Renovated Loft Office
For Sale
$650,000
2429 1st Ave N, Birmingham, AL 35203
A fully renovated loft office condo with tall ceilings, natural light, and multiple private offices for professional or creative teams.
Property Size2,500 SF
Days on Market49
Property Features for 2429 1st Ave N
General Information
Standard status
Active
Size
2,500 SF
Class
A
Property subtype
Office
Building Details
Building Size
2,500 SF
Year Built
1924
Listing Agency:
(205) 908-3256
Listed By:
Jack Little
Source:
Redrockrg
Added: Jun 25
Changed: Aug 11
Last Checked: Aug 11 at 6:07AM
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 Jack Little
Investment Insights
Based on property information with market context.
This fully renovated creative loft office condo features tall ceilings and abundant natural light. The interior includes several private offices alongside a break area and a conference space, with private restrooms provided for tenant use. The layout is designed to support both professional and creative workflows within a high-quality buildout.
The property is well located along 1st Avenue N with multiple parking options available. Visibility is noted as a key attribute, supporting foot traffic and ease of access for visitors and clients.
As an owner-user option for a small business, the configuration of private offices, conference space, and restrooms supports day-to-day operations without requiring additional internal construction. It can also be a strong fit for organizations seeking a renovated loft-style environment that balances collaborative space with dedicated rooms for focused work.
The property is well located along 1st Avenue N with multiple parking options available. Visibility is noted as a key attribute, supporting foot traffic and ease of access for visitors and clients.
As an owner-user option for a small business, the configuration of private offices, conference space, and restrooms supports day-to-day operations without requiring additional internal construction. It can also be a strong fit for organizations seeking a renovated loft-style environment that balances collaborative space with dedicated rooms for focused work.
Key Highlights
- Fully renovated creative loft office condo built in 1924
- Tall ceilings and natural light throughout
- Includes several private offices for a professional or creative team
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
$30,026
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
4.62%
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%
$600,520
$600.5K
Cap Rate 7%
$428,943
$428.9K
Cap Rate 9%
$333,622
$333.6K
Market Conditions
NOI Build-Up for 2,500 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
$51.0K $20.40/SF
− Vacancy
−$11.0K −$4.39/SF
EGI
$40.0K $16.01/SF
− OpEx
−$10.0K −$4.00/SF
NOI
$30.0K $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%
$600,520
Cap Rate 7%
$428,943
Cap Rate 9%
$333,622
Alternative Uses
Best Use
Office B
$428.9K
$375.3K – $500.4K
NOI $30,026 @ 7.0% cap · market cap 4.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$586.8K
$513.5K – $684.6K
NOI $41,076 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8,243
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?
Creative space - A fully renovated loft office condo with tall ceilings, natural light, and multiple private offices for professional or creative teams.
Where is this creative space located?
The property is located at 2429 1st Ave N Birmingham, AL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Fully renovated creative loft office condo built in 1924; Tall ceilings and natural light throughout; Includes several private offices for a professional or creative team
