This exceptional investment opportunity presents two established businesses operating within a single, well-maintained building in Cleveland, Alabama. The property, situated on a 0.9-acre lot, encompasses a total of 12,177 square feet, with 3,500 square feet of net rentable space. The main tenant is Jerry's Laundry, a thriving 24-hour laundromat featuring state-of-the-art equipment, approximately 1,477 square feet, and generating an average monthly revenue of $7,000. The laundry boasts bright lighting, a public restroom, ample workspace, and vending machines. The equipment is approximately three years old and in excellent working condition. The second business, formerly Por-Boy Outdoor Equipment, occupies approximately 5,133 square feet of space, including an outdoor fenced area and an additional 5,567 square feet of rear storage. This space offers significant potential for conversion to another business, complementing the existing laundromat. The building, constructed in 1999 and renovated five years ago, features five buildings, one story, and 15 parking spaces. The property is zoned B2 and offers a unique opportunity to acquire two income-generating businesses in one location, with a combined average monthly income of $19,000. The asking price is $475,000, representing a price per square foot of $39.01. The property is currently 50% occupied. This is a rare opportunity to own a multi-faceted commercial property in a growing Alabama community. The property's APN is 15-04-18-0-003-010.024 & 15-04-18-0-003-010.026, and ownership is fee simple.
Property Features for 285 Head Dr
General Information
Property type
Individual retail properties
Square Feet
12,177 SF
Class
B
Lot Size
39,204 SF
Building Details
Year Built/Renovated
1999/5
Buildings
5
Stories
1
Units
2
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Listing Contact
Ron Kilgo
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HighLights
Exceptional investment opportunity: Two established businesses in one well‑maintained building on a 0.9‑acre lot in Cleveland, Alabama.
12,177 square feet total; 3,500 square feet net rentable. Includes a thriving 24‑hour laundromat (1,477 sq ft, $7,000 avg. monthly revenue) and a 5,133 sq ft vacant space (plus 5,567 sq ft rear storage) with high conversion potential.
Building features 15 parking spaces and is situated on a 0.9‑acre lot. Zoned B2.
Combined average monthly income of $19,000. Asking price: $475,000 ($39.01/sq ft). Currently 50% occupied.
Built in 1999, renovated 5 years ago. APN: 15‑04‑18‑0‑003‑010.024 & 15‑04‑18‑0‑003‑010.026. Fee simple ownership.
Individual retail property - Two Businesses, High Income Potential
Where is this individual retail property located?
The property is located at 285 Head Dr Cleveland, AL.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Exceptional investment opportunity: Two established businesses in one well-maintained building on a 0.9-acre lot in Cleveland, Alabama.; 12,177 square feet total; 3,500 square feet net rentable. Includes a thriving 24-hour laundromat (1,477 sq ft, $7,000 avg. monthly revenue) and a 5,133 sq ft vacant space (plus 5,567 sq ft rear storage) with high conversion potential.; Building features 15 parking spaces and is situated on a 0.9-acre lot. Zoned B2.
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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.
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285 Head Dr Cleveland, AL 35049
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285 Head Dr, Cleveland, AL
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Real Estate License ID: AL 226540
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