Renovated Retail/Office Space with
For Sale
$1,100,000
Pending
194 Green Springs Highway, Birmingham, AL 35209
Renovated retail/office space with large storage and parking.
Property Size3,316 SF
Lot Size0.91 Acres
Days on Market410
Property Features for 194 Green Springs Highway
General Information
Standard status
Pending
Size
3,316 SF
Lot size
0.91 Acres
Property subtype
Commercial/Industrial
Building Details
Year Built
1968
Listing Agency:
RealtySouth Chelsea Branch
(205) 585-1434
Listed By:
Misty Dodson · License #AL00103290
(205) 585-1434
Source:
Exitrealty
Added: Jul 18, 2025
Changed: Aug 16
Last Checked: Aug 15 at 6:44AM
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 RealtySouth Chelsea Branch
Investment Insights
Based on property information with market context.
This property offers a recently renovated space, completed in 2025, suitable for office or retail use. The building features 1798 square feet of office or retail area, accompanied by two bathrooms. A large 1518 square foot storage room is also included. Historically, the building functioned as a car repair shop, and two bay doors are still available within the storage area. The property is situated on a 0.91 acre lot, featuring an estimated 8,000 square feet of paved parking and approximately 2,400 square feet of concrete parking. A grassy area is located on the side and at the back of the building. Additionally, there is a billboard rental currently active on the property.
Key Highlights
- Large .91 acre lot with ample parking (estimated 8,000 sf paved, 2,400 sf concrete).
- Recently renovated in 2025.**
- Large 1798 sf of office or retail space.
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
$39,827
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
3.62%
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%
$796,540
$796.5K
Cap Rate 7%
$568,957
$569.0K
Cap Rate 9%
$442,522
$442.5K
Market Conditions
NOI Build-Up for 3,316 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
$67.6K $20.40/SF
− Vacancy
−$14.5K −$4.39/SF
EGI
$53.1K $16.01/SF
− OpEx
−$13.3K −$4.00/SF
NOI
$39.8K $12.01/SF
Area
Birmingham, AL
Vacancy
21.50%
Lease Rate
$20.40 /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%
$796,540
Cap Rate 7%
$568,957
Cap Rate 9%
$442,522
Alternative Uses
Best Use
Office B
$569.0K
$497.8K – $663.8K
NOI $39,827 @ 7.0% cap · market cap 3.62%
Second Best
Retail
$463.0K
$405.1K – $540.2K
NOI $32,409 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$778.3K
$681.0K – $908.1K
NOI $54,483 @ 7.0% cap · market cap 4.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,394
Businesses Nearby
Explore this area
Business Placement
Demographics for 35209, AL
27,827
Population
15,141
Households
1.8
Avg Household Size
34
Median Age
54%
College-Educated
93%
High-School Grad
9.6 sq mi
ZIP Area
2,899
Density / Sq Mi
$72,383
Median Household Income
$45,513
Median Earnings
$1,246
Median Rent
$465,600
Median Home Value
Market
Vacancy Rate% for Office in Birmingham, AL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Renovated retail/office space with large storage and parking.
Where is this retail space located?
The property is located at 194 Green Springs Highway Birmingham, AL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Large .91 acre lot with **ample parking** (estimated 8,000 sf paved, 2,400 sf concrete).; Recently renovated in 2025.**; Large 1798 sf of office or retail space.
