2024 2nd Avenue North, Birmingham, AL 35203

Listing Agency: Lincoln Holdings

Listed By: Katy Lincoln · License #AL 100712

Source: Crexi

Added: Oct 2 Changed: Nov 8 Last Checked: Nov 8 at 4:41PM

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Investment Insights

Based on property information with market context.

This 4,190-square-foot medical office condo is arranged for clinical operations, with exam rooms and supporting clinical areas. Original bank details remain part of the suite, alongside its second-generation medical office configuration.

The property is located in the City Federal Building at 2024 2nd Avenue North in Birmingham, Alabama.

Key Highlights

• 4,190 square feet of second‑generation medical office space
• Exam rooms and clinical support areas
• Original bank features incorporated into the suite

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$53,096

Cap Rate

3.54%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,061,920 $1.1M

Cap Rate 7%

$758,514 $758.5K

Cap Rate 9%

$589,956 $590.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,190 SF

Gross rent

$100.6K $24.00/SF

− Vacancy

−$12.1K −$2.88/SF

EGI

$88.5K $21.12/SF

− OpEx

−$35.4K −$8.45/SF

NOI

$53.1K $12.67/SF

Area

Birmingham, AL

Vacancy

12.00%

Lease Rate

$24.00 /SF/Yr

Expense Ratio

40.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,061,920

Cap Rate 7%

$758,514

Cap Rate 9%

$589,956

Alternative Uses

Best Use

Healthcare Medical

$758.5K

$663.7K – $884.9K (±1% cap)

NOI $53,096 @ 7.0% cap · market cap 3.54%

Second Best

Office B

$718.9K

$629.1K – $838.7K (±1% cap)

NOI $50,324 @ 7.0% cap · market cap 3.35%

Theoretical Best

Office A

$983.5K

$860.5K – $1.15M (±1% cap)

NOI $68,843 @ 7.0% cap · market cap 4.59%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

City Federal Condominium Complex Finale - The Experience Take-out & Catering

Suggested Use

Top Pick Locksmith (Bike/Boat/Book/etc) Store Butcher Tanning Salon Veterinary Clinic Nursing Home

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

6,206

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 35203, AL

3,595

Population

2,114

Households

1.7

Avg Household Size

37

Median Age

41%

College-Educated

83%

High-School Grad

2.1 sq mi

ZIP Area

1,712

Density / Sq Mi

$46,829

Median Household Income

$51,183

Median Earnings

$954

Median Rent

$288,600

Median Home Value

Market

Average Price Trend$/SF for Medical Office Space in Jefferson County, AL

$247 Jul

$406 Aug

$406 Sep

$348 Oct

Properties on Market for Medical Office Space in Jefferson County

Jul

Aug

Sep

Oct

Vacancy Rate% for Office in Birmingham, AL

16.6% 2019

16.9% 2020

18% 2021

19.6% 2022

19% 2023

20.2% 2024

19.8% 2025

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Configured with exam rooms, clinical support areas, and retained features from the building’s original bank use.

Where is this medical office space located?

The property is located at 2024 2nd Avenue North Birmingham, AL.

What is the asking price?

The asking price for this property is $1,500,000.

What are key features of this property?

This property features: 4,190 square feet of second‑generation medical office space; Exam rooms and clinical support areas; Original bank features incorporated into the suite