Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3041 LORNA ROAD Hoover, AL 35216

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $650,000

    Commercial property in Hoover with high traffic count, cash buyers only.

    Type:Office
    Added:
    Jul 2, 2024
    Days on Market:
    656
    Last Refresh:
    Apr 1 at 8:21 pm

    Property Features for 3041 LORNA ROAD

    General Information

    Standard status
    Active
    Property subtype
    Office

    Building Details

    Year Built
    2015

    We can help!

    Listing Contact
    Christina James

    Listing agent Christina James

    Listing office

    Listing date Jul 2, 2024

    Source Xome

    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 Christina James

    Overview

    Hoover Commercial Property For Sale

    Located in Hoover, this commercial property benefits from a high traffic count. The building is currently occupied, with lease terms extending through July 30, 2027. Note that this property is for cash buyers only.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Hoover
    County
    Jefferson
    State
    Alabama
    Longitude
    -86.8045201
    Latitude
    33.405295

    Nearby Similar for Sale

    • $609,900
      4,906 SF

      Multi-Unit Office Building For Sale

      Well-located office building with significant rent repositioning upside.
      2173 Clearbrook Road, HOOVER, AL 35226
      View Details
    • $16
      33,240 SF

      Remodeled Office Building in Hoover

      Three-story office building with convenient access and modern amenities.
      3100 Lorna Rd, Hoover, AL 35216
      View Details
    • $19
      2,400 SF

      Medical Office Space Available

      Medical office space in Hoover, near major highways.
      3055 Lorna Road, Hoover, AL 35216
      View Details
    • $1,300,000
      11,511 SF

      Established Hoover Building and Business

      Established upholstery business and building for sale in Hoover, AL.
      3440 Lorna Lane, HOOVER, AL 35216
      View Details
    • $4,750,000

      Office Building with Warehouse Space

      Two-story office building with warehouse in Hoover, Alabama.
      2111 Parkway Office Circle, Hoover, AL 35244
      View Details
    • Contact for pricing

      Centrally Located Hoover Office Building

      Three-story office building with convenient access and modern amenities.
      3100 Lorna Rd, Hoover, AL 35216
      View Details
    • $1,350,000
      2,400 SF

      Medical Office Space For Sale

      Located in Hoover near I-65 and Hwy. 31.
      3055 Lorna Road, Hoover, AL 35216
      View Details
    • $650,000

      Hoover Office Building For Sale

      Office building in Hoover, Alabama, with high traffic count.
      3041 LORNA ROAD, HOOVER, AL 35216
      View Details
    • $1,199,000
      4,443 SF

      Hoover Flex-Office Building For Sale

      Freestanding flex-office building with warehouse space and developable land.
      1945 Patton Chapel Road, Hoover, AL 35216
      View Details
    • $650,000
      2,461 SF

      Retail Property in High-Traffic Area

      Retail property for sale in Hoover, leased through 2027.
      3041 Lorna Road, HOOVER, AL 35216
      View Details
    • $1,100,000
      10,176 SF

      Hoover Multifamily Investment Opportunity

      Well-maintained, renovated 8-unit multifamily property in desirable Hoover, AL.
      3252 and 3246 Warringwood Dr, HOOVER, AL 35216
      View Details
    • $1,950,000
      9,962 SF

      Professional Office Building For Sale

      9,962 SF office building on 1.07 acres in Hoover.
      4 Riverchase Ridge, Hoover, AL 35244
      View Details

    FAQs

    What type of property is this?
    Office building - Commercial property in Hoover with high traffic count, cash buyers only.
    Where is this office building located?
    The property is located at 3041 LORNA ROAD Hoover, AL.
    What is the asking price?
    The asking price for this property is $650,000.
    What are key features of this property?
    This property features: Lease terms in place through July 30, 2027, providing immediate rental income.; Prime property location in Hoover.; High traffic count, beneficial for commercial purposes.
    (205) 822-2272
    We can help!
    Listing Contact
    Christina James
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!