Corner Lot Restaurant
For Sale
$2,200,000
21366 Athens Limestone Boulevard, Athens, AL 35611
COMMERCIAL - Athens, AL
Property Size4,929 SF
Lot Size2.21 Acres
Price / SF$446.34
Days on Market84
Property Features for 21366 Athens Limestone Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Lot features
High Visibility
Directions
From I-65 Exit #351 For Athens, Alabama: Take Us-72 W, Turn Right On Athens-Limestone Blvd, Turn Left To Property
Standard status
Active
APN
1005152000011000
Size
4,929 SF
Lot size
2.21 Acres
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2005
Floors in Building
1
Flooring type
Concrete
Listing Agency:
Butler Realty
(931) 427-4411
Listed By:
Wade Boggs · License #74312
(256) 520-8384
Added: May 21
Changed: Aug 4
Last Checked: Aug 12 at 6:06PM
MLS# 21876242
Copyright © 2026 ValleyMLS.Com,Inc. 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.
Former Ruby Tuesday restaurant building on a corner lot, positioned for conversion into most any restaurant use. The building includes approximately 4,929 SF and features concrete flooring with central heating and central air conditioning. The property is supported by public water and public sewer.
The site offers a large parking area of +/- 80 spaces and approximately 570 feet of road frontage, providing practical access for customer parking and site circulation. Built in 2005, the property benefits from a straightforward, drive-up format and is located in the Athens, Alabama market.
Convenient to I-65 Exit #351, the surrounding area includes several lodging options in the immediate vicinity. Please note the Casa Blanca sign on pylon does not convey.
The site offers a large parking area of +/- 80 spaces and approximately 570 feet of road frontage, providing practical access for customer parking and site circulation. Built in 2005, the property benefits from a straightforward, drive-up format and is located in the Athens, Alabama market.
Convenient to I-65 Exit #351, the surrounding area includes several lodging options in the immediate vicinity. Please note the Casa Blanca sign on pylon does not convey.
Key Highlights
- Approximately 4,929 SF former Ruby Tuesday restaurant building with concrete flooring
- Central heating and central air conditioning
- Large parking area with +/- 80 parking spaces
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
$68,848
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
3.13%
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%
$1,376,960
$1.4M
Cap Rate 7%
$983,543
$983.5K
Cap Rate 9%
$764,978
$765.0K
Market Conditions
NOI Build-Up for 4,929 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
$94.6K $19.20/SF
− Vacancy
−$2.8K −$0.58/SF
EGI
$91.8K $18.62/SF
− OpEx
−$22.9K −$4.66/SF
NOI
$68.8K $13.97/SF
Area
Limestone County, AL
Vacancy
3.00%
Lease Rate
$19.20 /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%
$1,376,960
Cap Rate 7%
$983,543
Cap Rate 9%
$764,978
Alternative Uses
Best Use
Specialty Retail
$983.5K
$860.6K – $1.15M
NOI $68,848 @ 7.0% cap · market cap 3.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.28M
$1.12M – $1.50M
NOI $89,846 @ 7.0% cap · market cap 4.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
257
Businesses Nearby
372k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 84%
Shops & Services 10%
Hotels & Casinos 4%
Apparel 2%
Chick-fil-A
Dining
49,882 visits/mo
0.3 miles
McDonald's
Dining
35,326 visits/mo
0.2 miles
Cracker Barrel Old Country Store
Dining
27,488 visits/mo
0.2 miles
Wendy's
Dining
22,313 visits/mo
0.3 miles
Bojangles' Famous Chicken 'n Biscuits
Dining
21,794 visits/mo
0.2 miles
Demographics for 35611, AL
27,168
Population
13,709
Households
2
Avg Household Size
41
Median Age
22%
College-Educated
81%
High-School Grad
115.1 sq mi
ZIP Area
236
Density / Sq Mi
$54,606
Median Household Income
$38,872
Median Earnings
$796
Median Rent
$201,700
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Corner lot former Ruby Tuesday with central HVAC, public water and sewer, and ample on-site parking for restaurant conversion.
Where is this conventional restaurant located?
The property is located at 21366 Athens Limestone Boulevard Athens, AL.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Approximately 4,929 SF former Ruby Tuesday restaurant building with concrete flooring; Central heating and central air conditioning; Large parking area with +/- 80 parking spaces
