Medical Office Building with
New
For Sale
$748,000
3664 College Lane, Mobile, AL 36608
Established medical build-out with exam, treatment, administrative, storage, and patient reception areas.
Property Size2,660 SF
Lot Size0.63 Acres
Price / SF$281.20
Days on Market6
Property Features for 3664 College Lane
General Information
Standard status
Active
Size
2,660 SF
Total Parking Spaces
14
Lot size
0.63 Acres
Property subtype
Office
Zoning
B-1
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$5,946
Amenities
Central Air
3
Parking.
14 Parking Spaces. Lot.
City
131x210
Out Building. City Road, Asphalt.
Building Details
Year Built
1986
Buildings
1
Stories
1
Building Size
2,660 SF
Listing Agency:
Roberts Brothers TREC
(251) 344-9220
Listed By:
Anna Gigicos Catranis · License #42858
(251) 454-2686
Source:
Xome
Added: Aug 31
Changed: Sep 4
Last Checked: Sep 4 at 1:52AM
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 TREC
Investment Insights
Based on property information with market context.
This 2,660-square-foot medical office building includes three exam rooms, one operating room, two treatment rooms, a nurses station, consultation room, medical storage, reception and waiting areas, a private office, secured records room, break room, additional storage, and separate doctor and public restrooms. Exterior improvements include a porte-cochere, two storage sheds, a four-space rear carport, and 10 parking spaces.
The property occupies approximately 0.63 acre with approximately 131 feet of frontage on College Lane South in Mobile. It is located northwest of Dauphin Street and I-65, with access from West I-65 Service Road North. Springhill Medical Center, financial and professional businesses, medical offices, The Highland at Springhill, and Legacy Village Shopping Center are nearby. B-1 (Buffer Business) zoning supports continued medical and professional use, subject to applicable zoning and permitting requirements.
The property occupies approximately 0.63 acre with approximately 131 feet of frontage on College Lane South in Mobile. It is located northwest of Dauphin Street and I-65, with access from West I-65 Service Road North. Springhill Medical Center, financial and professional businesses, medical offices, The Highland at Springhill, and Legacy Village Shopping Center are nearby. B-1 (Buffer Business) zoning supports continued medical and professional use, subject to applicable zoning and permitting requirements.
Key Highlights
- 2,660‑square‑foot medical office building on approximately 0.63 acre
- Medical layout includes 3 exam rooms, 1 operating room, and 2 treatment rooms
- Approximately 131 feet of frontage on College Lane South
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
$36,981
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
4.94%
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%
$739,620
$739.6K
Cap Rate 7%
$528,300
$528.3K
Cap Rate 9%
$410,900
$410.9K
Market Conditions
NOI Build-Up for 2,660 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
$59.1K $22.20/SF
− Vacancy
−$9.7K −$3.66/SF
EGI
$49.3K $18.54/SF
− OpEx
−$12.3K −$4.63/SF
NOI
$37.0K $13.90/SF
Area
Mobile, AL
Vacancy
16.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
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%
$739,620
Cap Rate 7%
$528,300
Cap Rate 9%
$410,900
Alternative Uses
Best Use
Office B
$528.3K
$462.3K – $616.4K
NOI $36,981 @ 7.0% cap · market cap 4.94%
Second Best
Healthcare Medical
$516.0K
$451.5K – $602.0K
NOI $36,121 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$676.1K
$591.6K – $788.8K
NOI $47,326 @ 7.0% cap · market cap 6.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,466
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 36608, AL
39,782
Population
17,690
Households
2.2
Avg Household Size
34
Median Age
42%
College-Educated
93%
High-School Grad
65.1 sq mi
ZIP Area
611
Density / Sq Mi
$64,372
Median Household Income
$37,530
Median Earnings
$1,045
Median Rent
$234,400
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?
Medical Office Space - Established medical build-out with exam, treatment, administrative, storage, and patient reception areas.
Where is this medical office space located?
The property is located at 3664 College Lane Mobile, AL.
What is the asking price?
The asking price for this property is $748,000.
What are key features of this property?
This property features: 2,660‑square‑foot medical office building on approximately 0.63 acre; Medical layout includes 3 exam rooms, 1 operating room, and 2 treatment rooms; Approximately 131 feet of frontage on College Lane South
