Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    938 Us Highway 231 Wetumpka, AL 36093

    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    High-traffic retail lot, excellent visibility.

    Property size:
    56,192 SF

    Property Features for 938 Us Highway 231

    General Information

    Property type
    Land
    Square Feet
    56,192 SF
    Lot Size
    56,192 SF

    We can help!

    Listing Contact
    Lee Meriwether
    Lee Meriwether

    Listing Agency: John Stanley & Associates Listing Agent: Lee Meriwether

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional commercial property, located at 938 US-231 in Wetumpka, Alabama, presents a compelling investment opportunity. The 1.29-acre lot boasts approximately 193 feet of frontage along the heavily trafficked US Highway 231, offering unparalleled visibility for any commercial venture. With a total area of 56,192 square feet, the property is zoned B-2, permitting a wide range of commercial uses, excluding fireworks stands and gas stations. The asking price is $230,000, translating to $4.09 per square foot. A significant advantage is the existence of an adjacent 60-foot wide access easement, potentially eliminating the need for a curb cut on Highway 231. The property's strategic location between Raceway and Big Daddy's Fireworks ensures high visibility and accessibility. The 2022 Annual Average Daily Traffic (AADT) count for this section of US Highway 231 was 31,276 vehicles, indicating substantial potential customer traffic. Possession is immediate, allowing for swift development and occupancy. Ideal uses include retail, commercial, or even a car lot. This is a rare opportunity to acquire a prime commercial parcel in a high-growth area. The property's dimensions are approximately 193 feet by 300 feet. This is an exclusive listing.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Building Supply Hair Salon Auto Repair Shop Gym & Fitness Center Auto Parts Store Department Store Kitchen & Bath Showroom Accounting Firm Storage Facility

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

    Location Insight

    • Map
    • Local Demand
    City
    Wetumpka
    County
    Elmore
    State
    Alabama
    Longitude
    -86.1910502
    Latitude
    32.4636417

    Nearby Similar for Sale

    • $1,500,000
      29,031 SF

      Versatile Commercial Building on 6.3 Acres

      Wetumpka commercial building suitable for school, office, warehouse, or manufacturing.
      4125 Rifle Range Rd, Wetumpka, AL 36093
      View Details
    • $1,500,000

      Wetumpka Commercial Property - Huge Potential

      Versatile Commercial Building, 6.3 Acres, Ample Road Frontage
      4125 Rifle Range Rd, Wetumpka, AL 36093
      View Details
    • $449,000

      Highway 231 Commercial Property

      High-traffic Wetumpka acreage, huge potential.
      12216 Hwy, Wetumpka, AL 36092
      View Details
    • $1,600,000

      Wetumpka Commercial Land Investment

      Prime Wetumpka location, high traffic, development ready.
      5911 Hwy 231 Hwy, Wetumpka, AL 36092
      View Details
    • $899,000
      3,092 SF

      Wetumpka Mixed-Use Investment

      Historic building, high ROI potential.
      110 Bridge St, Wetumpka, AL 36092
      View Details
    • $580,000
      8,313 SF

      Downtown Wetumpka Storefront

      Prime Retail Space, Historic Charm
      102 Court St, Wetumpka, AL 36092
      View Details
    • $580,000

      Historic Wetumpka Commercial Building

      Prime Downtown Location, High Growth Potential
      102 Court St, Wetumpka, AL 36092
      View Details
    • Contact for pricing

      Historic Mixed-Use Building in Wetumpka

      Three-story historic building in downtown Wetumpka with income-generating tenants.
      100 Court St, Wetumpka, AL 36092
      View Details

    FAQs

    What type of property is this?
    Land - High-traffic retail lot, excellent visibility.
    Where is this land located?
    The property is located at 938 Us Highway 231 Wetumpka, AL.
    What is the asking price?
    The asking price for this property is $230,000.
    What are key features of this property?
    This property features: Sales Price: $230,000 ($4.09/SF); Land Size: 1.29 Acres (approx. 193' x 300'); Zoning: B-2
    (334) 398-1808 Call to check price and availability
    Request Owner's contact information
    938 Us Highway 231 Wetumpka, AL 36093
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    938 Us Highway 231
    Wetumpka, AL 36093
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    938 Us Highway 231 Wetumpka, AL 36093
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Lee Meriwether
    Lee Meriwether
    Real Estate License ID: 000054431
    (334) 398-1808
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!