Office/Warehouse Building Near
For Sale
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5771 I 10 Industrial Pkwy N, Theodore, AL
Office and warehouse space for lease near Tillman's Corner.
Property Size6,554 SF
Lot Size0.42 Acres
Price / SF$74
Days on Market278
Property Features for 5771 I 10 Industrial Pkwy N
General Information
Standard status
Active
Size
6,554 SF
Lot size
0.42 Acres
Property subtype
INDUSTRIAL
Lease Type
NNN
Properties For Sale
at 5771 I 10 Industrial Pkwy N Contact us- Floor
- 1
- Size
- 6,554 SF
- Type
- INDUSTRIAL
- Lease Type
- NNN
- Availability
- AVAILABLE, Now
- Sublease
- No
Office / Warehouse for Lease in Theodore
Large office / warehouse building for sale or lease just south of Tillman’s Corner...
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Listing Agency:
Vallas Realty, Inc.
(251) 753-0556
Listed By:
David F Neubauer · License #000083873
(251) 753-0556
Source:
Moodyscre
Added: Nov 24, 2025
Changed: Aug 19
Last Checked: Aug 28 at 7:28PM
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 Vallas Realty, Inc.
Investment Insights
Based on property information with market context.
This large office and warehouse building is available for lease just south of Tillman’s Corner in Theodore. The property is located just off Highway 90 on I-10 Industrial Parkway North, less than 1 mile from Interstate 10. The building contains approximately 2,280 square feet of newly remodeled office space and approximately 4,374 square feet of warehouse space. The warehouse includes one ground-level roll-up door and one truck well with a roll-up door. The office area features 7 private offices, 2 conference or meeting rooms, 2 common areas, a break area, and 2 ADA restrooms. The exterior of the building was recently painted. The property is available for lease.
Key Highlights
- Strategic location: Less than 1 mile from Interstate 10 and just off Highway 90, providing excellent accessibility.
- Ample Space: ±2,280 SF of newly remodeled office space and ±4,374 SF of warehouse space.
- Functional Warehouse: Includes one ground‑level roll‑up door and one truck well with roll‑up door.
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
$37,383
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
7.71%
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%
$747,660
$747.7K
Cap Rate 7%
$534,043
$534.0K
Cap Rate 9%
$415,367
$415.4K
Market Conditions
NOI Build-Up for 6,554 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
$47.2K $7.20/SF
− Vacancy
−$3.2K −$0.49/SF
EGI
$44.0K $6.71/SF
− OpEx
−$6.6K −$1.01/SF
NOI
$37.4K $5.70/SF
Area
Mobile, AL
Vacancy
6.80%
Lease Rate
$7.20 /SF/Yr
Expense Ratio
15.00%
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%
$747,660
Cap Rate 7%
$534,043
Cap Rate 9%
$415,367
Alternative Uses
Best Use
Office B
$1.30M
$1.14M – $1.52M
NOI $91,119 @ 7.0% cap · market cap 18.79%
Second Best
Warehouse
$534.0K
$467.3K – $623.1K
NOI $37,383 @ 7.0% cap · market cap 7.71%
Theoretical Best
Office A
$1.67M
$1.46M – $1.94M
NOI $116,607 @ 7.0% cap · market cap 24.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
698
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Extra Space Storage — 429 Bel Air Blvd, Mobile, AL 36606
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- Dolphin Self Storage — 2715 Dauphin St, Mobile, AL 36606
Frequently Asked Questions
What type of property is this?
Warehouse - Office and warehouse space for lease near Tillman's Corner.
Where is this warehouse located?
The property is located at 5771 I 10 Industrial Pkwy N Theodore, AL.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Strategic location: Less than 1 mile from Interstate 10 and just off Highway 90, providing excellent accessibility.; Ample Space: **±2,280 SF of newly remodeled office space and ±4,374 SF of warehouse space.**; Functional Warehouse: Includes one ground‑level roll‑up door and one truck well with roll‑up door.
