Commercial Building on Highway
34397 Highway 98 West Lillian, AL 36549
34397 Highway 98 West, Lillian, AL, 36549
$699,000
For Sale
$699,000
2,200 SF Retail Building For Sale
Property Size2,200 SF
Lot Size1.00 Acre
Price / SF$317.73
Days on Market526
Property Features for 34397 Highway 98 West
General Information
- Standard status
- Active
- Property type
- Other retail properties, Individual retail properties, Other office properties, Retail properties & Spaces, Office Spaces
- Size
- 2,200 SF
- Net Rentable
- 2,200 SF
- Elevators
- N/A
- Lot size
- 1.00 Acre
Building Details
- Year Built
- 1974
- Year Renovated
- 2006
- Buildings
- 1
- Stories
- 1
Listing Office
(850) 564-0120
Listed by
Paul
(850) 564-0120
Added: Feb 6, 2025 Checked: Mar 16 at 9:06 am
Investment Insights
Based on property information with market context.
This 2,200 square foot commercial building is located on Highway 98 West in downtown Lillian, Alabama. Zoned B4, this high-visibility property boasts 232 linear feet of frontage on Highway 98. The property features 11,000 square feet of existing gravel parking. Access is provided by a permitted 27-foot-wide driveway. The land is level, improved, and fully usable, with existing perimeter and security lighting. The building itself offers 1700 square feet of heated and cooled space, including a lobby, sales area, three additional offices, a kitchen, and two bathrooms. An oversized double garage/workshop provides additional usable space. A new roof was installed in 2022. Sewer access is available at the property's front. The property's strategic location is only a half-mile from a major boat launch and Perdido Bay, and minutes from the Florida state line, capturing traffic from both states. According to AL DOT, the traffic count is 11,694 vehicles. A recently permitted emergency medical facility is under construction nearby, scheduled for completion in 2025, and a Life Flight landing site is directly across the street. This property is ideal for a variety of businesses, including boat dealerships, car/RV dealerships, and restaurants.
Local Financial Insights For Office B
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 | $42.2k | $19.20 |
| − Vacancy | −$8.0k | −$3.65 |
| EGI | $34.2k | $15.55 |
| − OpEx | −$8.6k | −$3.89 |
| NOI | $25.7k | $11.66 |
2,200 SF · lease $19.20/SF/yr · vacancy 19.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$366.6K
$320.8K – $427.7K
NOI $25,661 @ 7.0% cap · market cap 3.67%
Second Best
Retail
$338.2K
$295.9K – $394.6K
NOI $23,673 @ 7.0% cap · market cap 3.39%
Theoretical Best
Office A
$529.1K
$462.9K – $617.2K
NOI $37,034 @ 7.0% cap · market cap 5.30%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Retail properties & Spaces
Similar For Sale Nearby
FAQs
What type of property is this?
Other retail property - 2,200 SF Retail Building For Sale
Where is this other retail property located?
The property is located at 34397 Highway 98 West Lillian, AL.
What is the asking price?
The asking price for this property is $699,000.