Building Details

Year Built 1998

Buildings 1

Listing Agency: Re/Max Heritage

Listed By: Brenda King · License #97861 Show Phone

Source: Crexi

Added: Aug 27, 2024 Changed: Oct 11 Last Checked: Oct 20 at 6:01PM

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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 Re/Max Heritage

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Investment Insights

Based on property information with market context.

This neighborhood business property includes a finished upper level with four separate addresses, each featuring a restroom, kitchen, and rooms with closets. The lower level was built out for pet grooming and boarding, with kennels, a wash station, and a reception area.

Outside, there is a yard area north of the building with a privacy fence, along with an additional fenced area to the east of the building.

The property is offered for sale as-is.

Key Highlights

• Neighborhood business zoning with finished upper level set up across 4 different addresses
• Upper level includes restroom, kitchen, and rooms with closets for each address
• Lower level was set up for a pet grooming and boarding business with kennels and a wash station

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$32,471

Cap Rate

8.66%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$649,420 $649.4K

Cap Rate 7%

$463,871 $463.9K

Cap Rate 9%

$360,789 $360.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,090 SF

Gross rent

$50.7K $9.96/SF

− Vacancy

−$4.3K −$0.85/SF

EGI

$46.4K $9.11/SF

− OpEx

−$13.9K −$2.73/SF

NOI

$32.5K $6.38/SF

Area

Marshall County, AL

Vacancy

8.50%

Lease Rate

$9.96 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$649,420

Cap Rate 7%

$463,871

Cap Rate 9%

$360,789

Alternative Uses

Best Use

Retail

$463.9K

$405.9K – $541.2K (±1% cap)

NOI $32,471 @ 7.0% cap · market cap 8.66%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.10M

$961.3K – $1.28M (±1% cap)

NOI $76,902 @ 7.0% cap · market cap 20.51%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Retail space

Suggested Use

Top Pick Electrical Service (Bike/Boat/Book/etc) Store Grocery & Convenience Store Pharmacy Kitchen & Bath Showroom Cafe & Coffee Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

163

Businesses Nearby

4k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Citgo Shops & Services

3,509 visits/mo 0.3 miles

Demographics for 35016, AL

17,495

Population

7,372

Households

2.4

Avg Household Size

42

Median Age

22%

College-Educated

89%

High-School Grad

79.0 sq mi

ZIP Area

221

Density / Sq Mi

$60,910

Median Household Income

$36,939

Median Earnings

$758

Median Rent

$192,900

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

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Frequently Asked Questions

What type of property is this?

Retail space - Zoned neighborhood business building with finished upper units and a lower level set up for pet grooming and boarding.

Where is this retail space located?

The property is located at 521 S Main St Arab, AL.

What is the asking price?

The asking price for this property is $375,000.

What are key features of this property?

This property features: Neighborhood business zoning with finished upper level set up across 4 different addresses; Upper level includes restroom, kitchen, and rooms with closets for each address; Lower level was set up for a pet grooming and boarding business with kennels and a wash station