Southside Investment or Development
For Sale
$1,150,000
416 24th Street South, Birmingham, AL 35233
Prime location near Work Play and Iron City with established tenant.
Property Size4,982 SF
Lot Size0.48 Acres
Price / SF$233.64
Days on Market224
Property Features for 416 24th Street South
General Information
Standard status
Active
Size
4,982 SF
Lot size
0.48 Acres
Property subtype
Retail
Building Details
Building Size
4,982 SF
Year Built
1984
Listed By:
Bill Gunn, SIOR, CCIM
(205) 226-8625
Source:
Jhberry
Added: Mar 5
Changed: Oct 15
Last Checked: Oct 14 at 10:10PM
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 Bill Gunn, SIOR, CCIM
Investment Insights
Based on property information with market context.
This property presents an opportunity for investment or future development in the southside area. The site comprises two parcels, totaling approximately 0.48 acres or 21,000 square feet. Improvements include an existing building of approximately 4,922 square feet, along with a detached warehouse of approximately 864 square feet. An established tenant is currently in place. The property is located in the heart of the southside, one block from Work Play and Iron City, offering convenient access to Red Mountain Expressway and proximity to UAB and St. Vincent's.
Key Highlights
- Prime location in the heart of the southside, one block from Work Play and Iron City.
- Development site potential on a +/- .48 AC (21,000 SF) two‑parcel site.
- Existing +/- 4,922 SF building with an additional +/- 864 SF detached warehouse.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$48,105
Cap Rate
4.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$962,100
$962.1K
Cap Rate 7%
$687,214
$687.2K
Cap Rate 9%
$534,500
$534.5K
Market Conditions
NOI Build-Up for 4,922 SF
Gross rent
$76.8K $15.60/SF
− Vacancy
−$8.1K −$1.64/SF
EGI
$68.7K $13.96/SF
− OpEx
−$20.6K −$4.19/SF
NOI
$48.1K $9.77/SF
Area
Birmingham, AL
Vacancy
10.50%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$962,100
Cap Rate 7%
$687,214
Cap Rate 9%
$534,500
Alternative Uses
Best Use
Retail
$687.2K
$601.3K – $801.8K
NOI $48,105 @ 7.0% cap · market cap 4.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $80,870 @ 7.0% cap · market cap 7.03%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
492
Businesses Nearby
20k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 99%
Dining 1%
Dollar Tree
Shops & Services
10,184 visits/mo
0.4 miles
Dollar General
Shops & Services
8,029 visits/mo
0.5 miles
Regions Bank
Shops & Services
1,140 visits/mo
0.5 miles
Krispy Krunchy Chicken
Dining
204 visits/mo
0.1 miles
Demographics for 35233, AL
2,588
Population
2,710
Households
1
Avg Household Size
27
Median Age
90%
College-Educated
99%
High-School Grad
1.5 sq mi
ZIP Area
1,725
Density / Sq Mi
$52,207
Median Household Income
$48,750
Median Earnings
$1,526
Median Rent
$332,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Birmingham, AL
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Frequently Asked Questions
What type of property is this?
Retail space - Prime location near Work Play and Iron City with established tenant.
Where is this retail space located?
The property is located at 416 24th Street South Birmingham, AL.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Prime location in the heart of the southside, one block from Work Play and Iron City.; Development site potential on a +/- .48 AC (21,000 SF) two‑parcel site.; Existing +/- 4,922 SF building with an additional +/- 864 SF detached warehouse.
