Corner Office/Warehouse
For Sale
$329,900
Pending
2803 Greystone Commercial Boulevard 12, Birmingham, AL 35242
Corner flex unit with fully conditioned warehouse space, a dedicated office, and abundant on-site parking.
Property Size1,440 SF
Days on Market141
Property Features for 2803 Greystone Commercial Boulevard 12
General Information
Standard status
Pending
Size
1,440 SF
Property subtype
Commercial/Industrial
Additional Details
Drive-In Doors
1
Amenities
Decorative Entryway Signage
Building Details
Year Built
2007
Year Renovated
2021
Listing Agency:
Deaton Realty LLC
(205) 515-8818
Listed By:
Scott Deaton · License #000044694
(205) 515-8818
Source:
Exitrealty
Added: Apr 11
Changed: Aug 25
Last Checked: Aug 29 at 6:53AM
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 Deaton Realty LLC
Investment Insights
Based on property information with market context.
This first-class executive office/warehouse suite is a corner unit featuring a 1,000 +/− sf office area and a 1,000 +/− sf fully conditioned warehouse. The office includes finished space with high ceilings and lots of glass for natural light. The warehouse is set up with a drive-in door and high ceilings.
Built in 2007 and remodeled in 2021, the property is presented in like-new condition with minimal maintenance. Decorative entryway signage is included, and the site offers abundant parking on the front, side, and rear.
As a combined office and warehouse configuration, the layout supports operations that require both functional workspace and executive office finishes within the same suite.
Built in 2007 and remodeled in 2021, the property is presented in like-new condition with minimal maintenance. Decorative entryway signage is included, and the site offers abundant parking on the front, side, and rear.
As a combined office and warehouse configuration, the layout supports operations that require both functional workspace and executive office finishes within the same suite.
Key Highlights
- Corner office/warehouse flex unit with 2,010 +,- SF total and a dedicated 1,000 +,- SF office area
- Fully conditioned 1,000 +,- SF warehouse space with drive‑in door and high ceilings
- Office features include beautiful finishes, high ceilings, and lots of glass/natural light
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
$17,295
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
5.24%
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%
$345,900
$345.9K
Cap Rate 7%
$247,071
$247.1K
Cap Rate 9%
$192,167
$192.2K
Market Conditions
NOI Build-Up for 1,440 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
$29.4K $20.40/SF
− Vacancy
−$6.3K −$4.39/SF
EGI
$23.1K $16.01/SF
− OpEx
−$5.8K −$4.00/SF
NOI
$17.3K $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%
$345,900
Cap Rate 7%
$247,071
Cap Rate 9%
$192,167
Alternative Uses
Best Use
Office B
$247.1K
$216.2K – $288.3K
NOI $17,295 @ 7.0% cap · market cap 5.24%
Second Best
Flex RnD
$199.9K
$174.9K – $233.3K
NOI $13,995 @ 7.0% cap · market cap 4.24%
Theoretical Best
Office A
$338.0K
$295.8K – $394.3K
NOI $23,660 @ 7.0% cap · market cap 7.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
1,218
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 35242, AL
57,008
Population
25,247
Households
2.3
Avg Household Size
42
Median Age
65%
College-Educated
97%
High-School Grad
52.4 sq mi
ZIP Area
1,088
Density / Sq Mi
$116,053
Median Household Income
$59,731
Median Earnings
$1,430
Median Rent
$452,300
Median Home Value
Market
Vacancy Rate% for Office in Birmingham, AL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Publix Catering at The Village at Lee Branch — 410 Doug Baker Blvd, Hoover, AL 35242
- Last Note Catering — 207 Shoal Run Trail, Birmingham, AL 35242
- Christian Catering Co — Birmingham, AL 35242
- Constantine Catering Services, LLC — 5409 US-280, Birmingham, AL 35242
Frequently Asked Questions
What type of property is this?
Flex space - Corner flex unit with fully conditioned warehouse space, a dedicated office, and abundant on-site parking.
Where is this flex space located?
The property is located at 2803 Greystone Commercial Boulevard 12 Birmingham, AL.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Corner office/warehouse flex unit with 2,010 +,- SF total and a dedicated 1,000 +,- SF office area; Fully conditioned 1,000 +,- SF warehouse space with drive‑in door and high ceilings; Office features include beautiful finishes, high ceilings, and lots of glass/natural light
