Historic Tuscaloosa Building For
For Sale
Contact for pricing
2711 Gary Fitts St, Tuscaloosa, AL 35401
Historic building, credit tenant, renovated, parking, near downtown amenities.
Property Size4,630 SF
Price / SF$259.18
Days on Market713
Property Features for 2711 Gary Fitts St
General Information
Standard status
Active
Size
4,630 SF
Property subtype
Office
Zoning
BGO
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$66,000
Building Details
Year Built
1887
Year Renovated
2023
Buildings
1
Stories
2
Units
1
Tenancy
Single
Listing Agency:
Butler Evans Real Estate
Listed By:
Denise Evans · License #AL67727
(205) 310-3799
Source:
Crexi
Added: Sep 21, 2024
Changed: Aug 22
Last Checked: Sep 1 at 5:32AM
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 Butler Evans Real Estate
Investment Insights
Based on property information with market context.
This historic building, unrestricted by historic limitations, stands as a signature property. The building is currently leased to South Oak Title, a regional credit tenant, under a 5-year NNN lease that includes annual rent increases and one 5-year renewal option. The lease commenced on August 23, 2024. The property underwent a complete renovation in 2023, featuring new windows, two new A/C units, a new tankless water heater, and new gas lines. The renovation also included some restored flooring and some new flooring. The metal roof is still under warranty. The property provides generous off-street parking at the rear, accessible via a private alley, along with ample free street parking. A maintenance-free concrete wheelchair ramp is located at the front of the building. The location is within walking distance of the courthouse, dining, entertainment venues, and the financial district. The property size is 4,630 square feet.
Key Highlights
- Leased to South Oak Title, a regional credit tenant, under a 5‑year NNN lease with annual rent increases and a 5‑year renewal option, ensuring stable income.
- Completely renovated in 2023 featuring new windows, two new A/C units, new tankless water heater, new gas lines, restored and new flooring, and a metal roof still under warranty.
- Historic building offering flexibility for future use and modifications, with no historic restrictions.
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
$53,629
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
4.47%
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%
$1,072,580
$1.1M
Cap Rate 7%
$766,129
$766.1K
Cap Rate 9%
$595,878
$595.9K
Market Conditions
NOI Build-Up for 4,630 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
$91.7K $19.80/SF
− Vacancy
−$20.2K −$4.36/SF
EGI
$71.5K $15.44/SF
− OpEx
−$17.9K −$3.86/SF
NOI
$53.6K $11.58/SF
Area
Tuscaloosa, AL
Vacancy
22.00%
Lease Rate
$19.80 /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%
$1,072,580
Cap Rate 7%
$766,129
Cap Rate 9%
$595,878
Alternative Uses
Best Use
Office B
$766.1K
$670.4K – $893.8K
NOI $53,629 @ 7.0% cap · market cap 4.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.11M
$973.6K – $1.30M
NOI $77,884 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
32
Businesses Nearby
Explore this area
Business Placement
Demographics for 35401, AL
41,852
Population
19,517
Households
2.1
Avg Household Size
26
Median Age
27%
College-Educated
85%
High-School Grad
40.1 sq mi
ZIP Area
1,044
Density / Sq Mi
$30,031
Median Household Income
$13,041
Median Earnings
$911
Median Rent
$141,100
Median Home Value
Market
Vacancy Rate% for Office 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?
Office building - Historic building, credit tenant, renovated, parking, near downtown amenities.
Where is this office building located?
The property is located at 2711 Gary Fitts St Tuscaloosa, AL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Leased to South Oak Title, a regional credit tenant, under a 5‑year NNN lease with annual rent increases and a 5‑year renewal option, ensuring stable income.; Completely renovated in 2023 featuring new windows, two new A/C units, new tankless water heater, new gas lines, restored and new flooring, and a metal roof still under warranty.; Historic building offering flexibility for future use and modifications, with no historic restrictions.
