FleetPride Facility For
For Sale
Contact for pricing
2424 18th St N, Birmingham, AL 35204
Well-located FleetPride facility with long-term lease and annual increases.
Property Size12,500 SF
Lot Size1.84 Acres
Price / SF$100.56
Days on Market159
Property Features for 2424 18th St N
General Information
Standard status
Active
Size
12,500 SF
Lot size
1.84 Acres
Property subtype
Industrial
Zoning
QC2
Building Details
Year Built
1999
Listing Agency:
Matthews
(615) 667-0097
Listed By:
Hutt Cooke · License #AL 000168807 - 0
Source:
Crexi
Added: Mar 6
Changed: Aug 8
Last Checked: Jul 23 at 6:48AM
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
Investment Insights
Based on property information with market context.
The property features approximately 12,500 square feet of building space, which is fully HVAC-equipped. It is situated on an approximately 1.84-acre paved lot, designed to maximize functionality and efficiency. The site benefits from its direct adjacency to I-65, offering excellent connectivity and visibility. The tenant, FleetPride, has a 20+ year operating history at this location and has a long-term lease in place that includes annual increases and Fair Market Value (FMV) options. FleetPride operates at over 450 locations nationwide after its merger with TruckPro in October 2025.
Key Highlights
- Long‑term lease in place with annual increases and FMV options provides stable and increasing income.
- Benefit from ±12,500 SF of building space with 100% HVAC offering a comfortable and functional environment.
- Excellent connectivity and visibility** due to direct adjacency to I‑65.
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
$69,768
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
5.55%
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%
$1,395,360
$1.4M
Cap Rate 7%
$996,686
$996.7K
Cap Rate 9%
$775,200
$775.2K
Market Conditions
NOI Build-Up for 12,500 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
$90.0K $7.20/SF
− Vacancy
−$7.9K −$0.63/SF
EGI
$82.1K $6.57/SF
− OpEx
−$12.3K −$0.98/SF
NOI
$69.8K $5.58/SF
Area
Birmingham, AL
Vacancy
8.80%
Lease Rate
$7.20 /SF/Yr
Expense Ratio
15.00%
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%
$1,395,360
Cap Rate 7%
$996,686
Cap Rate 9%
$775,200
Alternative Uses
Best Use
Warehouse
$996.7K
$872.1K – $1.16M
NOI $69,768 @ 7.0% cap · market cap 5.55%
Second Best
Industrial
$820.8K
$718.2K – $957.6K
NOI $57,456 @ 7.0% cap · market cap 4.57%
Theoretical Best
Office A
$2.93M
$2.57M – $3.42M
NOI $205,380 @ 7.0% cap · market cap 16.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
402
Businesses Nearby
Explore this area
Business Placement
Demographics for 35204, AL
9,271
Population
5,333
Households
1.7
Avg Household Size
43
Median Age
14%
College-Educated
83%
High-School Grad
5.0 sq mi
ZIP Area
1,854
Density / Sq Mi
$32,880
Median Household Income
$27,864
Median Earnings
$716
Median Rent
$81,600
Median Home Value
Market
Vacancy Rate% for Industrial in Birmingham, AL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Truck terminal - Well-located FleetPride facility with long-term lease and annual increases.
Where is this truck terminal located?
The property is located at 2424 18th St N Birmingham, AL.
What is the asking price?
The asking price for this property is $1,257,000.
What are key features of this property?
This property features: Long‑term lease in place with annual increases and FMV options provides stable and increasing income.; Benefit from **±12,500 SF of building space with 100% HVAC** offering a comfortable and functional environment.; Excellent connectivity and visibility** due to direct adjacency to I‑65.
