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    7033 Airport Blvd Mobile, AL 36608

    Sponsored
    For Sale
    $7,021,000

    Fortis College: NNN Lease, Corporate Guarantee

    Property size:
    36,049 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    414
    This exceptional investment opportunity presents the fee simple ownership of a 36,049-square-foot, freestanding Fortis College building in Mobile, Alabama. The property boasts a strong 100% occupancy rate under a triple-net (NNN) lease with a corporate guarantee, offering minimal landlord responsibilities. The current lease has 1.6 years remaining, followed by two five-year renewal options, ensuring long-term income stability. Located on Airport Boulevard, a major thoroughfare with 66,700 vehicles per day, the property benefits from high visibility and convenient access. Its strategic location near USA Health Providence Hospital, the University of South Alabama (14,000 students), and numerous residential communities, along with nearby national retailers, contributes to a robust and stable tenant base. The property sits on a 3.68-acre lot and includes 210 parking spaces. Built in 1978 and renovated in 1998, the building is zoned B-3: Community Business. The strong demographics of the 5-mile trade area, with over 133,800 residents, 59,500 employees, and an average household income of $91,328, further enhance the investment potential. The property's current Net Operating Income (NOI) is $596,750, representing an 8.50% cap rate and a price per square foot of $194.76. This is a rare opportunity to acquire a well-located, passively managed, and financially sound commercial property in a thriving Alabama market. The asking price is $7,021,000.

    Property Features for 7033 Airport Blvd

    General Information

    Property type
    Schools
    Square Feet
    36,049 SF
    Lot Size
    160,301 SF

    Building Details

    Year Built/Renovated
    1978/1998

    We can help!

    Listing Contact
    Stephen Sullivan

    Learn more

    Property Insight Report

    HighLights

    • Fee simple ownership of a 36,049 SF Fortis College building in Mobile, AL, with a corporate guarantee.
    • NNN lease with 1.6 years remaining, plus two 5‑year options; variable rent increases.
    • High visibility on Airport Blvd (66,700 VPD), near USA Health Providence Hospital and the University of South Alabama.
    • Strong demographics: 5‑mile trade area with over 133,800 residents, 59,500 employees, and a $91,328 average household income; Mobile is Alabama's 4th largest city.
    Property Profile Location Intelligence

    Current Use by Public Records

    Fortis College in Mobile Technical School

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Mobile
    County
    Mobile
    State
    Alabama
    Longitude
    -88.2055318
    Latitude
    30.6840683

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    FAQs

    What type of property is this?
    School - Fortis College: NNN Lease, Corporate Guarantee
    Where is this school located?
    The property is located at 7033 Airport Blvd Mobile, AL.
    What is the asking price?
    The asking price for this property is $7,021,000.
    What are key features of this property?
    This property features: Fee simple ownership of a 36,049 SF Fortis College building in Mobile, AL, with a corporate guarantee.; NNN lease with 1.6 years remaining, plus two 5-year options; variable rent increases.; High visibility on Airport Blvd (66,700 VPD), near USA Health Providence Hospital and the University of South Alabama.
    Request Owner's contact information
    7033 Airport Blvd Mobile, AL 36608
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    Mobile, AL 36608
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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
    7033 Airport Blvd Mobile, AL 36608
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    We can help!
    Listing Contact
    Stephen Sullivan
    Real Estate License ID: CA 01939096
    Learn more
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