Building Details

Year Built 1965

Year Renovated 2020

Buildings 7

Stories 2

Units 7

Listing Agency: Pritchett Moore Real Estate

Listed By: Steven Deal · License #AL 000093505 Show Phone

Source: Crexi

Added: Aug 28, 2024 Changed: Oct 18 Last Checked: Oct 19 at 3:33AM

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Investment Insights

Based on property information with market context.

This commercial property features over 47,000 square feet of improvements on 5.75 acres, with convenient access to I-30/59. The property, formerly the site of TTL, includes four office buildings and three storage buildings. The primary structure is a 20,000-square-foot, two-story office building constructed in 2000 and continuously renovated. It can accommodate over 70 employees in a combination of open workspace and private offices, complemented by modern conference rooms, breakrooms, and bathrooms. An original 6,500-square-foot building fronts Greensboro Avenue, and an additional 4,400-square-foot office building is located at the rear of the property with its own access to 11th Avenue. Multiple storage buildings throughout the property provide a total of 17,000 square feet of shop space. The property can be divided.

Key Highlights

• 47,000+ SF of improvements on 5.75 acres.
• Prime location with close proximity to I‑30/59.
• Includes a 20,000 SF two‑story office building renovated to accommodate 70+ employees.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$224,447

Cap Rate

8.98%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,488,940 $4.5M

Cap Rate 7%

$3,206,386 $3.2M

Cap Rate 9%

$2,493,856 $2.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 29,000 SF

Gross rent

$365.4K $12.60/SF

− Vacancy

−$20.1K −$0.69/SF

EGI

$345.3K $11.91/SF

− OpEx

−$120.9K −$4.17/SF

NOI

$224.4K $7.74/SF

Area

Tuscaloosa, AL

Vacancy

5.50%

Lease Rate

$12.60 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,488,940

Cap Rate 7%

$3,206,386

Cap Rate 9%

$2,493,856

Alternative Uses

Best Use

Flex RnD

$3.21M

$2.81M – $3.74M (±1% cap)

NOI $224,447 @ 7.0% cap · market cap 8.98%

Second Best

Industrial

$1.99M

$1.74M – $2.33M (±1% cap)

NOI $139,583 @ 7.0% cap · market cap 5.58%

Theoretical Best

Office A

$6.97M

$6.10M – $8.13M (±1% cap)

NOI $487,826 @ 7.0% cap · market cap 19.51%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

TTL, Inc. General Contractor

Suggested Use

Top Pick Dental Office Law Firm Real Estate Agency Pharmacy Spa & Massage Center Gym & Fitness Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

307

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 35401, AL

41,852

Population

19,517

Households

2.1

Avg Household Size

26

Median Age

27%

College-Educated

85%

High-School Grad

40.1 sq mi

ZIP Area

1,044

Density / Sq Mi

$30,031

Median Household Income

$13,041

Median Earnings

$911

Median Rent

$141,100

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - 47,000+ SF improvements on 5.75 acres near I-30/59.

Where is this flex space located?

The property is located at 3516 Greensboro Ave Tuscaloosa, AL.

What is the asking price?

The asking price for this property is $2,500,000.

What are key features of this property?

This property features: 47,000+ SF of improvements on 5.75 acres.; Prime location with close proximity to I‑30/59.; Includes a **20,000 SF two‑story office building renovated to accommodate 70+ employees.**