Absolute NNN Retail
New
For Sale
$2,790,909
2301 Center Point Pkwy, Birmingham, AL 35215
Lease-backed retail asset with a Walgreens Corporate guarantee and no landlord responsibilities under the absolute NNN structure.
Property Size14,916 SF
Days on Market3
Property Features for 2301 Center Point Pkwy
General Information
Standard status
Active
Size
14,916 SF
Property subtype
Commercial
Lease Term
±3.5 YRS
Net Operating Income
$307,000
Building Details
Building Size
14,916 SF
Year Built
1998
Tenancy
Single
Listing Agency:
Matthews Real Estate Investment Services, Inc
Listed By:
Hutt Cooke · License #356505 (TN)
(615) 667-0097
Source:
Matthews
Added: Sep 16
Last Checked: Sep 18 at 3:45AM
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 Matthews Real Estate Investment Services, Inc
Investment Insights
Based on property information with market context.
This 1998 retail property is offered with an absolute NNN lease and a Walgreens Corporate guarantee. Approximately ±3.5 years remain on the lease, with the structure assigning zero landlord responsibilities. The roof was replaced around 2014.
The property occupies the hard corner of Center Point Parkway and 23rd Ave NE in Birmingham. Reported traffic is approximately ±25,000 VPD on Center Point Parkway and ±5,000 VPD on 23rd Ave NE. The surrounding retail environment includes Firestone, DaVita Kidney Care, Dollar Tree, Dollar General, Regions Bank, AutoZone, Family Dollar, Taco Bell, Advance Auto Parts, Chick-fil-A, Walmart, USPS, Popeyes, and national automotive dealerships. The site is within the Birmingham-Hoover MSA, which has over 1,150,000 residents.
The property occupies the hard corner of Center Point Parkway and 23rd Ave NE in Birmingham. Reported traffic is approximately ±25,000 VPD on Center Point Parkway and ±5,000 VPD on 23rd Ave NE. The surrounding retail environment includes Firestone, DaVita Kidney Care, Dollar Tree, Dollar General, Regions Bank, AutoZone, Family Dollar, Taco Bell, Advance Auto Parts, Chick-fil-A, Walmart, USPS, Popeyes, and national automotive dealerships. The site is within the Birmingham-Hoover MSA, which has over 1,150,000 residents.
Key Highlights
- Absolute NNN lease with zero landlord responsibilities
- Walgreens Corporate guarantee with ±3.5 years remaining on the lease
- Roof replaced around 2014
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
$185,257
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
6.64%
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%
$3,705,140
$3.7M
Cap Rate 7%
$2,646,529
$2.6M
Cap Rate 9%
$2,058,411
$2.1M
Market Conditions
NOI Build-Up for 14,916 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
$268.5K $18.00/SF
− Vacancy
−$21.5K −$1.44/SF
EGI
$247.0K $16.56/SF
− OpEx
−$61.8K −$4.14/SF
NOI
$185.3K $12.42/SF
Area
Birmingham, AL
Vacancy
8.00%
Lease Rate
$18.00 /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%
$3,705,140
Cap Rate 7%
$2,646,529
Cap Rate 9%
$2,058,411
Alternative Uses
Best Use
Specialty Retail
$2.65M
$2.32M – $3.09M
NOI $185,257 @ 7.0% cap · market cap 6.64%
Second Best
Retail
$2.08M
$1.82M – $2.43M
NOI $145,780 @ 7.0% cap · market cap 5.22%
Theoretical Best
Office A
$3.50M
$3.06M – $4.08M
NOI $245,076 @ 7.0% cap · market cap 8.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
362
Businesses Nearby
Explore this area
Business Placement
Demographics for 35215, AL
46,772
Population
19,718
Households
2.4
Avg Household Size
34
Median Age
18%
College-Educated
88%
High-School Grad
28.3 sq mi
ZIP Area
1,653
Density / Sq Mi
$51,854
Median Household Income
$32,323
Median Earnings
$1,080
Median Rent
$146,900
Median Home Value
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Market
Vacancy Rate% for Retail in Birmingham, AL
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Frequently Asked Questions
What type of property is this?
NNN property - Lease-backed retail asset with a Walgreens Corporate guarantee and no landlord responsibilities under the absolute NNN structure.
Where is this nnn property located?
The property is located at 2301 Center Point Pkwy Birmingham, AL.
What is the asking price?
The asking price for this property is $2,790,909.
What are key features of this property?
This property features: Absolute NNN lease with zero landlord responsibilities; Walgreens Corporate guarantee with ±3.5 years remaining on the lease; Roof replaced around 2014
