Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    000 Old Lee Hwy Cherokee, AL 35616

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $35,000

    Flat lot with driveway and easy highway access.

    Type:Lots/Land
    Added:
    Apr 30, 2025
    Days on Market:
    353
    Last Refresh:
    Apr 8 at 12:02 am

    Property Features for 000 Old Lee Hwy

    General Information

    Standard status
    Active
    Property subtype
    Lots/Land

    We can help!

    Listing Contact
    Micheal Terrell
    Micheal Terrell

    Listing agent Micheal Terrell License #154191

    Listing office EXIT Realty Shoals

    Listing date Apr 30, 2025

    Source Exitrealty

    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 EXIT Realty Shoals

    Overview

    Land with Highway Access

    This flat lot features an existing driveway and partial fencing. It offers convenient access to both Highway 72, Cherokee, and Tuscumbia. The parcel is situated between Highway 72 and Old Lee Highway. Note that the existing home on the property is considered unsafe and is included at no value.
    Location Intelligence

    Current Use by Public Records

    Land

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Cherokee
    County
    Colbert
    State
    Alabama
    Longitude
    -87.7170954
    Latitude
    34.7242211

    Nearby Similar for Sale

    • $34,500

      Vacant Land on Highway 72

      2.90 acre lot with high visibility on Highway 72.
      01 Hwy 72, Cherokee, AL 35616
      View Details
    • $22,000

      Residential Lot in Cherokee, AL

      Level lot suitable for home with privacy and outdoor living.
      00 Daniel St, Cherokee, AL 35616
      View Details
    • $338,000

      Vacant Land with Lake Views

      79-acre vacant land with ridge-top views of Pickwick Lake.
      0 Salting Ground Road, Cherokee, AL 35616
      View Details
    • $59,900

      Undeveloped Land off Highway 72

      12.3-acre lot in rural Alabama, perfect for homesite or recreation.
      001 Highway 72, Cherokee, AL 35616
      View Details
    • $70,000

      Residential Land Near Pickwick Lake

      Residential lots in new development with lake access.
      0000 Dewey Dr, Cherokee, AL 35616
      View Details
    • $110,000

      Waterfront Land in Gated Community

      3.11 acres in gated community with lake access.
      000 Spyglass Loop, Cherokee, AL 35616
      View Details
    • $70,000

      Residential Land Near Pickwick Lake

      Residential lots available in new development with lake access.
      000 Dewey Dr, Cherokee, AL 35616
      View Details
    • $70,000

      Residential Lots in Cherokee, AL

      Residential lots available in new development along Pickwick Lake.
      0 Dewey Dr, Cherokee, AL 35616
      View Details
    • $70,000

      Residential Lots in Cherokee, AL

      Residential lots available in new development along Pickwick Lake.
      00000 Dewey Dr, Cherokee, AL 35616
      View Details
    • $70,000

      Residential Land Near Pickwick Lake

      Residential land for building a dream or vacation home.
      00 Dewey Dr, Cherokee, AL 35616
      View Details
    • $37,900

      Cherokee, AL Vacant Land

      7 acres of land suitable for hunting or weekend getaway.
      0 Corsbie Hill Rd, Cherokee, AL 35616
      View Details
    • $899,900
      2,638 SF

      Cherokee Commercial Property For Sale

      Commercial property suitable for bank or office space use.
      1153 Haley Dr, Cherokee, AL 35616
      View Details

    FAQs

    What type of property is this?
    Land - Flat lot with driveway and easy highway access.
    Where is this land located?
    The property is located at 000 Old Lee Hwy Cherokee, AL.
    What is the asking price?
    The asking price for this property is $35,000.
    What are key features of this property?
    This property features: Flat lot ready for building; Existing driveway provides immediate access; Convenient access to Hwy 72, Cherokee, and Tuscumbia
    (256) 702-6671
    We can help!
    Listing Contact
    Micheal Terrell
    Micheal Terrell
    Real Estate License ID: 154191
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!