Listing Agency: Russ Russell Real Estate Show Phone

Listed By: Russ Russell · License #25965 Show Phone

Source: Exprealty

Added: Jan 26 Changed: Aug 8 Last Checked: Aug 23 at 5:03AM

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Investment Insights

Based on property information with market context.

This property, zoned RO2 (Residential Office 2 District) and situated on 0.26 acres, presents an opportunity for conversion to office space. Located near the medical district and directly behind the UAB Medical Building on Governor's Drive, the property contains 2,050 square feet. The existing layout includes 3 bedrooms, 2 baths, a kitchen, a den, and additional space. The property can be purchased together with the adjacent property at 317 Longwood Drive, which is situated on approximately 0.28 acres.

Key Highlights

• Zoned RO2, this property offers potential for conversion to office space.
• Located near the medical district and directly behind UAB Medical Building on Governor's Drive.
• Features 2,050 SF of space with 3 bedrooms and 2 baths.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$26,190

Cap Rate

4.76%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$523,800 $523.8K

Cap Rate 7%

$374,143 $374.1K

Cap Rate 9%

$291,000 $291.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,050 SF

Gross rent

$41.1K $20.04/SF

− Vacancy

−$6.2K −$3.01/SF

EGI

$34.9K $17.03/SF

− OpEx

−$8.7K −$4.26/SF

NOI

$26.2K $12.78/SF

Area

Huntsville, AL

Vacancy

15.00%

Lease Rate

$20.04 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$523,800

Cap Rate 7%

$374,143

Cap Rate 9%

$291,000

Alternative Uses

Best Use

Office B

$374.1K

$327.4K – $436.5K (±1% cap)

NOI $26,190 @ 7.0% cap · market cap 4.76%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$533.8K

$467.1K – $622.8K (±1% cap)

NOI $37,367 @ 7.0% cap · market cap 6.79%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Office Units

Suggested Use

Top Pick Locksmith Electrical Service (Bike/Boat/Book/etc) Store Tanning Salon Home Appliance Store Catering Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

3,263

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 35801, AL

22,539

Population

11,225

Households

2

Avg Household Size

43

Median Age

55%

College-Educated

90%

High-School Grad

13.8 sq mi

ZIP Area

1,633

Density / Sq Mi

$103,125

Median Household Income

$60,370

Median Earnings

$1,130

Median Rent

$399,700

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Office space - House near medical district suitable for office conversion.

Where is this office space located?

The property is located at 315 Longwood Dr Sw Huntsville, AL.

What is the asking price?

The asking price for this property is $550,000.

What are key features of this property?

This property features: Zoned RO2, this property offers potential for conversion to office space.; Located near the medical district and directly behind UAB Medical Building on Governor's Drive.; Features 2,050 SF of space with 3 bedrooms and 2 baths.