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    1509 Government St Mobile, AL 36604

    Sponsored
    For Lease
    $12 SF/Yr ($8,450 /Mo)

    Prime Medical Office Space, Mobile, AL

    Lot size:
    8,450 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    413
    This exceptional 350-square-foot medical office suite, located at 1509 Government Street, Suite 202 in Mobile, Alabama, is available for immediate occupancy. Situated in a five-story, 8,450-square-foot professional office building constructed in 1968, this suite boasts a highly desirable location, conveniently situated near the elevator on the second floor. The suite features two large windows, providing ample natural light. The building offers 68 total parking spaces for tenant and visitor convenience. The property sits on a 0.788-acre lot and is zoned B-2. This single-tenant space is priced attractively at $395 per month, inclusive of electricity and water. The building itself offers additional office spaces ranging from 300 to 1,600 square feet, available on the second and fifth floors, providing flexibility for expansion needs. The building's prime location on Government Street in Mobile offers excellent visibility and accessibility, close to the downtown area. Showings are available during regular business hours (10 AM to 5 PM, Monday through Friday) with 24-hour advance notice. Annual lease rates for larger spaces within the building range from $12 to $15 per square foot, with utilities included. The landlord is open to customizing office spaces to meet specific tenant requirements. This is a fantastic opportunity for a medical professional seeking a well-located, move-in ready office space in Mobile County.

    Property Features for 1509 Government St

    General Information

    Property type
    Medical offices
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    8,450 SF
    Total Rate
    8450

    Building Details

    Year Built
    1968
    Buildings
    1
    Stories
    5

    Unit(s) available at that property

    Space
    Suite 202
    Size
    350 SF
    Rate per SF
    $15

    We can help!

    Listing Contact
    Helen Wang
    Helen Wang

    Learn more

    Property Insight Report

    HighLights

    • 350‑square‑foot medical office suite available for immediate occupancy at 1509 Government Street, Suite 202, Mobile, AL.
    • Located on the second floor of a five‑story, 8,450‑square‑foot building with elevator access.
    • Features two large windows and ample natural light.
    • $395/month rent includes electricity and water.
    • Building offers 68 parking spaces and is situated on a 0.788‑acre lot, zoned B‑2.
    Property Profile Location Intelligence

    Current Use by Public Records

    The Betts Law Firm, ... Legal Services We Buy Houses ... Real Estate Developer Colonial Life - Premier ... Corporate Office Brandon Von's Artist Harbor Communications LLC Telephone Company

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Mobile
    County
    Mobile
    State
    Alabama
    Longitude
    -88.0730638
    Latitude
    30.6798695

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    FAQs

    What type of property is this?
    Medical office - Prime Medical Office Space, Mobile, AL
    Where is this medical office located?
    The property is located at 1509 Government St Mobile, AL.
    What is the lease rate?
    The lease rate is $15 SF/Yr.
    What are key features of this property?
    This property features: 350-square-foot medical office suite available for immediate occupancy at 1509 Government Street, Suite 202, Mobile, AL.; Located on the second floor of a five-story, 8,450-square-foot building with elevator access.; Features two large windows and ample natural light.
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    1509 Government St Mobile, AL 36604
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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
    1509 Government St Mobile, AL 36604
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    We can help!
    Listing Contact
    Helen Wang
    Helen Wang
    Real Estate License ID: AL 000142306 - 0
    Learn more
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