Single-Story Office
New
For Sale
$1,100,000
1235 1st Street North, Alabaster, AL 35007
Medical and dental clinics are permitted within the Medical Mile Overlay District.
Property Size7,043 SF
Lot Size1.31 Acres
Price / SF$156.18
Days on Market2
Property Features for 1235 1st Street North
General Information
Standard status
Active
Size
7,043 SF
Class
C
Total Parking Spaces
58
Lot size
1.31 Acres
Property subtype
Office
Building Details
Building Size
7,043 SF
Year Built
1978
Stories
1
Parking Ratio
8 per 1,000 SF
Listing Agency:
Red Rock Realty Group
Listed By:
Glenn Ponder · License #000071263
(205) 356-9884
Source:
Redrockrg
Added: Oct 23
Last Checked: Oct 23 at 6:00PM
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 Red Rock Realty Group
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Investment Insights
Based on property information with market context.
This 7,043-square-foot office building occupies 1.31 acres and was built in 1978. The single-level layout includes a functioning bank vault and ADA ramp access. The property was previously used as a Regions Bank branch and has 58 surface parking spaces, or approximately eight spaces per 1,000 square feet.
The site is within the Medical Mile Overlay District, where medical and dental clinics are listed as permitted uses. Baptist Health Shelby Hospital, a 252-bed facility, is approximately 0.5 mile to the south. Two median openings on US-31 allow full movement, and a parallel side road provides cross-access.
The site is within the Medical Mile Overlay District, where medical and dental clinics are listed as permitted uses. Baptist Health Shelby Hospital, a 252-bed facility, is approximately 0.5 mile to the south. Two median openings on US-31 allow full movement, and a parallel side road provides cross-access.
Key Highlights
- 7,043 SF office building on 1.31 acres
- 58 surface parking spaces, approximately 8 per 1,000 SF
- Medical and dental clinics are permitted in the Medical Mile Overlay District
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$76,223
Cap Rate
6.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,524,460
$1.5M
Cap Rate 7%
$1,088,900
$1.1M
Cap Rate 9%
$846,922
$846.9K
Market Conditions
NOI Build-Up for 7,043 SF
Gross rent
$109.9K $15.60/SF
− Vacancy
−$8.2K −$1.17/SF
EGI
$101.6K $14.43/SF
− OpEx
−$25.4K −$3.61/SF
NOI
$76.2K $10.82/SF
Area
Shelby County, AL
Vacancy
7.50%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,524,460
Cap Rate 7%
$1,088,900
Cap Rate 9%
$846,922
Alternative Uses
Best Use
Specialty Retail
$1.09M
$952.8K – $1.27M
NOI $76,223 @ 7.0% cap · market cap 6.93%
Second Best
Office B
$1.06M
$927.0K – $1.24M
NOI $74,163 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$1.65M
$1.45M – $1.93M
NOI $115,719 @ 7.0% cap · market cap 10.52%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
671
Businesses Nearby
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Business Placement
Demographics for 35007, AL
28,274
Population
10,634
Households
2.7
Avg Household Size
38
Median Age
38%
College-Educated
92%
High-School Grad
39.0 sq mi
ZIP Area
725
Density / Sq Mi
$86,994
Median Household Income
$47,572
Median Earnings
$1,348
Median Rent
$231,800
Median Home Value
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - Medical and dental clinics are permitted within the Medical Mile Overlay District.
Where is this office building located?
The property is located at 1235 1st Street North Alabaster, AL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 7,043 SF office building on 1.31 acres; 58 surface parking spaces, approximately 8 per 1,000 SF; Medical and dental clinics are permitted in the Medical Mile Overlay District
