Building Details

Number of units 1

Flooring type Hardwood, Wood

Building materials WoodSiding

Roof type Shingle, Composition

Architectural style Other

Listing Agency: The Forney Group, LLC

Listed By: Pride Forney Show Phone

Added: Apr 22 Changed: Sep 7 Last Checked: Sep 14 at 5:06AM

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MLS# 174791

Copyright © 2026 West Alabama Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Investment Insights

Based on property information with market context.

Located at 902 Wheelan St in Greensboro, Alabama, this 1,968-square-foot restaurant property occupies a 1920s bungalow that has been adapted for commercial use. The building includes a restaurant area, commercial kitchen, prep stations, a commercial sink and wash area, and a large walk-in cooler. Most equipment remains with the property, as detailed in the listing materials.

Recent improvements include a new roof, updated wiring, fresh interior and exterior paint, an accessible entry ramp, and additional entry points. The property also includes a 0.5-acre side lot with additional road frontage. Wood siding, wood and hardwood flooring, and a composition shingle roof are among the existing building features.

Key Highlights

• 1,968‑square‑foot restaurant property in Greensboro, AL
• 1920s bungalow adapted for commercial restaurant use
• Commercial kitchen with prep stations and sink/wash area

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$9,472

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

4.51%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$189,440 $189.4K

Cap Rate 7%

$135,314 $135.3K

Cap Rate 9%

$105,244 $105.2K

Market Conditions

NOI Build-Up for 1,968 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$14.2K $7.20/SF

− Vacancy

−$638 −$0.32/SF

EGI

$13.5K $6.88/SF

− OpEx

−$4.1K −$2.06/SF

NOI

$9.5K $4.81/SF

Area

Hale County, AL

Vacancy

4.50%

Lease Rate

$7.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$189,440

Cap Rate 7%

$135,314

Cap Rate 9%

$105,244

Alternative Uses

Best Use

Specialty Retail

$353.7K

$309.5K – $412.7K (±1% cap)

NOI $24,761 @ 7.0% cap · market cap 11.80%

Second Best

Industrial

$135.3K

$118.4K – $157.9K (±1% cap)

NOI $9,472 @ 7.0% cap · market cap 4.51%

Theoretical Best

Office A

$472.9K

$413.8K – $551.8K (±1% cap)

NOI $33,105 @ 7.0% cap · market cap 15.77%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Conventional restaurants

Location Intelligence

Trade Area within ½ mile

254

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 36744, AL

6,444

Population

3,256

Households

2

Avg Household Size

42

Median Age

15%

College-Educated

79%

High-School Grad

223.8 sq mi

ZIP Area

29

Density / Sq Mi

$33,983

Median Household Income

$25,559

Median Earnings

$716

Median Rent

$151,200

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Questions? Ask Rey

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What type of property is this? Where is this conventional restaurants located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Conventional restaurant - A 1920s wood-sided property configured for restaurant operations with commercial kitchen infrastructure and accessible entry improvements.

Where is this conventional restaurant located?

The property is located at 902 Wheelan St Greensboro, AL.

What is the asking price?

The asking price for this property is $209,900.

What are key features of this property?

This property features: 1,968‑square‑foot restaurant property in Greensboro, AL; 1920s bungalow adapted for commercial restaurant use; Commercial kitchen with prep stations and sink/wash area