Mixed-Use Property with
For Sale
$499,000
410 Bay Street, Gadsden, AL 35901
Former medical office with an attached apartment and separate garage improvements supporting live-work or flexible occupancy plans.
Property Size3,852 SF
Price / SF$129.54
Days on Market94
Property Features for 410 Bay Street
General Information
Standard status
Active
Size
3,852 SF
Property subtype
Commercial
Building Details
Building Size
3,852 SF
Year Built
1978
Buildings
2
Listing Agency:
Era King Real Estate
(256) 442-1030
Listed By:
Sandra Patterson
(256) 442-1030
Source:
Alabamaland
Added: May 18
Changed: Aug 17
Last Checked: Aug 17 at 9:48PM
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 Era King Real Estate
Investment Insights
Based on property information with market context.
This mixed-use property combines a former medical office with an attached residential component and additional space that may support a second living arrangement or office expansion. The apartment contains 1,700+ sq ft, while the office area measures approximately 2,100+/- sq ft and may be adapted to the buyer’s intended configuration.
Two attached garages provide enclosed areas for parking, storage, or workspace. Built in 1978, the property is located at 410 Bay Street in Gadsden, Alabama, and offers a combination of office, residential, and garage areas within one connected improvement.
Two attached garages provide enclosed areas for parking, storage, or workspace. Built in 1978, the property is located at 410 Bay Street in Gadsden, Alabama, and offers a combination of office, residential, and garage areas within one connected improvement.
Key Highlights
- Attached apartment measures 1,700+ sq ft
- Office area measures 2,100+/- sq ft
- Two separate attached garages
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
$40,957
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
8.21%
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%
$819,140
$819.1K
Cap Rate 7%
$585,100
$585.1K
Cap Rate 9%
$455,078
$455.1K
Market Conditions
NOI Build-Up for 3,852 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
$76.3K $19.80/SF
− Vacancy
−$8.0K −$2.08/SF
EGI
$68.3K $17.72/SF
− OpEx
−$27.3K −$7.09/SF
NOI
$41.0K $10.63/SF
Area
Etowah County, AL
Vacancy
10.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
40.00%
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%
$819,140
Cap Rate 7%
$585,100
Cap Rate 9%
$455,078
Alternative Uses
Best Use
Healthcare Medical
$585.1K
$512.0K – $682.6K
NOI $40,957 @ 7.0% cap · market cap 8.21%
Second Best
Mixed Use
$434.6K
$380.3K – $507.0K
NOI $30,421 @ 7.0% cap · market cap 6.10%
Theoretical Best
Specialty Retail
$629.8K
$551.1K – $734.8K
NOI $44,087 @ 7.0% cap · market cap 8.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,537
Businesses Nearby
Explore this area
Business Placement
Demographics for 35901, AL
18,671
Population
9,075
Households
2.1
Avg Household Size
43
Median Age
22%
College-Educated
85%
High-School Grad
59.2 sq mi
ZIP Area
315
Density / Sq Mi
$47,826
Median Household Income
$30,212
Median Earnings
$747
Median Rent
$174,200
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?
Mixed-use property - Former medical office with an attached apartment and separate garage improvements supporting live-work or flexible occupancy plans.
Where is this mixed-use property located?
The property is located at 410 Bay Street Gadsden, AL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Attached apartment measures 1,700+ sq ft; Office area measures 2,100+/- sq ft; Two separate attached garages
