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    Remodeled Mixed-Use Building For Sale Title is generated by Realmo AI

    309 N Montgomery Ave, Sheffield, AL 35660

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    For Sale
    $1,075,000

    COMMERCIAL - Sheffield, AL

    Property size:
    12,000 SF
    Price / SF:
    $89/SF
    Added:
    Nov 3, 2021
    Days on Market:
    1672
    Last Refresh:
    Jun 1 at 11:06 pm

    Property Features for 309 N Montgomery Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    B1
    Bathrooms
    6
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 6, Bathroom 3, Bathroom 4, Bathroom 5
    Parking features
    On Street
    Interior features
    Ceiling-High, Counters - Solid Surface, Inside Storage, Living Space Available, Recessed Lighting, Utility Sink
    Standard status
    Active
    APN
    0708283010041000
    Size
    12,000 SF

    Taxes and HOA fees

    Tax Description
    LOTS 19 & 20 BLK 62 SHEFFIELD 50 X 120

    Utilities

    Utilities
    Electricity Available
    Sewer type
    Public Sewer
    Heating system
    Central
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    2014
    Flooring type
    Wood (flooring), Concrete
    Building materials
    Block, Brick, Other (ConstrMat)
    Roof type
    Metal
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Beth Pirtle

    Listing agent Beth Pirtle License #0001015660

    Listing office RE/MAX Tri-State 1661 S Wilson Dam Rd, Florence, AL

    Listing date Nov 3, 2021

    MLS# 502216 Listing URL

    Copyright © 2026 Strategic MLS Alliance, INC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Multiple Income‑Generating Apartments: Two 2‑bedroom/2‑bath and two 1‑bedroom/1‑bath units.
    • Hardware store building with business potential.
    • Hardwood floors on the main level.
    • Central heating and cooling.
    • Solid surface counters.
    • Remodeled in 2014.

    Overview

    This is a large building that was totally remodeled in 2014. The building is currently a hardware store, but only the building itself is for sale. The upper level features two 2-bedroom, 2-bath apartments and two 1-bedroom, 1-bath apartments. All apartments are occupied, and there is a waiting list. The main level features hardwood floors. This building has lots of business potentials. The property is located in Sheffield, AL. The building has a size of 12,000 square feet and is zoned B1. The property is located in Colbert County.

    Local Financial Insights For Mixed Use

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $144.0k $12.00
    − Vacancy −$17.3k −$1.44
    EGI $126.7k $10.56
    − OpEx −$47.5k −$3.96
    NOI $79.2k $6.60
    12,000 SF · lease $12.00/SF/yr · vacancy 12.00% · expense 37.50%

    Alternative Uses

    Best Use
    Mixed Use
    $1.13M
    $990.0K – $1.32M (±1% cap)
    NOI $79,200 @ 7.0% cap · market cap 7.37%
    Second Best
    Retail
    $1.07M
    $936.0K – $1.25M (±1% cap)
    NOI $74,879 @ 7.0% cap · market cap 6.97%
    Theoretical Best
    Office A
    $1.92M
    $1.68M – $2.24M (±1% cap)
    NOI $134,139 @ 7.0% cap · market cap 12.48%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Sheffield Hardware Building Supply

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Sheffield
    County
    Colbert
    State
    Alabama
    Longitude
    -87.6989784
    Latitude
    34.7612742

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      Remodeled Mixed-Use Building For Sale

      Large, remodeled mixed-use building with apartments and business potential.
      309 N Montgomery Ave, Sheffield, AL 35660
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    FAQs

    What type of property is this?
    Mixed-use property - Large, remodeled mixed-use building with apartments and business potential.
    Where is this mixed-use property located?
    The property is located at 309 N Montgomery Ave Sheffield, AL.
    What is the asking price?
    The asking price for this property is $1,075,000.
    What are key features of this property?
    This property features: Multiple Income‑Generating Apartments: Two 2‑bedroom/2‑bath and two 1‑bedroom/1‑bath units.; Hardware store building with business potential.; Hardwood floors on the main level.
    (256) 810-4786
    We can help!
    Listing Contact
    Beth Pirtle
    Real Estate License ID: 0001015660
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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.

    More about this property
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