Medical Office Condo with Lab
For Sale
$2,100,000
4280 Watermelon Road Ste 111, Northport, AL 35473
Modern healthcare facility with exam rooms, laboratory space, a Fluoro Suite, staff offices, and a generous patient waiting area.
Property Size4,881 SF
Price / SF$430.24
Days on Market76
Property Features for 4280 Watermelon Road Ste 111
General Information
Standard status
Active
Size
4,881 SF
Class
A
Property subtype
Commercial/Industrial
Occupancy
100%
Additional Details
Office Units
1
Taxes and HOA fees
Annual Taxes
$6,620
Building Details
Year Built
2019
Tenancy
Single
Owner Occupied
No
Listing Agency:
Advantage Realty Group
(334) 399-2883
Listed By:
Matthew Reilly · License #0000232610
(334) 399-2883
Source:
Exitrealty
Added: Jun 16
Changed: Aug 30
Last Checked: Aug 30 at 6:53AM
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 Advantage Realty Group
Investment Insights
Based on property information with market context.
This medical office condominium contains approximately 4,881 square feet and was built in 2019. Its clinical layout includes eight exam rooms, a Fluoro Suite, dedicated lab space, three private offices, and a large waiting area. The configuration supports organized patient circulation and accommodates medical practices requiring both treatment and administrative areas.
The property is located at 4280 Watermelon Road, Suite 111, in Northport, Alabama, along the Watermelon Road corridor. The space is occupied by a tenant under a lease scheduled to expire 03/31/27.
The property is located at 4280 Watermelon Road, Suite 111, in Northport, Alabama, along the Watermelon Road corridor. The space is occupied by a tenant under a lease scheduled to expire 03/31/27.
Key Highlights
- 4,881‑square‑foot medical office condominium built in 2019
- Eight exam rooms plus a Fluoro Suite and lab space
- Three private offices for staff and administration
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
$65,366
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
3.11%
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%
$1,307,320
$1.3M
Cap Rate 7%
$933,800
$933.8K
Cap Rate 9%
$726,289
$726.3K
Market Conditions
NOI Build-Up for 4,881 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
$117.1K $24.00/SF
− Vacancy
−$8.2K −$1.68/SF
EGI
$108.9K $22.32/SF
− OpEx
−$43.6K −$8.93/SF
NOI
$65.4K $13.39/SF
Area
Tuscaloosa County, AL
Vacancy
7.00%
Lease Rate
$24.00 /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%
$1,307,320
Cap Rate 7%
$933,800
Cap Rate 9%
$726,289
Alternative Uses
Best Use
Healthcare Medical
$933.8K
$817.1K – $1.09M
NOI $65,366 @ 7.0% cap · market cap 3.11%
Second Best
Office B
$807.7K
$706.7K – $942.3K
NOI $56,537 @ 7.0% cap · market cap 2.69%
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,106 @ 7.0% cap · market cap 3.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
417
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 35473, AL
17,888
Population
8,601
Households
2.1
Avg Household Size
38
Median Age
37%
College-Educated
90%
High-School Grad
25.8 sq mi
ZIP Area
693
Density / Sq Mi
$67,224
Median Household Income
$44,581
Median Earnings
$922
Median Rent
$249,900
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?
Medical Office Space - Modern healthcare facility with exam rooms, laboratory space, a Fluoro Suite, staff offices, and a generous patient waiting area.
Where is this medical office space located?
The property is located at 4280 Watermelon Road Ste 111 Northport, AL.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 4,881‑square‑foot medical office condominium built in 2019; Eight exam rooms plus a Fluoro Suite and lab space; Three private offices for staff and administration
