Medical Office Space For
For Sale
$1,350,000
3055 Lorna Road, Hoover, AL 35216
Located in Hoover near I-65 and Hwy. 31.
Property Size8,805 SF
Price / SF$562.50
Days on Market167
Property Features for 3055 Lorna Road
General Information
Standard status
Active
Size
8,805 SF
Class
B
Property subtype
Office
Building Details
Building Size
8,805 SF
Listing Agency:
(205) 313-4378
Listed By:
Christopher Thames, SIOR, CCIM, CPM
Source:
Jhberry
Added: Mar 5
Changed: Aug 17
Last Checked: Aug 18 at 4:47AM
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 Christopher Thames, SIOR, CCIM, CPM
Investment Insights
Based on property information with market context.
The property at 3055 Lorna Road is situated in Hoover, near the intersection of I-65 and Highway 31. The available space is 2,400 square feet and features two restrooms and two storage closets. Ample parking is available. The tenant mix includes medical professionals. The location provides convenient access to Highway 31, I-65, and I-459. It is suitable for medical office and general commercial use.
Key Highlights
- Easy access to Highway 31, I‑65 and I‑459
- Ample parking
- Located in Hoover near the intersection of I‑65 and Hwy. 31
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
$42,294
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
3.13%
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%
$845,880
$845.9K
Cap Rate 7%
$604,200
$604.2K
Cap Rate 9%
$469,933
$469.9K
Market Conditions
NOI Build-Up for 2,400 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
$63.6K $26.52/SF
− Vacancy
−$7.3K −$3.02/SF
EGI
$56.4K $23.50/SF
− OpEx
−$14.1K −$5.87/SF
NOI
$42.3K $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%
$845,880
Cap Rate 7%
$604,200
Cap Rate 9%
$469,933
Alternative Uses
Best Use
Office B
$604.2K
$528.7K – $704.9K
NOI $42,294 @ 7.0% cap · market cap 3.13%
Second Best
Healthcare Medical
$581.8K
$509.1K – $678.8K
NOI $40,725 @ 7.0% cap · market cap 3.02%
Theoretical Best
Office A
$825.6K
$722.4K – $963.3K
NOI $57,795 @ 7.0% cap · market cap 4.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
685
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 35216, AL
36,673
Population
16,333
Households
2.2
Avg Household Size
35
Median Age
53%
College-Educated
94%
High-School Grad
13.0 sq mi
ZIP Area
2,821
Density / Sq Mi
$73,125
Median Household Income
$42,767
Median Earnings
$1,314
Median Rent
$376,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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- Steel City Emergency Vets — 1900 Hoover Ct, Hoover, AL 35226
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Located in Hoover near I-65 and Hwy. 31.
Where is this medical office space located?
The property is located at 3055 Lorna Road Hoover, AL.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Easy access to Highway 31, I‑65 and I‑459; Ample parking; Located in Hoover near the intersection of I‑65 and Hwy. 31
