Corner Flex Building with
For Sale
$799,000
1907 24th Street, Northport, AL 35476
COMMERCIAL - Northport, AL
Property Size6,030 SF
Lot Size0.63 Acres
Price / SF$132.50
Days on Market8
Property Features for 1907 24th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
From Lurleen B. Wallace Blvd. turn onto 24th Street. Property is located on the left.
Subdivision
(06) Northport City
Standard status
Active
APN
31 02 10 3 017 001.000
Size
6,030 SF
Lot size
0.63 Acres
Taxes and HOA fees
Tax Description
Lot 1 in McGee Subd
Tax Annual Amount
4891
Legal Description
Lot 1 in McGee Subd
Building Details
Number of units
4
Listing Agency:
Harwood Real Estate LLC
(205) 764-1637
Listed By:
Neal Dichiara · License #AL000135301-0
(205) 292-1346
Added: Aug 12
Changed: Aug 19
Last Checked: Aug 19 at 3:06PM
MLS# 176918
Copyright © 2026 West Alabama Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 6,030-square-foot flex building sits on 0.63 acres and combines office, warehouse, and retail areas within one commercial property. The layout includes warehouse access and storefront exposure, with the corner configuration supporting visibility from the surrounding roadway network.
A portion of the office area is leased on a short-term basis, providing current occupancy while allowing flexibility for future use. Located in Northport, Alabama, the property offers a mix of functional space types within a single building.
A portion of the office area is leased on a short-term basis, providing current occupancy while allowing flexibility for future use. Located in Northport, Alabama, the property offers a mix of functional space types within a single building.
Key Highlights
- 6,030 SF flex building on 0.63 acres
- Combined office, warehouse, and retail areas
- Corner configuration with storefront exposure
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
$69,845
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
8.74%
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%
$1,396,900
$1.4M
Cap Rate 7%
$997,786
$997.8K
Cap Rate 9%
$776,056
$776.1K
Market Conditions
NOI Build-Up for 6,030 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
$119.4K $19.80/SF
− Vacancy
−$26.3K −$4.36/SF
EGI
$93.1K $15.44/SF
− OpEx
−$23.3K −$3.86/SF
NOI
$69.8K $11.58/SF
Area
Tuscaloosa County, AL
Vacancy
22.00%
Lease Rate
$19.80 /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%
$1,396,900
Cap Rate 7%
$997,786
Cap Rate 9%
$776,056
Alternative Uses
Best Use
Office B
$997.8K
$873.1K – $1.16M
NOI $69,845 @ 7.0% cap · market cap 8.74%
Second Best
Retail
$967.4K
$846.5K – $1.13M
NOI $67,717 @ 7.0% cap · market cap 8.48%
Theoretical Best
Office A
$1.45M
$1.27M – $1.69M
NOI $101,434 @ 7.0% cap · market cap 12.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
725
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 35476, AL
8,697
Population
3,597
Households
2.4
Avg Household Size
36
Median Age
23%
College-Educated
86%
High-School Grad
6.9 sq mi
ZIP Area
1,260
Density / Sq Mi
$59,545
Median Household Income
$37,304
Median Earnings
$940
Median Rent
$196,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Office, warehouse, and retail components occupy a versatile commercial layout.
Where is this flex space located?
The property is located at 1907 24th Street Northport, AL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 6,030 SF flex building on 0.63 acres; Combined office, warehouse, and retail areas; Corner configuration with storefront exposure
