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    Birmingham Retail NNN Opportunity Title is generated by Realmo AI

    2307 Center Point Pkwy, Birmingham, AL

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    Corporate guaranteed NNN lease with excellent visibility in Birmingham.

    Type:RETAIL
    Property size:
    14,916 SF
    Lot size:
    2.05 Acres
    Price / SF:
    $187/SF
    Added:
    Apr 8, 2025
    Days on Market:
    425
    Last Refresh:
    May 20 at 9:00 pm

    Property Features for 2307 Center Point Pkwy

    General Information

    Standard status
    Active
    Size
    14,916 SF
    Lot size
    2.05 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Martin Smith
    Martin Smith

    Listing agent Martin Smith

    Listing office SRS Real Estate Partners | Birmingham

    Listing date Apr 8, 2025

    Source Moodyscre

    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

    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.
    • High Visibility & Traffic: Located on a hard corner with combined traffic counts of ±30,000 VPD.
    • Situated within the Birmingham‑Hoover MSA, the most populous metro in Alabama (over 1,150,000 residents).
    • Proximity to National Retailers: Surrounded by established national retailers such as Walmart, Chick‑fil‑A, and Auto Zone.

    Overview

    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.

    Local Financial Insights For Specialty 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 $268.5k $18.00
    − Vacancy −$21.5k −$1.44
    EGI $247.0k $16.56
    − OpEx −$61.8k −$4.14
    NOI $185.3k $12.42
    14,916 SF · lease $18.00/SF/yr · vacancy 8.00% · expense 25.00%

    Alternative Uses

    Best Use
    Specialty Retail
    $2.65M
    $2.32M – $3.09M (±1% cap)
    NOI $185,257 @ 7.0% cap · market cap 6.64%
    Second Best
    Retail
    $2.08M
    $1.82M – $2.43M (±1% cap)
    NOI $145,780 @ 7.0% cap · market cap 5.22%
    Theoretical Best
    Office A
    $3.50M
    $3.06M – $4.08M (±1% cap)
    NOI $245,076 @ 7.0% cap · market cap 8.78%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Drug stores

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Aaron H. Maryanow, RPH — Center Point, AL 35215

    Location Insight

    • Map
    • Local Demand
    City
    Birmingham
    County
    Shelby
    State
    Alabama
    Longitude
    -86.6833
    Latitude
    33.6463

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    FAQs

    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 2307 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.
    (205) 259-2195 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Martin Smith
    Martin Smith
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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