Retail Drug Store
For Sale
Contact for pricing
Pending
1881 Chace Dr, Hoover, AL 35244
For sale retail drug store property with a 3-year rent holiday included in the deal terms.
Property Size13,561 SF
Days on Market142
Property Features for 1881 Chace Dr
General Information
Standard status
Pending
Size
13,561 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Building Details
Year Built
2009
Tenancy
Single
Listing Agency:
Net Leased Advisors
Listed By:
Matt Ragland · License #TX 646825
Source:
Crexi
Added: Apr 16
Changed: Aug 8
Last Checked: Jul 30 at 3:01PM
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 Net Leased Advisors
Investment Insights
Based on property information with market context.
This for-sale retail drug store property is offered with a rent holiday structure that runs from 2/2032 through 1/2035, providing a three-year rent holiday period. The listing notes that the price is inclusive of the rent credit for the rent holiday.
The property is located at 1881 Chace Dr in Hoover, AL 35244.
The asset is listed as a retail property and totals 13,561 square feet, per the provided information.
The property is located at 1881 Chace Dr in Hoover, AL 35244.
The asset is listed as a retail property and totals 13,561 square feet, per the provided information.
Key Highlights
- Retail drug store property built in 2009
- 3‑year rent holiday included in the deal terms (rent holiday credit included in the price)
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
$202,910
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
4.80%
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%
$4,058,200
$4.1M
Cap Rate 7%
$2,898,714
$2.9M
Cap Rate 9%
$2,254,556
$2.3M
Market Conditions
NOI Build-Up for 13,561 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
$281.5K $20.76/SF
− Vacancy
−$11.0K −$0.81/SF
EGI
$270.5K $19.95/SF
− OpEx
−$67.6K −$4.99/SF
NOI
$202.9K $14.96/SF
Area
Jefferson County, AL
Vacancy
3.90%
Lease Rate
$20.76 /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%
$4,058,200
Cap Rate 7%
$2,898,714
Cap Rate 9%
$2,254,556
Alternative Uses
Best Use
Specialty Retail
$2.90M
$2.54M – $3.38M
NOI $202,910 @ 7.0% cap · market cap 4.80%
Second Best
Retail
$2.71M
$2.37M – $3.16M
NOI $189,383 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$4.67M
$4.08M – $5.44M
NOI $326,568 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,164
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 35244, AL
37,448
Population
15,189
Households
2.5
Avg Household Size
39
Median Age
60%
College-Educated
97%
High-School Grad
23.9 sq mi
ZIP Area
1,567
Density / Sq Mi
$114,172
Median Household Income
$61,660
Median Earnings
$1,413
Median Rent
$390,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Walgreens Infusion Services — 2100 Riverchase Center Suite 430, Hoover, AL 35244
- Accredo Health Group — 2100 Riverchase Center # 405, Hoover, AL 35244
- CVS Pharmacy — 1881 Chace Dr, Hoover, AL 35244
- Nour Farooq — 1881 Chace Dr, Hoover, AL 352441829
- Trent Quinn — 1881 Chace Dr, Hoover, AL 352441829
Frequently Asked Questions
What type of property is this?
Drug store - For sale retail drug store property with a 3-year rent holiday included in the deal terms.
Where is this drug store located?
The property is located at 1881 Chace Dr Hoover, AL.
What is the asking price?
The asking price for this property is $4,225,000.
What are key features of this property?
This property features: Retail drug store property built in 2009; 3‑year rent holiday included in the deal terms (rent holiday credit included in the price)
