Spire Midtown Office
For Sale
Contact for pricing
20 20th Street South, Birmingham, AL 35295
B-4-zoned office property in a walkable Southside setting near the Parkside District and Central Business District.
Property Size32,195 SF
Price / SF$161.52
Days on Market113
Property Features for 20 20th Street South
General Information
Standard status
Active
Size
32,195 SF
Property subtype
Office
Zoning
B-4
Listing Agency:
Shannon Waltchack
(205) 209-9701
Listed By:
John Hardin · License #Al 000049721
Source:
Crexi
Added: May 12
Changed: Aug 30
Last Checked: Aug 30 at 6:36PM
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 Shannon Waltchack
Investment Insights
Based on property information with market context.
Spire Midtown is a 32,195-square-foot office building at 20 20th Street South in Birmingham. The property carries B-4 zoning and occupies an infill position within the Southside submarket.
The building sits along a corridor shaped by UAB expansion and nearby institutional and development activity, including the Daniel Building and KultureCity development. Its urban setting provides walkable access to the Parkside District, Rotary Trail, and the Central Business District, with surrounding demand supported by students, medical and office professionals, residents, tourists, and visitors.
The building sits along a corridor shaped by UAB expansion and nearby institutional and development activity, including the Daniel Building and KultureCity development. Its urban setting provides walkable access to the Parkside District, Rotary Trail, and the Central Business District, with surrounding demand supported by students, medical and office professionals, residents, tourists, and visitors.
Key Highlights
- 32,195‑square‑foot office building
- B‑4 zoning
- 20 20th Street South location in Birmingham, AL 35295
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
$386,678
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
7.44%
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%
$7,733,560
$7.7M
Cap Rate 7%
$5,523,971
$5.5M
Cap Rate 9%
$4,296,422
$4.3M
Market Conditions
NOI Build-Up for 32,195 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
$656.8K $20.40/SF
− Vacancy
−$141.2K −$4.39/SF
EGI
$515.6K $16.01/SF
− OpEx
−$128.9K −$4.00/SF
NOI
$386.7K $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%
$7,733,560
Cap Rate 7%
$5,523,971
Cap Rate 9%
$4,296,422
Alternative Uses
Best Use
Office B
$5.52M
$4.83M – $6.44M
NOI $386,678 @ 7.0% cap · market cap 7.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.56M
$6.61M – $8.82M
NOI $528,977 @ 7.0% cap · market cap 10.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8,333
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in Birmingham, AL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - B-4-zoned office property in a walkable Southside setting near the Parkside District and Central Business District.
Where is this office building located?
The property is located at 20 20th Street South Birmingham, AL.
What is the asking price?
The asking price for this property is $5,200,000.
What are key features of this property?
This property features: 32,195‑square‑foot office building; B‑4 zoning; 20 20th Street South location in Birmingham, AL 35295
