Foley Strip Center on
3820-3840 State Highway 59 Foley, AL 36535
3820-3840 State Highway 59, Foley, AL, 36535
$2,900,000
For Sale
$2,900,000
Thriving 13-tenant strip center on high-traffic Highway 59.
Property Size12,000 SF
Price / SF$241.67
Days on Market274
Property Features for 3820-3840 State Highway 59
General Information
- Standard status
- Active
- Size
- 12,000 SF
- Property subtype
- Commercial/Industrial
Building Details
- Year Built
- 2004
Listing Agency
RE/MAX of Orange Beach
(251) 533-6677
Listed by
Heather Harp · License #new
(251) 533-6677
Source
Exitrealty
Added: Oct 17, 2025 Checked: Jul 16 at 7:03 am
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 RE/MAX of Orange Beach
Investment Insights
Based on property information with market context.
Parkway Plaza is a 12,000 square foot strip mall located on Highway 59 in Foley. The property features 13 rental spaces ranging from 450 to over 2000 square feet. The complex has a 100% occupancy rate and a mix of long-term tenants. The property benefits from easy access, ample parking, and an income-producing sign on the south end. The building's roof was replaced in 2021, and new flooring was installed the same year. All parking lots were upgraded with LED light fixtures in 2022.
Key Highlights
- 100% Occupancy Rate with Stellar Tenant Mix
- High‑Traffic Location on Hwy 59 in Foley
- Versatile Retail Landscape with 13 Rental Spaces (450 to over 2000 sqft)
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $201.6k | $16.80 |
| − Vacancy | −$17.1k | −$1.43 |
| EGI | $184.5k | $15.37 |
| − OpEx | −$55.3k | −$4.61 |
| NOI | $129.1k | $10.76 |
12,000 SF · lease $16.80/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.84M
$1.61M – $2.15M
NOI $129,125 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.89M
$2.53M – $3.37M
NOI $202,003 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Strip malls
Similar For Sale Nearby
FAQs
What type of property is this?
Strip mall - Thriving 13-tenant strip center on high-traffic Highway 59.
Where is this strip mall located?
The property is located at 3820-3840 State Highway 59 Foley, AL.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: 100% Occupancy Rate with Stellar Tenant Mix; High‑Traffic Location on Hwy 59 in Foley; Versatile Retail Landscape with 13 Rental Spaces (450 to over 2000 sqft)
