Historic Office-Retail
For Sale
Contact for pricing
2212 3rd Ave N, Birmingham, AL 35203
Two-story building with downtown storefront frontage and flexible office, warehouse, and studio space for live-work concepts.
Property Size7,000 SF
Price / SF$200
Days on Market66
Property Features for 2212 3rd Ave N
General Information
Standard status
Active
Size
7,000 SF
Class
A
Property subtype
Retail, Office
Investment Type
Owner/User
Building Details
Year Built
1910
Year Renovated
2024
Stories
2
Listing Agency:
Red Rock Realty Group
(813) 309-2875
Listed By:
Trish Rushing, CCIM · License #000104714-0
Source:
Crexi
Added: Jun 4
Changed: Aug 7
Last Checked: Aug 8 at 2:53PM
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 Red Rock Realty Group
Investment Insights
Based on property information with market context.
This historic two-story office-retail building offers approximately 7,000 square feet of flexible interior space. The lower level features an open area with storefront along 3rd Ave N, while the upper level includes a mix of offices and open work areas. The current configuration supports multiple functions, including online sales warehouse operations, office use, and photography studio space, making it well suited for tenants seeking a combined workplace and production setup.
The property is located off 3rd Ave N in Downtown Birmingham, between 22nd and 23rd St N. It sits within walking distance of nightlife and award-winning restaurants and bars, and it is surrounded by corporate office towers. The building is also adjacent to prominent downtown landmarks including the historic St Paul Cathedral, Harbert Center, and Concord Center.
For buyers and operators, the first-floor storefront component can support customer-facing activity, while the remaining office and open work areas can accommodate day-to-day administrative functions. The existing live-work fit is reinforced by the building’s ability to combine office, light warehouse workflows, and studio-style space under one roof. Call for details on the current layout and how the space can be adapted for your intended use.
The property is located off 3rd Ave N in Downtown Birmingham, between 22nd and 23rd St N. It sits within walking distance of nightlife and award-winning restaurants and bars, and it is surrounded by corporate office towers. The building is also adjacent to prominent downtown landmarks including the historic St Paul Cathedral, Harbert Center, and Concord Center.
For buyers and operators, the first-floor storefront component can support customer-facing activity, while the remaining office and open work areas can accommodate day-to-day administrative functions. The existing live-work fit is reinforced by the building’s ability to combine office, light warehouse workflows, and studio-style space under one roof. Call for details on the current layout and how the space can be adapted for your intended use.
Key Highlights
- Historic 2‑story office/retail building built in 1910 in downtown Birmingham
- Roughly +/-7,000 SF with storefront frontage along 3rd Ave N
- Open work areas and various offices across two stories
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
$84,074
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
6.01%
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%
$1,681,480
$1.7M
Cap Rate 7%
$1,201,057
$1.2M
Cap Rate 9%
$934,156
$934.2K
Market Conditions
NOI Build-Up for 7,000 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
$142.8K $20.40/SF
− Vacancy
−$30.7K −$4.39/SF
EGI
$112.1K $16.01/SF
− OpEx
−$28.0K −$4.00/SF
NOI
$84.1K $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%
$1,681,480
Cap Rate 7%
$1,201,057
Cap Rate 9%
$934,156
Alternative Uses
Best Use
Office B
$1.20M
$1.05M – $1.40M
NOI $84,074 @ 7.0% cap · market cap 6.01%
Second Best
Mixed Use
$1.16M
$1.02M – $1.35M
NOI $81,270 @ 7.0% cap · market cap 5.81%
Theoretical Best
Office A
$1.64M
$1.44M – $1.92M
NOI $115,013 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
681
Businesses Nearby
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
Vacancy Rate% for Office in Birmingham, AL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Two-story building with downtown storefront frontage and flexible office, warehouse, and studio space for live-work concepts.
Where is this live-work space located?
The property is located at 2212 3rd Ave N Birmingham, AL.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Historic 2‑story office/retail building built in 1910 in downtown Birmingham; Roughly +/-7,000 SF with storefront frontage along 3rd Ave N; Open work areas and various offices across two stories
