Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Highway 98 East Land Parcel Title is generated by Realmo AI

    22324 US Highway 98, Foley, AL 36535

    View on Map
    Claim this Listing
    For Sale
    $449,000

    5 acres with B-3 zoning and highway exposure.

    Type:Lots/Land
    Lot size:
    5.00 Acres
    Added:
    Oct 6, 2025
    Days on Market:
    240
    Last Refresh:
    Apr 7 at 8:17 pm

    Property Features for 22324 US Highway 98

    General Information

    Standard status
    Active
    Lot size
    5.00 Acres
    Property subtype
    Lots/Land

    We can help!

    Listing Contact
    Kim Ward
    Kim Ward

    Listing agent Kim Ward License #000073514

    Listing office Kim Ward Realty, LLC

    Listing date Oct 6, 2025

    Source Exitrealty

    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 Kim Ward Realty, LLC

    HighLights

    • 5 Acres of Land
    • B‑3 Zoning (Broad Zoning)
    • Highway 98 E Frontage
    • Exceptional Exposure
    • Right Off of FBE
    • Beautiful Trees

    Overview

    This property features 5 acres of land with B-3 zoning, situated on Highway 98 East, just off FBE. The site offers exceptional exposure and includes mature trees. Approximately 900 feet of partial wood fencing is present. The broad zoning provides great investment potential. Intended use of the property is not specified.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Law Firm Restaurant Dental Office Hair Salon Building Supply Auto Repair Shop Big Box & Wholesale Store Auto Parts Store Kitchen & Bath Showroom Department Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Foley
    County
    Baldwin
    State
    Alabama
    Longitude
    -87.643094
    Latitude
    30.404947

    Nearby Similar for Sale

    • $310,000
      3,236 SF

      Mobile Home Park Opportunity

      1.67 acre property with mobile homes and commercial laundry.
      14119 County Road 49, Foley, AL 36535
      View Details
    • $2,750,000

      Foley Land on Highway 59

      17.67 acres with frontage on Highway 59 in Foley, AL.
      19924 County Road 10, Foley, AL 36535
      View Details
    • $215,000

      Improved RV Lot with Casita

      Luxury RV resort lot with casita and premium amenities.
      317 Portofino Loop, Foley, AL 36535
      View Details
    • $151,900

      Improved RV Lot in Foley, AL

      Luxury RV resort lot with gazebo and outdoor kitchen.
      524 Portofino Loop, Foley, AL 36535
      View Details
    • $324,999

      Foley, AL Commercial Land

      1.95 acres of commercial land in Foley, Alabama.
      15372 S County Road 28, Foley, AL 36535
      View Details
    • $142,000

      Lakeside RV Lot in Foley, AL

      Luxury RV resort lot with stunning lake and fountain views.
      252 Portofino Loop, Foley, AL 36535
      View Details
    • $89,500

      Luxury RV Lot in Foley

      Well-maintained RV lot in Bella Terra RV Resort.
      577 Portofino Loop, Foley, AL 36535
      View Details
    • $625,000
      728 SF

      Waterfront Land with Private Dock

      Almost 10-acre waterfront parcel on Nolte Creek with private dock.
      13595 Douglas Lane, Foley, AL 36535
      View Details
    • $139,900

      Improved RV Lot in Foley

      RV lot with amenities near attractions in Foley, Alabama.
      3104 Truckster Lane, Foley, AL 36535
      View Details
    • $152,900

      Improved RV Lot in Foley, AL

      RV lot with gazebo in Grand Riviera RV Resort.
      733 Vacation Circle, Foley, AL 36535
      View Details
    • $109,900

      Improved RV Lot For Sale

      Deeded RV lot with amenities near beaches and attractions.
      21240 Miflin Road, Foley, AL 36535
      View Details
    • $209,000

      Luxury RV Lot with Amenities

      Premium RV lot with outdoor kitchen, pavilion, and resort amenities.
      536 Portofino Loop, Foley, AL 36535
      View Details

    FAQs

    What type of property is this?
    Commercial land - 5 acres with B-3 zoning and highway exposure.
    Where is this commercial land located?
    The property is located at 22324 US Highway 98 Foley, AL.
    What is the asking price?
    The asking price for this property is $449,000.
    What are key features of this property?
    This property features: 5 Acres of Land; B‑3 Zoning (Broad Zoning); Highway 98 E Frontage
    (251) 979-7101
    We can help!
    Listing Contact
    Kim Ward
    Kim Ward
    Real Estate License ID: 000073514
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    22324 US Highway 98, Foley, AL 36535
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!