Historic Live/Work Property on
For Sale
$895,000
11556 Highway 231 431 N, Meridianville, AL 35759
Remodeled historic home on 4.69 acres, ideal for business.
Property Size4,124 SF
Lot Size4.69 Acres
Price / SF$217.02
Days on Market475
Property Features for 11556 Highway 231 431 N
General Information
Standard status
Active
Size
4,124 SF
Lot size
4.69 Acres
Property subtype
Business Opportunity
Listing Agency:
Russ Russell Real Estate
(256) 527-7777
Listed By:
Russ Russell · License #25965
(256) 527-7777
Source:
Exprealty
Added: May 5, 2025
Changed: Aug 20
Last Checked: Aug 22 at 10:39AM
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 Russ Russell Real Estate
Investment Insights
Based on property information with market context.
This 4,124 square foot historic house, situated on 4.69 acres, presents a live/work opportunity suitable for a wedding venue, photography studio, bed and breakfast, or professional business. The property is zoned county, offering a range of possibilities. Recently remodeled and expanded, the house combines modern style and comfort while retaining its historic elegance. It features 4 bedrooms, 4 baths, and a game room. The property is located 1.2 miles from the Madison County Executive Airport. Additional land is available for sale by the seller.
Key Highlights
- Versatile Live/Work Property: Ideal for wedding venue, studio, B&B, or professional business.
- Spacious Remodeled Historic Home: 4,124SF with 4 bedrooms and 4 baths.
- Large Acreage: 4.69 acres provides ample space.
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
$52,686
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
5.89%
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%
$1,053,720
$1.1M
Cap Rate 7%
$752,657
$752.7K
Cap Rate 9%
$585,400
$585.4K
Market Conditions
NOI Build-Up for 4,124 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
$82.6K $20.04/SF
− Vacancy
−$12.4K −$3.01/SF
EGI
$70.2K $17.03/SF
− OpEx
−$17.6K −$4.26/SF
NOI
$52.7K $12.78/SF
Area
Madison County, AL
Vacancy
15.00%
Lease Rate
$20.04 /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%
$1,053,720
Cap Rate 7%
$752,657
Cap Rate 9%
$585,400
Alternative Uses
Best Use
Office B
$752.7K
$658.6K – $878.1K
NOI $52,686 @ 7.0% cap · market cap 5.89%
Second Best
Mixed Use
$711.4K
$622.5K – $830.0K
NOI $49,797 @ 7.0% cap · market cap 5.56%
Theoretical Best
Office A
$1.07M
$939.7K – $1.25M
NOI $75,172 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
134
Businesses Nearby
Explore this area
Business Placement
Demographics for 35759, AL
9,894
Population
4,785
Households
2.1
Avg Household Size
39
Median Age
40%
College-Educated
90%
High-School Grad
18.5 sq mi
ZIP Area
535
Density / Sq Mi
$98,374
Median Household Income
$58,858
Median Earnings
$1,242
Median Rent
$272,200
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?
Wedding venue - Remodeled historic home on 4.69 acres, ideal for business.
Where is this wedding venue located?
The property is located at 11556 Highway 231 431 N Meridianville, AL.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Versatile Live/Work Property: Ideal for wedding venue, studio, B&B, or professional business.; Spacious Remodeled Historic Home: 4,124SF with 4 bedrooms and 4 baths.; Large Acreage: 4.69 acres provides ample space.
