Building Details

Building Size 10,824 SF

Listed By: Jerry Grant, CCIM · License #AL 000080935 Show Phone

Source: Grahamcompany

Added: Mar 27 Changed: Oct 2 Last Checked: Oct 20 at 6:12PM

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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 Jerry Grant, CCIM

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Investment Insights

Based on property information with market context.

This two-story, 10,824 SF office/medical building is available for sale in the Midtown market. The Homewood location provides convenient access to US Hwy. 31, US Hwy. 280, Lakeshore Parkway, and I-65. It is located less than 0.5 miles from the Lakeshore Foundation and less than 1 mile from Baptist Health Brookwood Hospital and Samford University. The property is ideal for lab space, a medical office, or an office conversion. It features one elevator. The current floor plan includes a large conference room, training room, work areas, and a break room on both floors, along with an unfinished first-floor storage area. The surface parking lot includes 34 spaces in the front lot and 10 spaces in the back lot, with one handicap parking space in each lot. Prominent signage opportunities are available.

Key Highlights

• Ideal for lab space, medical office, or office conversion.
• Convenient Homewood location with easy access to US Hwy. 31, US Hwy. 280, Lakeshore Parkway, and I‑65.
• Proximity to Lakeshore Foundation, Baptist Health Brookwood Hospital, and Samford University.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$190,746

Cap Rate

5.80%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,814,920 $3.8M

Cap Rate 7%

$2,724,943 $2.7M

Cap Rate 9%

$2,119,400 $2.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 10,824 SF

Gross rent

$287.1K $26.52/SF

− Vacancy

−$32.7K −$3.02/SF

EGI

$254.3K $23.50/SF

− OpEx

−$63.6K −$5.87/SF

NOI

$190.7K $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 Rate 5%

$3,814,920

Cap Rate 7%

$2,724,943

Cap Rate 9%

$2,119,400

Alternative Uses

Best Use

Office B

$2.72M

$2.38M – $3.18M (±1% cap)

NOI $190,746 @ 7.0% cap · market cap 5.80%

Second Best

Healthcare Medical

$2.62M

$2.30M – $3.06M (±1% cap)

NOI $183,669 @ 7.0% cap · market cap 5.58%

Theoretical Best

Office A

$3.72M

$3.26M – $4.34M (±1% cap)

NOI $260,657 @ 7.0% cap · market cap 7.92%

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

Property Analytics

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Current Use

Medical Office Space

Suggested Use

Top Pick Auto Parts Store Storage Facility Electrical Service (Bike/Boat/Book/etc) Store Grocery & Convenience Store Auto Repair Shop

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

783

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 35209, AL

27,827

Population

15,141

Households

1.8

Avg Household Size

34

Median Age

54%

College-Educated

93%

High-School Grad

9.6 sq mi

ZIP Area

2,899

Density / Sq Mi

$72,383

Median Household Income

$45,513

Median Earnings

$1,246

Median Rent

$465,600

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?

Medical Office Space - Two-story, 10,824 SF office/medical building in the Midtown market.

Where is this medical office space located?

The property is located at 3512 Old Montgomery Highway Homewood, AL.

What is the asking price?

The asking price for this property is $3,290,000.

What are key features of this property?

This property features: Ideal for lab space, medical office, or office conversion.; Convenient Homewood location with easy access to US Hwy. 31, US Hwy. 280, Lakeshore Parkway, and I‑65.; Proximity to Lakeshore Foundation, Baptist Health Brookwood Hospital, and Samford University.