Building Details

Year built 1976

Floors in Building 1

Flooring type Tile - Ceramic

Building materials Brick 4 Sides

Roof type Flat

Listing Agency: Realty Executives Bay Group · Realty Executives International Show Phone

Listed By: James Henderson · License #91867-1 Show Phone

Added: Nov 18, 2025 Changed: Sep 25 Last Checked: Sep 27 at 3:06AM

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MLS# 7683023

Copyright © 2026 Mobile Area Association of REALTORS®. 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 2,027-square-foot brick building was constructed in 1976 and previously housed a family-operated pharmacy. Interior features include restrooms and ceramic tile flooring, with central heating and air conditioning. The property also has a flat roof and a parking lot.

The 0.4514-acre parcel sits at the corner of Highway 43 N and Mildred St. in Mount Vernon. Public water and sewer are available.

Key Highlights

• 2,027‑square‑foot building on a 0.4514‑acre parcel
• Former family‑operated pharmacy
• Corner of Highway 43 N and Mildred St. in Mount Vernon

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

$21,322

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

7.90%

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%

$426,440 $426.4K

Cap Rate 7%

$304,600 $304.6K

Cap Rate 9%

$236,911 $236.9K

Market Conditions

NOI Build-Up for 2,027 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

$30.4K $15.00/SF

− Vacancy

−$2.0K −$0.98/SF

EGI

$28.4K $14.03/SF

− OpEx

−$7.1K −$3.51/SF

NOI

$21.3K $10.52/SF

Area

Mobile County, AL

Vacancy

6.50%

Lease Rate

$15.00 /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%

$426,440

Cap Rate 7%

$304,600

Cap Rate 9%

$236,911

Alternative Uses

Best Use

Retail

$383.3K

$335.4K – $447.2K (±1% cap)

NOI $26,830 @ 7.0% cap · market cap 9.94%

Second Best

Specialty Retail

$304.6K

$266.5K – $355.4K (±1% cap)

NOI $21,322 @ 7.0% cap · market cap 7.90%

Theoretical Best

Office A

$499.4K

$437.0K – $582.7K (±1% cap)

NOI $34,959 @ 7.0% cap · market cap 12.95%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Drug stores

Suggested Use

Top Pick Plumbing Service Auto Repair Shop Kitchen & Bath Showroom Auto Parts Store Nail Salon Restaurant

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

Location Intelligence

Trade Area within ½ mile

44

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 36560, AL

3,418

Population

1,264

Households

2.7

Avg Household Size

42

Median Age

14%

College-Educated

74%

High-School Grad

60.2 sq mi

ZIP Area

57

Density / Sq Mi

$43,043

Median Household Income

$35,494

Median Earnings

$1,009

Median Rent

$111,200

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Questions? Ask Rey

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

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Similar Off Market Nearby

• Lisa Young, PharmD — 725 Coy Smith Hwy, Mt Vernon, AL 36560
• Mt Vernon Pharmacy — 19390 US-43, Mt Vernon, AL 36560

Frequently Asked Questions

What type of property is this?

Drug store - Central heating and air conditioning serve a former neighborhood pharmacy at a signalized corner location.

Where is this drug store located?

The property is located at 19390 Highway 43 Mount Vernon, AL.

What is the asking price?

The asking price for this property is $269,900.

What are key features of this property?

This property features: 2,027‑square‑foot building on a 0.4514‑acre parcel; Former family‑operated pharmacy; Corner of Highway 43 N and Mildred St. in Mount Vernon