Versatile Office/Warehouse on Westgate
For Sale
$799,900
3665 Westgate Pkwy, Dothan, AL 36303
6,500 SF building suited for office or office-warehouse use.
Property Size6,500 SF
Price / SF$123.06
Days on Market87
Property Features for 3665 Westgate Pkwy
General Information
Standard status
Active
Size
6,500 SF
Class
B
Property subtype
Office - Flex - Office
Building Details
Building Size
6,500 SF
Year Built
2000
Listing Agency:
Forrest & Fields CRE
Listed By:
David R Cornelius, CCIM, CPM
Source:
Commercialcafe
Added: May 14
Changed: Aug 8
Last Checked: Jul 16 at 2:07AM
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 Forrest & Fields CRE
Investment Insights
Based on property information with market context.
Located on Westgate Parkway in Dothan, this 6,500 SF building, constructed in 2000, is perfectly suited for office or office-warehouse use. Zoned L-I, it offers a versatile space that can adapt to a range of business needs. Office and warehouse space are both heated and cooled. The building has a loading dock with a roll-up door and is located on a nice size corner lot. The property is in close proximity to the CSX Platinum site, a key industrial and logistics asset in the region, and offers access to a wide range of commercial amenities and services. The location provides convenience for property owners with its proximity to major business centers, dining establishments, and retail hubs. Prospective office and office-warehouse owners can capitalize on the area's reputation as a business-friendly environment and its connectivity to regional distribution networks. This property presents future owners an ideal setting for commercial success.
Key Highlights
- Prime location on Westgate Parkway in Dothan, offering high visibility and accessibility.
- Versatile 6,500 SF building suitable for office or office‑warehouse use.
- Zoned L‑I, providing flexibility for various business operations.
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
$50,061
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
6.26%
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%
$1,001,220
$1.0M
Cap Rate 7%
$715,157
$715.2K
Cap Rate 9%
$556,233
$556.2K
Market Conditions
NOI Build-Up for 6,500 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
$81.9K $12.60/SF
− Vacancy
−$15.2K −$2.33/SF
EGI
$66.7K $10.27/SF
− OpEx
−$16.7K −$2.57/SF
NOI
$50.1K $7.70/SF
Area
Houston County, AL
Vacancy
18.50%
Lease Rate
$12.60 /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%
$1,001,220
Cap Rate 7%
$715,157
Cap Rate 9%
$556,233
Alternative Uses
Best Use
Office B
$715.2K
$625.8K – $834.4K
NOI $50,061 @ 7.0% cap · market cap 6.26%
Second Best
Flex RnD
$529.0K
$462.9K – $617.2K
NOI $37,031 @ 7.0% cap · market cap 4.63%
Theoretical Best
Healthcare Medical
$1.15M
$1.01M – $1.34M
NOI $80,421 @ 7.0% cap · market cap 10.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
860
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 36303, AL
31,080
Population
14,622
Households
2.1
Avg Household Size
39
Median Age
28%
College-Educated
88%
High-School Grad
58.9 sq mi
ZIP Area
528
Density / Sq Mi
$53,006
Median Household Income
$34,504
Median Earnings
$855
Median Rent
$175,600
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?
Flex space - 6,500 SF building suited for office or office-warehouse use.
Where is this flex space located?
The property is located at 3665 Westgate Pkwy Dothan, AL.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Prime location on Westgate Parkway in Dothan, offering high visibility and accessibility.; Versatile 6,500 SF building suitable for office or office‑warehouse use.; Zoned L‑I, providing flexibility for various business operations.
