5K −$1.44/SF
EGI
$247.0K $16.56/SF
− OpEx
−$61.8K −$4.14/SF
NOI
$185.3K $12.42/SF
Area
Birmingham, AL
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,705,140
Cap Rate 7%
$2,646,529
Cap Rate 9%
$2,058,411
Alternative Uses
Best Use
Specialty Retail
$2.65M
$2.32M – $3.09M
NOI $185,257 @ 7.0% cap · market cap 6.64%
Second Best
Retail
$2.08M
$1.82M – $2.43M
NOI $145,780 @ 7.0% cap · market cap 5.22%
Theoretical Best
Office A
$3.50M
$3.06M – $4.08M
NOI $245,076 @ 7.0% cap · market cap 8.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
362
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Retail in Birmingham, AL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Walmart Pharmacy — 1916 Center Point Pkwy, Birmingham, AL 35215
- CVS Pharmacy — 2000 Center Point Pkwy, Center Point, AL 35215
- Walgreens Pharmacy — 2301 Center Point Pkwy, Center Point, AL 35215
- COVID-19 Drive-Thru Testing at Walgreens — 2301 Center Point Pkwy, Birmingham, AL 35215
- Joanna Nicholas — 2301 Center Point Pkwy, Birmingham, AL 352153618
Frequently Asked Questions
What type of property is this?
Drug store - Corporate guaranteed NNN lease with excellent visibility in Birmingham.
Where is this drug store located?
The property is located at 2313 Center Point Pkwy Birmingham, AL.
What is the asking price?
The asking price for this property is $2,790,909.
What are key features of this property?
This property features: Corporate Guarantee: Lease guaranteed by Walgreens, ranked #27 on the Fortune 500.; Absolute NNN Lease: Zero landlord responsibilities, offering a passive investment.; Approximately 4 years remaining with nearly $1.2M of remaining rent.
