Eight-Building Flex Space
For Sale
Contact for pricing
516 Jefferson Boulevard, Birmingham, AL 35217
Multi-building flex space portfolio comprising light industrial properties in Birmingham, Alabama.
Property Size179,672 SF
Price / SF$60.11
Days on Market63
Property Features for 516 Jefferson Boulevard
General Information
Standard status
Active
Size
179,672 SF
Property subtype
Industrial
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$896,695
Building Details
Buildings
8
Tenancy
Multi
Listing Agency:
Ironvest Partners
(678) 577-2748
Listed By:
Sims Herron · License #AL 139461
Source:
Crexi
Added: Jun 30
Changed: Aug 30
Last Checked: Aug 30 at 4:46AM
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 Ironvest Partners
Investment Insights
Based on property information with market context.
This offering includes eight light industrial and flex buildings assembled as one portfolio. The properties are located at 516 Jefferson Boulevard in Birmingham, Alabama, providing a multi-building configuration for flex space ownership and operations.
Key Highlights
- Eight light industrial and flex buildings included
- Located at 516 Jefferson Boulevard in Birmingham, AL 35217
- Multi‑building flex space portfolio
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
$825,859
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
7.65%
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%
$16,517,180
$16.5M
Cap Rate 7%
$11,797,986
$11.8M
Cap Rate 9%
$9,176,211
$9.2M
Market Conditions
NOI Build-Up for 179,672 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
$1.29M $7.20/SF
− Vacancy
−$113.8K −$0.63/SF
EGI
$1.18M $6.57/SF
− OpEx
−$353.9K −$1.97/SF
NOI
$825.9K $4.60/SF
Area
Birmingham, AL
Vacancy
8.80%
Lease Rate
$7.20 /SF/Yr
Expense Ratio
30.00%
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%
$16,517,180
Cap Rate 7%
$11,797,986
Cap Rate 9%
$9,176,211
Alternative Uses
Best Use
Flex RnD
$24.95M
$21.83M – $29.10M
NOI $1,746,196 @ 7.0% cap · market cap 16.17%
Second Best
Industrial
$11.80M
$10.32M – $13.76M
NOI $825,859 @ 7.0% cap · market cap 7.65%
Theoretical Best
Office A
$42.17M
$36.90M – $49.20M
NOI $2,952,083 @ 7.0% cap · market cap 27.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
217
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 35217, AL
12,891
Population
6,196
Households
2.1
Avg Household Size
39
Median Age
11%
College-Educated
78%
High-School Grad
17.7 sq mi
ZIP Area
728
Density / Sq Mi
$38,769
Median Household Income
$31,210
Median Earnings
$835
Median Rent
$113,800
Median Home Value
Market
Vacancy Rate% for Industrial in Birmingham, AL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-building flex space portfolio comprising light industrial properties in Birmingham, Alabama.
Where is this flex space located?
The property is located at 516 Jefferson Boulevard Birmingham, AL.
What is the asking price?
The asking price for this property is $10,800,000.
What are key features of this property?
This property features: Eight light industrial and flex buildings included; Located at 516 Jefferson Boulevard in Birmingham, AL 35217; Multi‑building flex space portfolio
