Office-Warehouse
For Sale
$1,600,000
3515 Hurricane Bay Drive, Theodore, AL 36582
Built in 2004, this office-warehouse includes heated and cooled office space plus a non-climate-controlled warehouse.
Property Size13,275 SF
Price / SF$120.53
Days on Market29
Property Features for 3515 Hurricane Bay Drive
General Information
Standard status
Active
Size
13,275 SF
Total Parking Spaces
57
Zoning
B5
Additional Details
Clear Height
22 ft
Taxes and HOA fees
Annual Taxes
$17,081
Amenities
Active
44468480
Two
yes
Carpet, Ceramic Tile, Other
Central Air
Central
Loading (Other)
High Ceilings 10 or Greater, Reception Area, Restrooms, Other
Metal
Public Sewer
Other
Business Park, Industrial Park, Other
Public
1.85
57
Acres
Road Frontage (143)
Parking Lot
Slab
City Street
142x575x147x551
1
80586
Metal Siding
Building Details
Year Built
2004
Buildings
1
Listing Agency:
Roberts Brothers, Inc.
(251) 209-1817
Listed By:
Lydia Blackwell
(251) 209-1817
Source:
Realestatestore251.idxbroker
Added: Jul 27
Changed: Aug 23
Last Checked: Aug 24 at 3:08AM
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 Roberts Brothers, Inc.
Investment Insights
Based on property information with market context.
3515 Hurricane Bay Drive is an office-warehouse facility constructed in 2004 and consistently maintained. The property includes approximately 12,150 square feet of heated and cooled office space and approximately 1,125 square feet of warehouse space that is not climate-controlled. The warehouse is equipped with one roll-up garage door and offers 22-foot clear ceiling heights.
The total gross building area is approximately 13,275 square feet. The property is described as being in quality condition and is suitable for a variety of office and light industrial uses, with the buyer responsible for verifying all measurements and relevant details.
The total gross building area is approximately 13,275 square feet. The property is described as being in quality condition and is suitable for a variety of office and light industrial uses, with the buyer responsible for verifying all measurements and relevant details.
Key Highlights
- Office‑warehouse facility constructed in 2004 and consistently maintained
- Approximately 13,275 SF total gross building area, including about 12,150 SF heated and cooled office space
- About 1,125 SF warehouse space (not climate‑controlled) with one roll‑up garage door
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
$75,718
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
4.73%
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%
$1,514,360
$1.5M
Cap Rate 7%
$1,081,686
$1.1M
Cap Rate 9%
$841,311
$841.3K
Market Conditions
NOI Build-Up for 13,275 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
$95.6K $7.20/SF
− Vacancy
−$6.5K −$0.49/SF
EGI
$89.1K $6.71/SF
− OpEx
−$13.4K −$1.01/SF
NOI
$75.7K $5.70/SF
Area
Mobile, AL
Vacancy
6.80%
Lease Rate
$7.20 /SF/Yr
Expense Ratio
15.00%
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%
$1,514,360
Cap Rate 7%
$1,081,686
Cap Rate 9%
$841,311
Alternative Uses
Best Use
Office B
$2.64M
$2.31M – $3.08M
NOI $184,559 @ 7.0% cap · market cap 11.53%
Second Best
Warehouse
$1.08M
$946.5K – $1.26M
NOI $75,718 @ 7.0% cap · market cap 4.73%
Theoretical Best
Office A
$3.37M
$2.95M – $3.94M
NOI $236,185 @ 7.0% cap · market cap 14.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
22 ft
Clear height
Location Intelligence
Trade Area within ½ mile
133
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 36582, AL
25,903
Population
10,409
Households
2.5
Avg Household Size
40
Median Age
20%
College-Educated
87%
High-School Grad
79.7 sq mi
ZIP Area
325
Density / Sq Mi
$61,498
Median Household Income
$37,043
Median Earnings
$916
Median Rent
$170,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Built in 2004, this office-warehouse includes heated and cooled office space plus a non-climate-controlled warehouse.
Where is this flex space located?
The property is located at 3515 Hurricane Bay Drive Theodore, AL.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Office‑warehouse facility constructed in 2004 and consistently maintained; Approximately 13,275 SF total gross building area, including about 12,150 SF heated and cooled office space; About 1,125 SF warehouse space (not climate‑controlled) with one roll‑up garage door
