Building Details

Building Size 4,982 SF

Year Built 1984

Listed By: Bill Gunn, SIOR, CCIM Show Phone

Source: Jhberry

Added: Mar 5 Changed: Oct 25 Last Checked: Oct 24 at 2:22PM

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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

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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

Is this asking price fair?

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 (±1% cap)

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 (±1% cap)

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

ATM Atm The Quest Club Nightclub

Suggested Use

Top Pick Real Estate Agency Dental Office Building Supply Electrical Service Gym & Fitness Center Law Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

Market

Vacancy Rate% for Retail in Birmingham, AL

8.1% 2019

7.3% 2020

6.4% 2021

5.9% 2022

5% 2023

6% 2024

6.1% 2025

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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.