Unzoned Land Near Interstate
For Sale
$1,000,000
24497 1/2 W Highway 72, Athens, AL 35613
2.65 acres of unzoned land suitable for various commercial uses.
Property Size4,900 SF
Lot Size2.65 Acres
Price / SF$204.08
Days on Market770
Property Features for 24497 1/2 W Highway 72
General Information
Standard status
Active
Size
4,900 SF
Lot size
2.65 Acres
Property subtype
Commercial
Building Details
Building Size
4,900 SF
Buildings
2
Stories
1
Listing Agency:
Avanti Realty Services LLC
(205) 951-8992
Listed By:
Alex Mukai · License #99826
(205) 951-8992
Source:
Alabamaland
Added: Jul 16, 2024
Changed: Aug 23
Last Checked: Aug 22 at 10:00AM
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 Avanti Realty Services LLC
Investment Insights
Based on property information with market context.
This 2.65-acre property is unzoned and located approximately 2.5 miles east of US Interstate 65, across from Jimmy Smith GMC. It is suitable for single-use tenants, such as day care centers, urgent care facilities, medical offices, and attorney offices, as well as retail offices and multi-family use. There is currently a house on the property renting for $1450 per month, a metal building renting for $900 per month, and a billboard renting for $165 per month. Please do not disturb the tenants.
Key Highlights
- Un‑zoned property suitable for various uses: single‑tenant (day care, medical/attorney office), retail offices, or multi‑family.
- Income‑generating property with existing rental income from house ($1450/mo), metal building ($900/mo), and billboard ($165/mo).
- Large 2.65‑acre 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
$63,504
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
6.35%
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%
$1,270,080
$1.3M
Cap Rate 7%
$907,200
$907.2K
Cap Rate 9%
$705,600
$705.6K
Market Conditions
NOI Build-Up for 4,900 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
$117.6K $24.00/SF
− Vacancy
−$11.8K −$2.40/SF
EGI
$105.8K $21.60/SF
− OpEx
−$42.3K −$8.64/SF
NOI
$63.5K $12.96/SF
Area
Limestone County, AL
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
40.00%
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%
$1,270,080
Cap Rate 7%
$907,200
Cap Rate 9%
$705,600
Alternative Uses
Best Use
Healthcare Medical
$907.2K
$793.8K – $1.06M
NOI $63,504 @ 7.0% cap · market cap 6.35%
Second Best
Office B
$894.3K
$782.5K – $1.04M
NOI $62,600 @ 7.0% cap · market cap 6.26%
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,317 @ 7.0% cap · market cap 8.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
61
Businesses Nearby
Explore this area
Business Placement
Demographics for 35613, AL
22,935
Population
9,776
Households
2.3
Avg Household Size
42
Median Age
36%
College-Educated
91%
High-School Grad
75.0 sq mi
ZIP Area
306
Density / Sq Mi
$103,281
Median Household Income
$51,834
Median Earnings
$1,284
Median Rent
$291,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - 2.65 acres of unzoned land suitable for various commercial uses.
Where is this commercial land located?
The property is located at 24497 1/2 W Highway 72 Athens, AL.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Un‑zoned property suitable for various uses: single‑tenant (day care, medical/attorney office), retail offices, or multi‑family.; Income‑generating property with existing rental income from house ($1450/mo), metal building ($900/mo), and billboard ($165/mo).; Large 2.65‑acre lot.
