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

    224 1st St N Alabaster, AL 35007

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Thriving healthcare and commerce hub in Alabaster's Medical Mile.

    Type:Office
    Added:
    Oct 15, 2024
    Days on Market:
    562
    Last Refresh:
    Mar 17 at 1:22 pm

    Property Features for 224 1st St N

    General Information

    Standard status
    Active
    Property subtype
    Office

    Building Details

    Year Built
    2001

    Spaces For Lease

    at 224 1st St N Contact us

    Suite 125 $24 /Mo

    Size
    1,929 SF
    Type
    Office
    Previous use provides an open, flexible floor plan.nThe available office is located...
    show more
    Contact us

    We can help!

    Listing Contact
    Stutts Everette

    Listing agent Stutts Everette License #AL 000068038

    Listing office Randall Commercial Group, LLC

    Listing date Oct 15, 2024

    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 Randall Commercial Group, LLC

    Overview

    Medical Mile Commercial Space

    The property is located in Alabaster's Medical Mile, a commercial corridor known for its growing healthcare industry. The area features a mix of medical real estate opportunities and commercial growth. The location is home to a range of healthcare facilities, including hospitals, clinics, medical offices, and specialty centers. The Medical Mile is attracting a variety of businesses, from retail and restaurants to professional services. The property is situated near major highways and transportation corridors, providing accessibility for patients and businesses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Melissa Hull, Realtor, ... Real Estate Agency Lesley Hutchison Keller ... Real Estate Agency Dale Bolena Realtor ... Real Estate Agency Alabama Physical Therapy Physician HHENRY Realty at Keller ... Real Estate Agency

    Suggested Use

    Restaurant Law Firm Real Estate Agency 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.

    Similar Places Nearby

    • Alabaster Animal Clinic — 1378 1st St N, Alabaster, AL 35007

    Location Insight

    • Map
    • Local Demand
    City
    Alabaster
    County
    Shelby
    State
    Alabama
    Longitude
    -86.8153423
    Latitude
    33.2457435

    Nearby Similar for Lease

    • $24 SF/Yr

      Medical Office Space Available

      Medical office space near Shelby Baptist Medical Center, move-in ready.
      1022 1st Street North, Suite 300, Alabaster, AL 35007
      View Details
    • Contact for pricing

      Retail Space in Alabaster Hub

      9,775 SF retail space in a growing Alabaster hub.
      320 S. Colonial Drive, Alabaster, AL 35007
      View Details
    • Contact for pricing

      Medical Office Building For Lease

      Three-story medical office building with space available for lease.
      1004 1st Street N., Alabaster, AL 35007
      View Details
    • Contact for pricing

      Office Space Near Highway 31

      Office spaces available for lease near Highway 31.
      1022 1st Street N., Alabaster, AL 35007
      View Details
    • $10 SF/Yr

      Freestanding Office Warehouse For Lease

      Freestanding office warehouse with yard area available for lease.
      8365 Highway 119, Alabaster, AL
      View Details
    • Contact for pricing

      Office Warehouse Opportunity For Rent

      Office and warehouse space available in a prime location.
      100 Gilbert Drive, Alabaster, AL 35007
      View Details
    • $9 SF/Yr

      Renovated Retail/Industrial Flex Space

      Newly renovated retail/industrial flex space with high ceilings.
      349-351 1st St SW, Alabaster, AL
      View Details
    • $375/Mo

      Retail Space Available for Lease

      Retail space for lease at 101 Aviators View Dr.
      101 Aviators View Dr, Alabaster, AL, 35007-5087
      View Details
    • Contact for pricing

      Alabaster Retail and Office Spaces

      Retail, office, and warehouse spaces available for lease in Alabaster.
      1614 Kent Dairy Rd, Alabaster, AL 35007
      View Details
    • Contact for pricing

      Airpark Industrial Park Location

      Prime location near I-65 and Highway 31.
      100 Airpark Industrial Road, Alabaster, AL 35007
      View Details
    • Contact for pricing

      Office Space Near Medical Center

      Office space for lease near Shelby Baptist Medical Center.
      1022 1st Street North Suite 300, Alabaster, AL 35007
      View Details
    • Contact for pricing

      Retail Space in Thompson Trace

      Located on a main thoroughfare near schools and shopping.
      9737 Hwy 119, Alabaster, AL 35007
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - Thriving healthcare and commerce hub in Alabaster's Medical Mile.
    Where is this medical office space located?
    The property is located at 224 1st St N Alabaster, AL.
    What are key features of this property?
    This property features: Prime location in Alabaster's 'Medical Mile,' a rapidly growing commercial corridor.; Thriving hub of healthcare and commerce.; Home to diverse healthcare facilities including hospitals and clinics.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Stutts Everette
    Real Estate License ID: AL 000068038
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!