Creative Office with Brick
215 NW 3RD AVENUE NW, Arab, AL 35016
For Sale
$94,900
Commercial Sale, ARAB, AL
Property Size636 SF
Lot Size0.25 Acres
Price / SF$149.21
Days on Market140
Property Features for 215 NW 3RD AVENUE NW
General Information
Property type
Property subtype
Zoning
Parking features
Directions
Standard status
Size
Lot size
Additional Details
Property Use
Taxes and HOA fees
Tax Description
Legal Description
Utilities
Heating system
Cooling system
Water source
Building Details
Floors in Building
Flooring type
Building materials
Roof type
Listing Agency:
1st Real Estate, LLC
(256) 486-3775
Listed By:
Patricia Swindle · License AL #113352
(256) 744-6225
Added: Jun 25
Changed: Oct 30
Last Checked: Nov 11 at 1:06PM
MLS# 21921926
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Investment Insights
Based on property information with market context.
This 636-square-foot creative office in Arab is a brick building with a metal roof, vinyl and carpet flooring, and a half bath. Heating is provided by natural gas, cooling by central air, and the property has public water service. The lot measures 0.25 acres.
Situated downtown off Main Street, the property is at 215 NW 3rd Avenue NW. Its zoning allows both commercial and residential use. Oversized parking is available on site.
Situated downtown off Main Street, the property is at 215 NW 3rd Avenue NW. Its zoning allows both commercial and residential use. Oversized parking is available on site.
Key Highlights
- 636‑square‑foot building on a 0.25‑acre lot
- Brick construction with a metal roof
- Commercial and residential zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$7,169
Cap Rate
7.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$143,380
$143.4K
Cap Rate 7%
$102,414
$102.4K
Cap Rate 9%
$79,656
$79.7K
Market Conditions
NOI Build-Up for 636 SF
Gross rent
$11.4K $18.00/SF
− Vacancy
−$1.9K −$2.97/SF
EGI
$9.6K $15.03/SF
− OpEx
−$2.4K −$3.76/SF
NOI
$7.2K $11.27/SF
Area
Marshall County, AL
Vacancy
16.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$143,380
Cap Rate 7%
$102,414
Cap Rate 9%
$79,656
Alternative Uses
Best Use
Office B
$102.4K
$89.6K – $119.5K
NOI $7,169 @ 7.0% cap · market cap 7.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$137.3K
$120.1K – $160.2K
NOI $9,609 @ 7.0% cap · market cap 10.13%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
482
Businesses Nearby
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Business Placement
Demographics for 35016, AL
17,495
Population
7,372
Households
2.4
Avg Household Size
42
Median Age
22%
College-Educated
89%
High-School Grad
79.0 sq mi
ZIP Area
221
Density / Sq Mi
$60,910
Median Household Income
$36,939
Median Earnings
$758
Median Rent
$192,900
Median Home Value
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Creative space - A compact commercial space offers a half bath, central air, and oversized parking.
Where is this creative space located?
The property is located at 215 NW 3RD AVENUE NW Arab, AL.
What is the asking price?
The asking price for this property is $94,900.
What are key features of this property?
This property features: 636‑square‑foot building on a 0.25‑acre lot; Brick construction with a metal roof; Commercial and residential zoning
