Live-Work Space with Attached
For Sale
$499,000
410 Bay Street, Gadsden, AL 35901
COMMERCIAL - Gadsden, AL
Property Size3,852 SF
Lot Size0.49 Acres
Price / SF$129.54
Days on Market84
Property Features for 410 Bay Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Business
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 3, Bathroom 5, Bathroom 4, Bathroom 1, Bathroom 2
Parking features
Garage
Exterior features
Curb/Gutters, Sidewalks
Subdivision
Metes And Bounds
Lot features
High Visibility
Directions
From Hwy 411 Turn Onto S Fourth Street, Then Left Onto Bay Street.
Standard status
Active
APN
1502091000164.000
Size
3,852 SF
Lot size
0.49 Acres
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1978
Flooring type
Carpet, Tile
Roof type
Metal, Shingle
Listing Agency:
Era King Real Estate
(256) 442-1030
Listed By:
Sandra Patterson · License #84972
(256) 441-2439
Added: May 19
Changed: Aug 4
Last Checked: Aug 10 at 8:06PM
MLS# 21918391
Copyright © 2026 ValleyMLS.Com,Inc. 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.
Live-work space at 410 Bay Street in Gadsden, built in 1978, with a flexible mixed-use layout. The property includes an attached 1,700+ sq ft apartment and a 2,100+/- sq ft office area, with the apartment and additional potential second living space that could be incorporated into the office area depending on the buyer’s needs.
Two separate attached garages provide parking, storage, or workspace options. Interior finishes include carpet and tile, and the home is heated and cooled with central systems. Exterior features include curb/gutters and sidewalks, and the roof is described as shingle and metal.
Services include public water and public sewer. The building is listed at approximately 3,852 square feet total and contains multiple bathrooms.
Two separate attached garages provide parking, storage, or workspace options. Interior finishes include carpet and tile, and the home is heated and cooled with central systems. Exterior features include curb/gutters and sidewalks, and the roof is described as shingle and metal.
Services include public water and public sewer. The building is listed at approximately 3,852 square feet total and contains multiple bathrooms.
Key Highlights
- Attached 1,700+ sq ft apartment with potential integration into 2,100+/- sq ft office area
- Two separate attached garages for parking, storage, or workspace
- Approximately 3,852 SF live‑work/mixed‑use building
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - Live-work building with an attached apartment and two attached garages, offering central HVAC and public utilities.
Where is this live-work space 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 1,700+ sq ft apartment with potential integration into 2,100+/- sq ft office area; Two separate attached garages for parking, storage, or workspace; Approximately 3,852 SF live‑work/mixed‑use building
