Medical Office Condo with
For Sale
$2,100,000
4280 Watermelon Road, Northport, AL 35473
COMMERCIAL - Northport, AL
Property Size4,881 SF
Price / SF$430.24
Days on Market126
Property Features for 4280 Watermelon Road
General Information
Property type
Commercial Sale
Property subtype
Other
Security features
Security
Exterior features
Landscaping, SecurityLighting
Directions
Headed North from Highway 82/Watermelon Rd Intersection. Property will be on the left in the Highpointe Medical Center.
Subdivision
(06) Northport City
Standard status
Active
APN
31-01-02-4-002-404.002
Size
4,881 SF
Taxes and HOA fees
Tax Description
Suite 3 Highpointe Medical Center Condo Res
Tax Annual Amount
6620
Legal Description
Suite 3 Highpointe Medical Center Condo Res
Building Details
Year built
2019
Number of units
1
Building materials
Brick
Listing Agency:
Advantage Realty Group
(205) 345-0116
Listed By:
Matthew Reilly · License #0000232610
(334) 399-2883
Added: Apr 16
Changed: Aug 19
Last Checked: Aug 19 at 3:06PM
MLS# 174682
Copyright © 2026 West Alabama Multiple Listing Service. 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.
This medical office condominium contains approximately 4,881 square feet and was built in 2019. The floor plan includes eight exam rooms, a Fluoro Suite, dedicated laboratory space, three private offices, and a large waiting area. Brick construction, landscaping, and security lighting are also included.
The property is located at 4280 Watermelon Road in Northport, Alabama. It is currently occupied by a tenant under a lease scheduled to expire 03/31/27. The existing configuration is designed for medical operations, with spaces supporting patient care, staff use, and administrative functions.
The property is located at 4280 Watermelon Road in Northport, Alabama. It is currently occupied by a tenant under a lease scheduled to expire 03/31/27. The existing configuration is designed for medical operations, with spaces supporting patient care, staff use, and administrative functions.
Key Highlights
- Approximately 4,881 square feet of medical office space
- Eight exam rooms, Fluoro Suite, and dedicated lab space
- Built in 2019 with brick construction
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
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
464
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Modern medical facility with exam rooms, laboratory space, and a Fluoro Suite.
Where is this medical office space located?
The property is located at 4280 Watermelon Road 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: Approximately 4,881 square feet of medical office space; Eight exam rooms, Fluoro Suite, and dedicated lab space; Built in 2019 with brick construction
