Single-Tenant Industrial
For Sale
Contact for pricing
3600 Messer Airport Highway, Birmingham, AL 35222
Industrial facility presented with a single-tenant net lease structure and a 6.25% cap rate.
Property Size31,853 SF
Price / SF$138.13
Days on Market29
Property Features for 3600 Messer Airport Highway
General Information
Standard status
Active
Size
31,853 SF
Property subtype
Industrial
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Additional Details
Cap Rate
6.25%
Building Details
Buildings
2
Tenancy
Single
Listing Agency:
Colliers - Birmingham, Alabama
(205) 949-5989
Listed By:
Will Canary · License #AL 000119845
Source:
Crexi
Added: Aug 3
Changed: Aug 30
Last Checked: Aug 30 at 2:16AM
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 Colliers - Birmingham, Alabama
Investment Insights
Based on property information with market context.
This industrial property comprises 31,853 square feet at 3600 Messer Airport Highway in Birmingham, Alabama. The offering is identified as a single-tenant net-lease facility with a 6.25% capitalization rate.
Key Highlights
- 31,853 SF industrial property
- 6.25% CAP rate
- Single‑tenant net‑lease facility at 3600 Messer Airport Highway, Birmingham, AL 35222
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
$146,412
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
3.33%
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%
$2,928,240
$2.9M
Cap Rate 7%
$2,091,600
$2.1M
Cap Rate 9%
$1,626,800
$1.6M
Market Conditions
NOI Build-Up for 31,853 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
$229.3K $7.20/SF
− Vacancy
−$20.2K −$0.63/SF
EGI
$209.2K $6.57/SF
− OpEx
−$62.7K −$1.97/SF
NOI
$146.4K $4.60/SF
Area
Birmingham, AL
Vacancy
8.80%
Lease Rate
$7.20 /SF/Yr
Expense Ratio
30.00%
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%
$2,928,240
Cap Rate 7%
$2,091,600
Cap Rate 9%
$1,626,800
Alternative Uses
Best Use
Industrial
$2.09M
$1.83M – $2.44M
NOI $146,412 @ 7.0% cap · market cap 3.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.48M
$6.54M – $8.72M
NOI $523,358 @ 7.0% cap · market cap 11.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
697
Businesses Nearby
Explore this area
Business Placement
Demographics for 35222, AL
8,419
Population
4,383
Households
1.9
Avg Household Size
37
Median Age
64%
College-Educated
97%
High-School Grad
3.9 sq mi
ZIP Area
2,159
Density / Sq Mi
$91,964
Median Household Income
$61,933
Median Earnings
$1,086
Median Rent
$374,600
Median Home Value
Market
Vacancy Rate% for Industrial in Birmingham, AL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Industrial property - Industrial facility presented with a single-tenant net lease structure and a 6.25% cap rate.
Where is this industrial property located?
The property is located at 3600 Messer Airport Highway Birmingham, AL.
What is the asking price?
The asking price for this property is $4,400,000.
What are key features of this property?
This property features: 31,853 SF industrial property; 6.25% CAP rate; Single‑tenant net‑lease facility at 3600 Messer Airport Highway, Birmingham, AL 35222
