Brick Office Building with Detached
For Sale
$215,000
308 Alabama Avenue SW, Fort Payne, AL 35967
SINGLE_FAMILY - Fort Payne, AL
Property Size1,709 SF
Lot Size0.22 Acres
Price / SF$125.80
Days on Market91
Property Features for 308 Alabama Avenue SW
General Information
Property type
Residential
Property subtype
Office
Zoning description
Commercial
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Subdivision
City Addition
Directions
Across The Street From The Courthouse On Alabama Avenue Sw.
Standard status
Active
APN
2303074001023.000
Size
1,709 SF
Lot size
0.22 Acres
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Floors in Building
1
Flooring type
Wood
Listing Agency:
Southern Properties Agency Inc
(256) 845-6000
Listed By:
Kevin Burt · License #66758
(256) 996-0003
Added: May 14
Changed: Jul 28
Last Checked: Aug 12 at 6:06PM
MLS# 21882026
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Investment Insights
Based on property information with market context.
This brick office building features original hardwood floors and plantation shutters, with a total of six rooms configured for professional use. The interior includes two restrooms, a kitchenette area, and a dedicated conference room. A reception area with a fireplace helps define the front-of-house experience, and there is a small storage area in a partial basement.
Set on Alabama Avenue SW in Fort Payne, the property is described as being on Attorney Row. Additional site features include nice mature landscaping.
The building is approximately 1,709 square feet on a 0.22-acre lot and also includes a detached single-car garage.
Set on Alabama Avenue SW in Fort Payne, the property is described as being on Attorney Row. Additional site features include nice mature landscaping.
The building is approximately 1,709 square feet on a 0.22-acre lot and also includes a detached single-car garage.
Key Highlights
- Attractive brick exterior on Attorney Row
- Original hardwood floors throughout
- Six rooms including a conference room
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
$11,397
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
5.30%
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%
$227,940
$227.9K
Cap Rate 7%
$162,814
$162.8K
Cap Rate 9%
$126,633
$126.6K
Market Conditions
NOI Build-Up for 1,709 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
$19.5K $11.40/SF
− Vacancy
−$4.3K −$2.51/SF
EGI
$15.2K $8.89/SF
− OpEx
−$3.8K −$2.22/SF
NOI
$11.4K $6.67/SF
Area
DeKalb County, AL
Vacancy
22.00%
Lease Rate
$11.40 /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%
$227,940
Cap Rate 7%
$162,814
Cap Rate 9%
$126,633
Alternative Uses
Best Use
Office B
$162.8K
$142.5K – $190.0K
NOI $11,397 @ 7.0% cap · market cap 5.30%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$275.3K
$240.9K – $321.2K
NOI $19,272 @ 7.0% cap · market cap 8.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
185
Businesses Nearby
Explore this area
Business Placement
Demographics for 35967, AL
17,233
Population
7,825
Households
2.2
Avg Household Size
37
Median Age
16%
College-Educated
81%
High-School Grad
127.0 sq mi
ZIP Area
136
Density / Sq Mi
$48,125
Median Household Income
$32,051
Median Earnings
$678
Median Rent
$155,700
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 building - Brick office with six rooms, two restrooms, kitchenette, fireplace reception, and a detached single-car garage.
Where is this office building located?
The property is located at 308 Alabama Avenue SW Fort Payne, AL.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Attractive brick exterior on Attorney Row; Original hardwood floors throughout; Six rooms including a conference room
