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    700 Westgate Plaza Andalusia, AL 36420

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    Retail space for lease in Andalusia, Alabama's Westgate Plaza.

    Type:Retail, Office, Special Purpose
    Property size:
    20,000 SF
    Added:
    Sep 27, 2022
    Days on Market:
    1311
    Last Refresh:
    Mar 17 at 1:15 pm

    Property Features for 700 Westgate Plaza

    General Information

    Standard status
    Active
    Size
    20,000 SF
    Property subtype
    Retail, Office, Special Purpose

    Building Details

    Year Built
    1960

    Spaces For Lease

    at 700 Westgate Plaza Contact us

    Available Space 3 $14 /Mo

    Size
    1,334 SF
    Type
    Retail, Office, Special Purpose
    Former Vape Store, another available small shop just vacated come join the redevelopment,...
    show more
    Contact us

    We can help!

    Listing Contact
    Stephen Saunders, CCIM

    Listing agent Stephen Saunders, CCIM License #AL 546464-3

    Listing office Saunders Realty

    Listing date Sep 27, 2022

    Source Crexi

    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 Saunders Realty

    Overview

    Retail Space in Westgate Plaza

    Retail space is available for lease at Westgate Plaza in Andalusia, Alabama. The location sits on Highway 29 South. The plaza features a Wendy’s, built in 2021, and a redeveloped Arby’s, also built in 2021. One anchor location is available, offering 20,000 square feet. The landlord will consider dividing the space. Development is underway in 2025. New roof, new parking, and a new drive around the center are being added. Ollie’s and Dollar Tree are opening this week. Currently, there are three new tenants, with more coming.
    Location Intelligence

    Current Use by Public Records

    West Gate Plaza ... Business Service Center

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Andalusia
    County
    Covington
    State
    Alabama
    Longitude
    -86.6212
    Latitude
    31.2069

    Nearby Similar for Lease

    • $1,482,353 SF/Yr

      New Andalusia Retail Investment Property

      New construction retail property in Andalusia, Alabama, available for lease.
      25332 Straughn School Road, Andalusia, AL 36421
      View Details
    • Contact for pricing

      Retail Space in Covington Mall

      Retail space available in Andalusia's main retail corridor.
      156 Covington Mall Dr, Andalusia, AL
      View Details
    • Contact for pricing

      Retail Space on Hwy 84

      Retail space with frontage on Hwy 84 and ample parking.
      Us Hwy 84, Andalusia, AL
      View Details

    FAQs

    What type of property is this?
    Shopping center - Retail space for lease in Andalusia, Alabama's Westgate Plaza.
    Where is this shopping center located?
    The property is located at 700 Westgate Plaza Andalusia, AL.
    What are key features of this property?
    This property features: Anchor tenant location available with **20,000 SF of retail space**.; Development underway with new tenants including Ollie's and Dollar Tree opening soon.; Located on Highway 29 South, a route to the beach.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Stephen Saunders, CCIM
    Real Estate License ID: AL 546464-3
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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