Office-Heavy Flex
For Sale
$1,600,000
3515 Hurricane Bay Drive, Theodore, AL 36582
COMMERCIAL - Theodore, AL
Property Size13,275 SF
Lot Size1.85 Acres
Price / SF$120.53
Days on Market168
Property Features for 3515 Hurricane Bay Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B5
Parking
57
Parking features
Parking Lot
Interior features
High Ceilings 10 or Greater, Reception Area, Restrooms
Lot features
Business Park, Industrial Park
Standard status
Active
APN
3902010005015017
Size
13,275 SF
Lot size
1.85 Acres
Taxes and HOA fees
Tax Annual Amount
17081
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2004
Floors in Building
2
Flooring type
Carpet, Tile - Ceramic
Building materials
Metal Siding
Roof type
Metal
Listing Agency:
Roberts Brothers TREC · Berkshire Hathaway HomeServices
(251) 344-9220
Listed By:
Richard Harski
(251) 423-7830
Added: Mar 6
Changed: Aug 4
Last Checked: Aug 21 at 12:06PM
MLS# 7729568
Copyright © 2026 Mobile Area Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex property at 3515 Hurricane Bay Drive includes approximately 13,275 square feet of gross building area. The 2004 construction contains approximately 12,150 square feet of heated and cooled office space alongside approximately 1,125 square feet of warehouse space without climate control. Interior features include a reception area, restrooms, ceramic tile, carpet, central heating, and central air. The warehouse provides a roll-up garage door and 22-foot clear heights, while metal siding and a metal roof complete the building envelope.
The property occupies 1.85 acres in Theodore, Alabama, with access to public water and public sewer. B5 zoning, a parking lot, and the combination of office and warehouse improvements support evaluation for office-oriented flex or light industrial occupancy, subject to verification of measurements and other property details.
The property occupies 1.85 acres in Theodore, Alabama, with access to public water and public sewer. B5 zoning, a parking lot, and the combination of office and warehouse improvements support evaluation for office-oriented flex or light industrial occupancy, subject to verification of measurements and other property details.
Key Highlights
- Approximately 13,275 square feet of gross building area
- Approximately 12,150 square feet of heated and cooled office space
- Approximately 1,125 square feet of non‑climate‑controlled warehouse space
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
91
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 - Office and warehouse areas combine climate-controlled work space with a non-climate-controlled service area.
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: Approximately 13,275 square feet of gross building area; Approximately 12,150 square feet of heated and cooled office space; Approximately 1,125 square feet of non‑climate‑controlled warehouse space
