Medical Office Building with Exam
New
For Sale
$748,000
3664 College Lane S, Mobile, AL 36608
Commercial Sale, Mobile, AL
Property Size2,660 SF
Lot Size0.63 Acres
Price / SF$281.20
Days on Market2
Property Features for 3664 College Lane S
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
B1
Parking
14
Parking features
Parking Lot
Interior features
Reception Area, Restrooms
Lot features
Level
View
City
Standard status
Active
APN
2806374000098002
Size
2,660 SF
Lot size
0.63 Acres
Taxes and HOA fees
Tax Annual Amount
5946
Utilities
Utilities
Cable Available
Heating system
Heat Pump (Heating), Central
Cooling system
Central Air
Water source
Public
Amenities
porte-cochere
storage sheds
Building Details
Year built
1986
Floors in Building
1
Flooring type
Tile - Ceramic, Laminate
Building materials
Brick 4 Sides
Roof type
Metal
Additional Structures
Other
Listing Agency:
Roberts Brothers TREC · Berkshire Hathaway HomeServices
(251) 344-9220
Listed By:
Anna Gigicos Catranis · License #42858
(251) 454-2686
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 1:06PM
MLS# 7827738
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 well-maintained medical office building contains +/-2,660 SF on approximately +/-0.63 acre. The existing layout includes three exam rooms, an operating room, two treatment rooms, a nurses station, consultation room, medical storage, reception and waiting area, private office, secured records room, break room, additional storage, and separate doctor and public restrooms. Brick construction, ceramic tile and laminate flooring, central air, and heat-pump heating are also in place.
The property fronts College Lane South and is accessible from West I-65 Service Road North, northwest of Dauphin Street and I-65. The surrounding corridor includes medical, financial, and professional businesses, with Springhill Medical Center, banks, insurance and investment companies, The Highland at Springhill, and Legacy Village Shopping Center nearby.
Site improvements include 10 parking spaces, a porte-cochere, a 4-space rear carport, and two storage sheds. The property is zoned B-1 (Buffer Business) and was built in 1986.
The property fronts College Lane South and is accessible from West I-65 Service Road North, northwest of Dauphin Street and I-65. The surrounding corridor includes medical, financial, and professional businesses, with Springhill Medical Center, banks, insurance and investment companies, The Highland at Springhill, and Legacy Village Shopping Center nearby.
Site improvements include 10 parking spaces, a porte-cochere, a 4-space rear carport, and two storage sheds. The property is zoned B-1 (Buffer Business) and was built in 1986.
Key Highlights
- Medical office building with +/-2,660 SF of existing clinical and administrative improvements
- Approximately +/-0.63 acre with +/-131 feet of frontage on College Lane South
- Existing layout includes 3 exam rooms, 1 operating room, and 2 treatment rooms
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
1
Office units
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - B-1 zoning supports continued medical and professional use, subject to applicable requirements.
Where is this medical office space located?
The property is located at 3664 College Lane S 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: Medical office building with +/-2,660 SF of existing clinical and administrative improvements; Approximately +/-0.63 acre with +/-131 feet of frontage on College Lane South; Existing layout includes 3 exam rooms, 1 operating room, and 2 treatment rooms
