Former Restaurant Building For
For Sale
$2,200,000
21366 Athens Limestone Boulevard, Athens, AL 35611
Freestanding restaurant building with ample parking and road frontage.
Property Size4,929 SF
Price / SF$446.34
Days on Market639
Property Features for 21366 Athens Limestone Boulevard
General Information
Standard status
Active
Size
4,929 SF
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$12,602
Building Details
Year Built
2005
Listing Agency:
Butler Realty
(256) 520-8384
Listed By:
Wade Boggs · License #74312
(256) 520-8384
Source:
Exitrealty
Added: Nov 28, 2024
Changed: Aug 25
Last Checked: Aug 29 at 6:09AM
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 Butler Realty
Investment Insights
Based on property information with market context.
This former Ruby Tuesday building, suitable for conversion to various restaurant uses, offers approximately 5,000 square feet of space. The property includes a large parking area with approximately 80 spaces. Situated on a corner lot, it features approximately 570 feet of road frontage. The location is convenient to I-65 Exit #351 and is positioned within a strong market in Athens, with several lodging options in the immediate area. Note that the Casa Blanca sign on the pylon does not convey with the property.
Key Highlights
- Easily convertible restaurant space (former Ruby Tuesday).
- Large parking area with approximately 80 spaces.
- Excellent visibility with approximately 570’ of road frontage on a corner lot.
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
$68,848
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
3.13%
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%
$1,376,960
$1.4M
Cap Rate 7%
$983,543
$983.5K
Cap Rate 9%
$764,978
$765.0K
Market Conditions
NOI Build-Up for 4,929 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
$94.6K $19.20/SF
− Vacancy
−$2.8K −$0.58/SF
EGI
$91.8K $18.62/SF
− OpEx
−$22.9K −$4.66/SF
NOI
$68.8K $13.97/SF
Area
Limestone County, AL
Vacancy
3.00%
Lease Rate
$19.20 /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%
$1,376,960
Cap Rate 7%
$983,543
Cap Rate 9%
$764,978
Alternative Uses
Best Use
Specialty Retail
$983.5K
$860.6K – $1.15M
NOI $68,848 @ 7.0% cap · market cap 3.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.28M
$1.12M – $1.50M
NOI $89,846 @ 7.0% cap · market cap 4.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
254
Businesses Nearby
360k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 84%
Shops & Services 11%
Hotels & Casinos 4%
Apparel 2%
Chick-fil-A
Dining
49,882 visits/mo
0.3 miles
McDonald's
Dining
35,326 visits/mo
0.3 miles
Cracker Barrel Old Country Store
Dining
27,488 visits/mo
0.4 miles
Wendy's
Dining
22,313 visits/mo
0.4 miles
Bojangles' Famous Chicken 'n Biscuits
Dining
21,794 visits/mo
0.3 miles
Demographics for 35611, AL
27,168
Population
13,709
Households
2
Avg Household Size
41
Median Age
22%
College-Educated
81%
High-School Grad
115.1 sq mi
ZIP Area
236
Density / Sq Mi
$54,606
Median Household Income
$38,872
Median Earnings
$796
Median Rent
$201,700
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Restaurant - Freestanding restaurant building with ample parking and road frontage.
Where is this restaurant located?
The property is located at 21366 Athens Limestone Boulevard Athens, AL.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Easily convertible restaurant space (former Ruby Tuesday).; Large parking area with approximately 80 spaces.; Excellent visibility with approximately 570’ of road frontage on a corner lot.
