Flex Building with Warehouse
For Sale
$1,490,000
Pending
500 Broadcast Drive, Mobile, AL 36606
Commercial Sale, Mobile, AL
Property Size8,274 SF
Lot Size5.82 Acres
Days on Market265
Property Features for 500 Broadcast Drive
General Information
Property type
Residential
Property subtype
Office
Zoning
Commercial
Directions
From Airport. Head South on Bel Air Blvd. Head East on Television Ave. Property will be to the North.
Subdivision
Mobile County
Standard status
Pending
APN
29-09-30-2-000-035.
Lot size
5.82 Acres
Taxes and HOA fees
Tax Description
LOT 1 ISAM ADDITION TO BEL AIR BOULEVARD MBK 131 PAGE 50 AND ALSO THE FOLLOWING: BEGINNING AT THE NORTHWEST CORNER OF SAID LOT 1 THEN RUN WEST 2.44 FT THEN NORTHWESTERLY ALONG A CURVE TO THE LEFT 97.48 FT THEN WESTERLY 24.38 FT THEN NORTHWESTERLY 237 .37 FT THEN NORTH 78.89 FT THEN SOUTHEASTERLY 467
Tax Annual Amount
7871
Legal Description
LOT 1 ISAM ADDITION TO BEL AIR BOULEVARD MBK 131 PAGE 50 AND ALSO THE FOLLOWING: BEGINNING AT THE NORTHWEST CORNER OF SAID LOT 1 THEN RUN WEST 2.44 FT THEN NORTHWESTERLY ALONG A CURVE TO THE LEFT 97.48 FT THEN WESTERLY 24.38 FT THEN NORTHWESTERLY 237 .37 FT THEN NORTH 78.89 FT THEN SOUTHEASTERLY 467
Utilities
Heating system
Electric (Heating), Central
Amenities
reception area
private offices
meeting rooms
kitchen
restrooms
loading area
warehouse/storage
Building Details
Year built
2015
Floors in Building
1
Flooring type
Laminate, Wood, Concrete
Roof type
Metal
Listing Agency:
LPT Realty LLC
(251) 999-8868
Listed By:
Michael A Mergell · License #131211
(317) 645-8717
Added: Dec 2, 2025
Changed: Aug 19
Last Checked: Aug 24 at 11:06AM
MLS# 388610
Copyright © 2026 Baldwin REALTORS®. 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 commercial flex property combines office and warehouse functions within a practical business layout. The interior includes a reception area, multiple private offices, meeting rooms, a staff kitchen, restrooms, and dedicated warehouse or storage space with a loading area. Flooring includes laminate, wood, and concrete, while the building has a metal roof and central electric heating.
Located at 500 Broadcast Drive in Mobile, the property is positioned within a commercial area with access to major transportation routes. The site encompasses 5.816 acres and carries Commercial zoning. Built in 2015, the property supports a range of office, storage, and logistics-oriented operations within one facility.
Located at 500 Broadcast Drive in Mobile, the property is positioned within a commercial area with access to major transportation routes. The site encompasses 5.816 acres and carries Commercial zoning. Built in 2015, the property supports a range of office, storage, and logistics-oriented operations within one facility.
Key Highlights
- 5.816‑acre commercial flex property at 500 Broadcast Drive, Mobile, AL 36606
- Office and warehouse functions arranged within one facility
- Loading area serving the warehouse or storage space
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
$115,031
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
7.72%
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%
$2,300,620
$2.3M
Cap Rate 7%
$1,643,300
$1.6M
Cap Rate 9%
$1,278,122
$1.3M
Market Conditions
NOI Build-Up for 8,274 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
$183.7K $22.20/SF
− Vacancy
−$30.3K −$3.66/SF
EGI
$153.4K $18.54/SF
− OpEx
−$38.3K −$4.63/SF
NOI
$115.0K $13.90/SF
Area
Mobile, AL
Vacancy
16.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
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%
$2,300,620
Cap Rate 7%
$1,643,300
Cap Rate 9%
$1,278,122
Alternative Uses
Best Use
Office B
$1.64M
$1.44M – $1.92M
NOI $115,031 @ 7.0% cap · market cap 7.72%
Second Best
Warehouse
$674.2K
$589.9K – $786.6K
NOI $47,194 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$2.10M
$1.84M – $2.45M
NOI $147,208 @ 7.0% cap · market cap 9.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,105
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 36606, AL
19,042
Population
9,129
Households
2.1
Avg Household Size
35
Median Age
29%
College-Educated
89%
High-School Grad
6.8 sq mi
ZIP Area
2,800
Density / Sq Mi
$49,561
Median Household Income
$37,094
Median Earnings
$938
Median Rent
$141,300
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?
Flex space - Commercial flex property combining private offices, meeting areas, and warehouse functionality with loading access.
Where is this flex space located?
The property is located at 500 Broadcast Drive Mobile, AL.
What is the asking price?
The asking price for this property is $1,490,000.
What are key features of this property?
This property features: 5.816‑acre commercial flex property at 500 Broadcast Drive, Mobile, AL 36606; Office and warehouse functions arranged within one facility; Loading area serving the warehouse or storage space
