Corner Flex
New
For Sale
$800,000
200 24th Street South, Birmingham, AL 35233
Office, showroom, and warehouse configuration with a fenced storage lot on a corner site.
Property Size3,750 SF
Lot Size0.32 Acres
Price / SF$213.33
Days on Market2
Property Features for 200 24th Street South
General Information
Standard status
Active
Size
3,750 SF
Class
B
Lot size
0.32 Acres
Property subtype
Office/ Showroom/ Warehouse
Site & Location
Corner Location
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Amenities
fenced storage lot
Building Details
Building Size
3,750 SF
Listed By:
Bill Gunn, SIOR, CCIM
(205) 226-8625
Source:
Jhberry
Added: Sep 16
Last Checked: Sep 16 at 2:26PM
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 Bill Gunn, SIOR, CCIM
Investment Insights
Based on property information with market context.
This flex property combines approximately 3,750 square feet of office, showroom, and warehouse space with an approximately 14,000-square-foot lot. A fenced storage area adds secured outdoor capacity to the property’s commercial layout.
Located at 200 24th Street South in Birmingham, the property occupies a corner location with access to a high-traffic setting. The combination of interior commercial space and fenced exterior storage supports a range of flex-space operations.
Located at 200 24th Street South in Birmingham, the property occupies a corner location with access to a high-traffic setting. The combination of interior commercial space and fenced exterior storage supports a range of flex-space operations.
Key Highlights
- +/- 3,750 square foot office/showroom/warehouse
- Approximately 14,000 square foot lot
- Fenced storage lot
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
$36,650
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
4.58%
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%
$733,000
$733.0K
Cap Rate 7%
$523,571
$523.6K
Cap Rate 9%
$407,222
$407.2K
Market Conditions
NOI Build-Up for 3,750 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
$58.5K $15.60/SF
− Vacancy
−$6.1K −$1.64/SF
EGI
$52.4K $13.96/SF
− OpEx
−$15.7K −$4.19/SF
NOI
$36.7K $9.77/SF
Area
Birmingham, AL
Vacancy
10.50%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
30.00%
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%
$733,000
Cap Rate 7%
$523,571
Cap Rate 9%
$407,222
Alternative Uses
Best Use
Retail
$523.6K
$458.1K – $610.8K
NOI $36,650 @ 7.0% cap · market cap 4.58%
Second Best
Flex RnD
$520.7K
$455.6K – $607.4K
NOI $36,446 @ 7.0% cap · market cap 4.56%
Theoretical Best
Office A
$880.2K
$770.2K – $1.03M
NOI $61,614 @ 7.0% cap · market cap 7.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
686
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 35233, AL
2,588
Population
2,710
Households
1
Avg Household Size
27
Median Age
90%
College-Educated
99%
High-School Grad
1.5 sq mi
ZIP Area
1,725
Density / Sq Mi
$52,207
Median Household Income
$48,750
Median Earnings
$1,526
Median Rent
$332,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Birmingham, AL
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Frequently Asked Questions
What type of property is this?
Flex space - Office, showroom, and warehouse configuration with a fenced storage lot on a corner site.
Where is this flex space located?
The property is located at 200 24th Street South Birmingham, AL.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: +/- 3,750 square foot office/showroom/warehouse; Approximately 14,000 square foot lot; Fenced storage lot
