Office Condo Suite with
For Sale
Contact for pricing
2803 Greystone Commercial Boulevard Unit 12, Hoover, AL 35242
Functional office condominium suite with multiple offices, common areas, and on-site parking near major transportation.
Property Size1,440 SF
Price / SF$229.10
Days on Market63
Property Features for 2803 Greystone Commercial Boulevard Unit 12
General Information
Standard status
Active
Size
1,440 SF
Class
A
Total Parking Spaces
10
Property subtype
Office, Mixed Use
Zoning
commercial office condos
Investment Type
Owner/User
Additional Details
Highway Access
Yes
Building Details
Year Built
2007
Buildings
1
Stories
1
Listing Agency:
Deaton Realty LLC
Listed By:
Scott Deaton · License #AL000042828
Source:
Crexi
Added: Jun 18
Changed: Aug 8
Last Checked: Aug 18 at 8:16PM
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.
Suite 12 at 2803 Greystone Commercial Boulevard is an office condominium located within a maintained office complex. The space offers a functional layout with multiple office spaces and common areas, designed to support a range of professional needs. Depending on how an operator wants to run the day-to-day, the floor plan can work for private offices, collaboration, meeting space, or administrative functions.
The property is positioned on the established Greystone commercial corridor and provides convenient access to Highway 280. It is also situated near retail, dining, and business services, which can help support client and staff needs. The location is described as being near the Lee Branch area and major transportation routes, with access intended to be straightforward for clients, customers, and employees.
This suite is a practical fit for professional tenants or buyers seeking a dedicated office condominium setting with on-site parking and interior flexibility. Its mix of private office options and shared/common areas can support a variety of office-based operations that benefit from a professional, organized environment within an office complex.
The property is positioned on the established Greystone commercial corridor and provides convenient access to Highway 280. It is also situated near retail, dining, and business services, which can help support client and staff needs. The location is described as being near the Lee Branch area and major transportation routes, with access intended to be straightforward for clients, customers, and employees.
This suite is a practical fit for professional tenants or buyers seeking a dedicated office condominium setting with on-site parking and interior flexibility. Its mix of private office options and shared/common areas can support a variety of office-based operations that benefit from a professional, organized environment within an office complex.
Key Highlights
- Year built 2007 office condominium suite in a well‑maintained office complex
- Suite 12 at 2803 Greystone Commercial Boulevard in Birmingham’s established Greystone commercial corridor
- Functional layout with multiple office spaces plus common areas
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
$25,376
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
7.69%
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%
$507,520
$507.5K
Cap Rate 7%
$362,514
$362.5K
Cap Rate 9%
$281,956
$282.0K
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
$38.2K $26.52/SF
− Vacancy
−$4.4K −$3.02/SF
EGI
$33.8K $23.50/SF
− OpEx
−$8.5K −$5.87/SF
NOI
$25.4K $17.62/SF
Area
Jefferson County, AL
Vacancy
11.40%
Lease Rate
$26.52 /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%
$507,520
Cap Rate 7%
$362,514
Cap Rate 9%
$281,956
Alternative Uses
Best Use
Office B
$362.5K
$317.2K – $422.9K
NOI $25,376 @ 7.0% cap · market cap 7.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$495.4K
$433.5K – $578.0K
NOI $34,677 @ 7.0% cap · market cap 10.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,218
Businesses Nearby
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 South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Functional office condominium suite with multiple offices, common areas, and on-site parking near major transportation.
Where is this office units located?
The property is located at 2803 Greystone Commercial Boulevard Unit 12 Hoover, 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: Year built 2007 office condominium suite in a well‑maintained office complex; Suite 12 at 2803 Greystone Commercial Boulevard in Birmingham’s established Greystone commercial corridor; Functional layout with multiple office spaces plus common areas
