Single-Tenant Retail Space For
For Sale
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3851 Chapel Lane, Hoover, AL 35244
Retail space with long-term lease and rental escalations.
Property Size50,302 SF
Price / SF$202.64
Days on Market103
Property Features for 3851 Chapel Lane
General Information
Standard status
Active
Size
50,302 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$774,651
Building Details
Year Built
2015
Tenancy
Single
Listing Agency:
JLL - Irvine (Orange County), California
Listed By:
Jeffrey Cicurel · License #SL3541410
Source:
Crexi
Added: May 21
Changed: Aug 8
Last Checked: Aug 30 at 3:36PM
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 JLL - Irvine (Orange County), California
Investment Insights
Based on property information with market context.
The property is a single-tenant retail space located at 3851 Chapel Lane in Hoover, Alabama. The tenant, Going, Going, Gone!, is a corporate lease operated by Dick’s Sporting Goods. The lease is a NN lease with approximately 4.7 years of primary lease term remaining. The lease includes four, five-year options and contractual $0.50/SF rent escalations every 5 years. The property size is 50302 square feet.
Key Highlights
- Corporate lease operated by Dick's Sporting Goods.
- NN lease structure.
- Approximately 4.7 years of primary lease term remaining.
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
$702,480
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
6.89%
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%
$14,049,600
$14.0M
Cap Rate 7%
$10,035,429
$10.0M
Cap Rate 9%
$7,805,333
$7.8M
Market Conditions
NOI Build-Up for 50,302 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
$1.04M $20.76/SF
− Vacancy
−$40.7K −$0.81/SF
EGI
$1.00M $19.95/SF
− OpEx
−$301.1K −$5.99/SF
NOI
$702.5K $13.97/SF
Area
Jefferson County, AL
Vacancy
3.90%
Lease Rate
$20.76 /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%
$14,049,600
Cap Rate 7%
$10,035,429
Cap Rate 9%
$7,805,333
Alternative Uses
Best Use
Retail
$10.04M
$8.78M – $11.71M
NOI $702,480 @ 7.0% cap · market cap 6.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$17.30M
$15.14M – $20.19M
NOI $1,211,343 @ 7.0% cap · market cap 11.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
857
Businesses Nearby
Explore this area
Business Placement
Demographics for 35244, AL
37,448
Population
15,189
Households
2.5
Avg Household Size
39
Median Age
60%
College-Educated
97%
High-School Grad
23.9 sq mi
ZIP Area
1,567
Density / Sq Mi
$114,172
Median Household Income
$61,660
Median Earnings
$1,413
Median Rent
$390,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail space with long-term lease and rental escalations.
Where is this retail space located?
The property is located at 3851 Chapel Lane Hoover, AL.
What is the asking price?
The asking price for this property is $10,193,000.
What are key features of this property?
This property features: Corporate lease operated by Dick's Sporting Goods.; NN lease structure.; Approximately 4.7 years of primary lease term remaining.
