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    1420 Highway 231 S Troy, AL 36081

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    Retail space available in front of Walmart Supercenter in Troy.

    Property size:
    1,400 SF
    Added:
    Mar 6, 2026
    Days on Market:
    39
    Last Refresh:
    Apr 6 at 1:18 am

    Property Features for 1420 Highway 231 S

    General Information

    Standard status
    Active
    Size
    1,400 SF

    Spaces For Lease

    at 1420 Highway 231 S Contact us

    We can help!

    Listing Contact
    Will Vickery

    Listing agent Will Vickery

    Listing office

    Listing date Mar 6, 2026

    Source Tscg

    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 Will Vickery

    Overview

    Retail Space Near Walmart

    Located in Troy, Alabama, which has a population of just under 20,000, this retail space is situated directly south of Montgomery and directly north of Dothan along US Highway 231. Troy offers a small-city charm combined with an urban environment, contributing to a 15% growth in retail development over the last decade. As a college town, Troy is home to Troy University, the fourth-largest university in Alabama by total enrollment. The available space is 1,400 square feet and is located in a shadow center in front of a Walmart Supercenter, the only one in Pike County. The property fronts US Highway 231 South. Troy is also home to Lockheed Martin & Sikorksy Aircraft. The traffic count on Highway 231 is 32,050 AADT.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    SmartStyle Hair Salon Hair Salon

    Suggested Use

    Real Estate Agency Restaurant Law Firm Building Supply Spa & Massage Center Dental Office Auto Repair Shop Big Box & Wholesale Store Hair Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Troy
    County
    Pike
    State
    Alabama
    Longitude
    -85.9394
    Latitude
    31.7808

    Nearby Similar for Lease

    • $6/mo

      Troy Retail Center For Rent

      104,496 SF shopping center in Troy, Alabama.
      111 Southland Village, Troy, AL 36079
      View Details
    • Contact for pricing

      Office/Retail Space on HWY 231

      Office/retail space for lease with HWY 231 frontage.
      1005 US HWY 231 Suite B, TROY, AL 36081
      View Details
    • Contact for pricing

      Neighborhood Shopping Center Suites Available

      Suites available in a highly visible neighborhood shopping center.
      1019 S Brundidge St, Troy, AL 36081
      View Details
    • $33/mo

      High-Visibility Retail Space in Troy

      New retail space near Troy University and local landmarks.
      701 Brundidge Blvd, Troy, AL 36081
      View Details
    • $28/mo

      Retail Space in Park Place

      In-line retail space for lease in high-traffic location.
      1147 US-231, Troy, AL 36079
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space available in front of Walmart Supercenter in Troy.
    Where is this retail space located?
    The property is located at 1420 Highway 231 S Troy, AL.
    What are key features of this property?
    This property features: Located in front of the only Walmart Supercenter in Pike County; Fronts US Highway 231 South; High traffic count of 32,050 AADT on Highway 231
    (205) 776-6720
    We can help!
    Listing Contact
    Will Vickery
    Learn More
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    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
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