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    Commercial Office Building in Florence Title is generated by Realmo AI

    302 W Dr Hicks Blvd, Florence, AL 35630

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    For Sale
    $1,175,000

    Three-level office building suitable for medical or professional use.

    Type:Commercial/Industrial
    Property size:
    8,750 SF
    Price / SF:
    $134/SF
    Added:
    Nov 25, 2025
    Days on Market:
    189
    Last Refresh:
    Apr 8 at 12:06 am

    Property Features for 302 W Dr Hicks Blvd

    General Information

    Standard status
    Active
    Size
    8,750 SF
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    1991

    We can help!

    Listing Contact
    Shirley G Neese
    Shirley G Neese

    Listing agent Shirley G Neese License #000018314

    Listing office Neese Real Estate

    Listing date Nov 25, 2025

    Source Exitrealty

    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 Neese Real Estate

    HighLights

    • Prime commercial office building in a high‑traffic downtown location.
    • Three fully functional levels suitable for medical, professional, or mixed‑use operations.
    • First level includes multiple offices, medical exam rooms, a spacious waiting/reception area, a kitchen, and restrooms.
    • Finished basement with private entrance provides offices, treatment rooms, and a restroom.
    • Currently leased with lease expiring December 2026.
    • Built in 1991.

    Overview

    This commercial office building is located in downtown Florence, AL, in a high-traffic area. The building features three levels suitable for medical, professional, or mixed-use operations. The first level, encompassing 4,113 square feet, includes multiple offices, medical exam rooms, a spacious waiting/reception area, a kitchen, and restrooms. The second level, with 2,145 square feet, provides additional offices, storage space, a library, an employee lounge, and a restroom. The finished basement, spanning 2,492 square feet, has a private entrance and contains offices, treatment rooms, and a restroom. The total property size is 8,750 square feet. The property is currently leased, with the lease expiring in December 2026.
    Location Intelligence

    Current Use by Public Records

    Northwest Alabama Cancer ... Physician Dr. Hemant K. ... Physician Hemant Kantilal Patel Physician Udit Yadav, MD Physician Crystal Keeton Physician

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Law Firm Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Florence
    County
    Lauderdale
    State
    Alabama
    Longitude
    -87.6772645
    Latitude
    34.7965429

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    FAQs

    What type of property is this?
    Office building - Three-level office building suitable for medical or professional use.
    Where is this office building located?
    The property is located at 302 W Dr Hicks Blvd Florence, AL.
    What is the asking price?
    The asking price for this property is $1,175,000.
    What are key features of this property?
    This property features: Prime commercial office building in a high‑traffic downtown location.; Three fully functional levels suitable for medical, professional, or mixed‑use operations.; First level includes multiple offices, medical exam rooms, a spacious waiting/reception area, a kitchen, and restrooms.
    (256) 335-6789
    We can help!
    Listing Contact
    Shirley G Neese
    Shirley G Neese
    Real Estate License ID: 000018314
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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