Warehouse with Overhead Bay
For Sale
$550,000
25932 Walter Lee Drive, Athens, AL 35613
COMMERCIAL - Athens, AL
Property Size4,500 SF
Lot Size0.32 Acres
Price / SF$122.22
Days on Market47
Property Features for 25932 Walter Lee Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning description
Business, Commercial, Industrial, Unzoned
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Parking features
Driveway, Garage, Parking Lot
Exterior features
Lighting
Subdivision
Brakefield Place
Directions
Hwy 72 E From I65 To Newby Rd. South On Newby Rd. To Walter Lee Drive.
Standard status
Active
APN
09 04 20 0 002 022.000
Size
4,500 SF
Lot size
0.32 Acres
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Floors in Building
1
Flooring type
Concrete
Roof type
Metal
Listing Agency:
Newton Realty · Realty ONE Group
(256) 434-8400
Listed By:
Keeton Griggs · License #114913
(256) 777-8775
Added: Jul 10
Changed: Aug 4
Last Checked: Aug 25 at 7:06PM
MLS# 21923442
Copyright © 2026 ValleyMLS.Com,Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Under-construction 4,500 SF warehouse on a 0.32-acre site, measuring 50' x 90'. The building features 20' ceilings, concrete flooring, a 16' x 20' overhead bay door, metal roof, and exterior lighting. Paved parking is provided with parking lot, garage, and driveway access.
The property is located in Limestone County, AL, centrally outside Huntsville, with quick access to I-65 and I-565 for connectivity throughout North Alabama and the Southeast. Public utilities include public water and public sewer.
An adjacent 60' x 100' warehouse is also available for expansion or additional storage, supporting operational growth or overflow needs. The space includes two bathrooms.
The property is located in Limestone County, AL, centrally outside Huntsville, with quick access to I-65 and I-565 for connectivity throughout North Alabama and the Southeast. Public utilities include public water and public sewer.
An adjacent 60' x 100' warehouse is also available for expansion or additional storage, supporting operational growth or overflow needs. The space includes two bathrooms.
Key Highlights
- 4,500 SF warehouse (50' x 90') on 0.32 acres under construction
- 20' ceilings with concrete flooring
- 16' x 20' overhead bay door
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
$22,627
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
4.11%
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%
$452,540
$452.5K
Cap Rate 7%
$323,243
$323.2K
Cap Rate 9%
$251,411
$251.4K
Market Conditions
NOI Build-Up for 4,500 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
$28.1K $6.24/SF
− Vacancy
−$1.5K −$0.32/SF
EGI
$26.6K $5.92/SF
− OpEx
−$4.0K −$0.89/SF
NOI
$22.6K $5.03/SF
Area
Limestone County, AL
Vacancy
5.20%
Lease Rate
$6.24 /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%
$452,540
Cap Rate 7%
$323,243
Cap Rate 9%
$251,411
Alternative Uses
Best Use
Warehouse
$323.2K
$282.8K – $377.1K
NOI $22,627 @ 7.0% cap · market cap 4.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,026 @ 7.0% cap · market cap 14.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
53
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 35613, AL
22,935
Population
9,776
Households
2.3
Avg Household Size
42
Median Age
36%
College-Educated
91%
High-School Grad
75.0 sq mi
ZIP Area
306
Density / Sq Mi
$103,281
Median Household Income
$51,834
Median Earnings
$1,284
Median Rent
$291,300
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Warehouse - Under-construction warehouse with 20-foot ceilings, 16-by-20 overhead bay door, paved parking, and public water and sewer.
Where is this warehouse located?
The property is located at 25932 Walter Lee Drive Athens, AL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 4,500 SF warehouse (50' x 90') on 0.32 acres under construction; 20' ceilings with concrete flooring; 16' x 20' overhead bay door
