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    Historic Downtown Selma Event Venue Title is generated by Realmo AI

    15 Franklin Street, Selma, AL 36703

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    For Sale
    $296,000

    COMMERCIAL - Selma, AL

    Property size:
    6,200 SF
    Price / SF:
    $47/SF
    Added:
    May 8, 2026
    Days on Market:
    1
    Last Refresh:
    May 8 at 8:06 pm

    Property Features for 15 Franklin Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking
    4
    Standard status
    Active
    APN
    11-07-36-1-006-043.0000
    Size
    6,200 SF

    Taxes and HOA fees

    Tax Description
    LOT 2 FRANKLIN STREET DIVISION PLAT #1 MB 8 PG 289 S36-T17N-R10E DB 1609 PG 134 (WD)
    Tax Annual Amount
    87

    Utilities

    Heating system
    Central, Electric (Heating)
    Cooling system
    Electric, Central Air, Multi Units

    Building Details

    Year built
    1900
    Flooring type
    Wood, Concrete
    Building materials
    BrickVeneer

    We can help!

    Listing Contact
    Mandy Henry

    Listing agent Mandy Henry License #0077016

    Listing office RE/MAX Tri-Star 1779 Taliaferro Trail, MONTGOMERY, AL

    Listing date May 8, 2026

    MLS# 586574

    Copyright © 2026 Montgomery Area Association of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime downtown location with high income‑producing potential.
    • Versatile second floor offers multiple redevelopment possibilities.
    • Historic charm with original wood floors and exposed brick walls.
    • Currently operating as an event venue with existing infrastructure.
    • Main floor features an open‑concept entertaining space and prep kitchen.
    • Equipped with smart LED lighting and projector screens.

    Overview

    This historic downtown property in Selma, Alabama, offers a blend of character, charm, and potential. Currently operating as an event venue known as The Anchor, the property features an open-concept entertaining space suitable for weddings, parties, corporate events, retail, restaurant use, or creative endeavors. The main floor is equipped with smart LED lighting, projector screens, a prep kitchen, four bathrooms, and several storage closets. The second floor, a blank canvas, presents opportunities for expanding the venue space, creating luxury loft apartments, an Airbnb, office suites, private event space, or a personal residence. Original wood floors, exposed brick walls, and historic beams provide a foundation for redevelopment while preserving the building's timeless charm. This 6,200-square-foot property offers income-producing potential in a prime downtown location and is suitable for commercial and mixed-use purposes.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Anchor Hotel & Motel

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Selma
    County
    Dallas
    State
    Alabama
    Longitude
    -87.017702
    Latitude
    32.40785

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    FAQs

    What type of property is this?
    Wedding venue - Unique mixed-use property with income potential in prime location.
    Where is this wedding venue located?
    The property is located at 15 Franklin Street Selma, AL.
    What is the asking price?
    The asking price for this property is $296,000.
    What are key features of this property?
    This property features: Prime downtown location with high income‑producing potential.; Versatile second floor offers multiple redevelopment possibilities.; Historic charm with original wood floors and exposed brick walls.
    (334) 244-2400
    We can help!
    Listing Contact
    Mandy Henry
    Real Estate License ID: 0077016
    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.

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