Listing Agency: Crye Leike Show Phone

Listed By: Lydia Franz Thomsen · License #71136 Show Phone

Source: Moodyscre

Added: Sep 1, 2025 Changed: Aug 14 Last Checked: Sep 12 at 7:54AM

Report an Issue

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 Crye Leike

Investment Insights

Based on property information with market context.

This offering combines an established seafood market with real estate and included business assets. The sale is described as turnkey, including business equipment, fixtures, furniture, and inventory. Real estate includes 2.7 acres with 978 total feet of waterfront, supported by three parcels with a mix of seafood market, retail/hospitality, office, and warehouse storage and freezer space.

Parcel 1 includes a 2,143 sq ft seafood market, plus 448 sq ft of office and 1,048 sq ft of warehouse storage, along with a 520-foot dock. Parcel 2 includes 1,372 sq ft of retail/hospitality space and an additional 1,980 sq ft waterfront deck that is presented as suitable for outdoor seating and entertainment. The property also includes 2,782 sq ft of warehouse storage and freezer space under Parcel 3.

The property is located at 16780 River Rd in Bon Secour, Alabama, with waterfront access supported by the dock and deck components across the parcels.

Key Highlights

• Billy’s Seafood market in operation for over 50 years, offering business and real estate for $2,785,000 with owner financing available to qualified buyers
• Real estate includes 2.7 acres with 978 total feet of waterfront and a 520‑ft dock
• Parcel 1: 2,143 SF seafood market plus 448 SF office, 1,048 SF warehouse storage, and includes business equipment, fixtures, furniture, and inventory

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$108,457

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

3.89%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$2,169,140 $2.2M

Cap Rate 7%

$1,549,386 $1.5M

Cap Rate 9%

$1,205,078 $1.2M

Market Conditions

NOI Build-Up for 9,009 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$153.5K $17.04/SF

− Vacancy

−$8.9K −$0.99/SF

EGI

$144.6K $16.05/SF

− OpEx

−$36.2K −$4.01/SF

NOI

$108.5K $12.04/SF

Area

Baldwin County, AL

Vacancy

5.80%

Lease Rate

$17.04 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$2,169,140

Cap Rate 7%

$1,549,386

Cap Rate 9%

$1,205,078

Alternative Uses

Best Use

Specialty Retail

$1.55M

$1.36M – $1.81M (±1% cap)

NOI $108,457 @ 7.0% cap · market cap 3.89%

Second Best

Retail

$1.38M

$1.21M – $1.62M (±1% cap)

NOI $96,940 @ 7.0% cap · market cap 3.48%

Theoretical Best

Office A

$2.17M

$1.90M – $2.53M (±1% cap)

NOI $151,654 @ 7.0% cap · market cap 5.45%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Billy's Seafood Specialty Food Shop

Suggested Use

Top Pick Building Supply Auto Parts Store Real Estate Agency Law Firm Restaurant Food Market

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

Lease Details

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

24

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 36511, AL

703

Population

675

Households

1

Avg Household Size

43

Median Age

12%

College-Educated

77%

High-School Grad

4.5 sq mi

ZIP Area

156

Density / Sq Mi

$61,854

Median Household Income

$41,696

Median Earnings

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this grocery and convenience stores located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Grocery and convenience store - Turnkey seafood market for sale with multiple parcels, waterfront dock, retail space, and warehouse storage.

Where is this grocery and convenience store located?

The property is located at 16780 River Rd Bon Secour, AL.

What is the asking price?

The asking price for this property is $2,785,000.

What are key features of this property?

This property features: Billy’s Seafood market in operation for over 50 years, offering business and real estate for $2,785,000 with owner financing available to qualified buyers; Real estate includes 2.7 acres with 978 total feet of waterfront and a 520‑ft dock; Parcel 1: 2,143 SF seafood market plus 448 SF office, 1,048 SF warehouse storage, and includes business equipment, fixtures, furniture, and inventory