Flex Space with
For Sale
$775,000
9112 Hard Dr, Foley, AL 36535
COMMERCIAL - Foley, AL
Property Size7,000 SF
Lot Size0.51 Acres
Price / SF$110.71
Days on Market18
Property Features for 9112 Hard Dr
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Unzoned
Lot features
Less Than 1 Acre
Directions
Co Rd 12 West Hard Drive on the North Side of 12
Subdivision
Baldwin
Standard status
Active
APN
249773
Lot size
0.51 Acres
Taxes and HOA fees
Tax Description
100' X 221.8' LOT 35 BELOW POWERLINE COMMERCIAL PARK SUB SLI DE 2080-BSEC 7-T8S-R4E (WD)
Legal Description
100' X 221.8' LOT 35 BELOW POWERLINE COMMERCIAL PARK SUB SLI DE 2080-BSEC 7-T8S-R4E (WD)
Utilities
Water front features
Waterfront
Amenities
full kitchen
private bath with shower
Listing Agency:
Crye Leike Gulf Coast Real Est
(251) 405-2608
Listed By:
Lydia A Franz · License #71136
(251) 978-6160
Added: Jul 24
Changed: Aug 5
Last Checked: Aug 10 at 1:06PM
MLS# 406460
Copyright © 2026 Baldwin REALTORS®. 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.
This flex-space property at 9112 Hard Dr in Foley combines approximately 7,000 SF of improvements across a 6,000 SF ground floor and 1,000 SF upper suite. The layout includes a finished front office and showroom, a private office, mezzanine workspace, and a 4,620 SF rear warehouse. Two oversized roll-up doors, a 16' clear eave height, high-bay LED lighting, and 3-phase power with five 220V outlets support a range of commercial operations. A new AC system was installed in 2024.
The upper suite contains a full kitchen and private bathroom with shower, adding flexibility for live-work use, employee accommodations, a break area, or additional offices. The property also features a brick exterior and a large concrete parking area. It is unzoned and has no covenants or restrictions, with the site occupying 0.51 acres in Foley, Alabama.
The upper suite contains a full kitchen and private bathroom with shower, adding flexibility for live-work use, employee accommodations, a break area, or additional offices. The property also features a brick exterior and a large concrete parking area. It is unzoned and has no covenants or restrictions, with the site occupying 0.51 acres in Foley, Alabama.
Key Highlights
- Approximately 7,000 SF across a 6,000 SF ground floor and 1,000 SF upper suite
- 4,620 SF rear warehouse with two oversized roll‑up doors
- 16' clear eave height, high‑bay LED lighting, and 3‑phase power
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
$64,851
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
8.37%
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%
$1,297,020
$1.3M
Cap Rate 7%
$926,443
$926.4K
Cap Rate 9%
$720,567
$720.6K
Market Conditions
NOI Build-Up for 7,000 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
$113.4K $16.20/SF
− Vacancy
−$9.6K −$1.38/SF
EGI
$103.8K $14.82/SF
− OpEx
−$38.9K −$5.56/SF
NOI
$64.9K $9.26/SF
Area
Baldwin County, AL
Vacancy
8.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
37.50%
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%
$1,297,020
Cap Rate 7%
$926,443
Cap Rate 9%
$720,567
Alternative Uses
Best Use
Office B
$1.17M
$1.02M – $1.36M
NOI $81,648 @ 7.0% cap · market cap 10.54%
Second Best
Mixed Use
$926.4K
$810.6K – $1.08M
NOI $64,851 @ 7.0% cap · market cap 8.37%
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,835 @ 7.0% cap · market cap 15.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
97
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 36535, AL
35,484
Population
18,755
Households
1.9
Avg Household Size
46
Median Age
26%
College-Educated
90%
High-School Grad
92.5 sq mi
ZIP Area
384
Density / Sq Mi
$67,013
Median Household Income
$41,574
Median Earnings
$1,168
Median Rent
$250,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Versatile commercial property with office, showroom, warehouse, and live-work configurations.
Where is this flex space located?
The property is located at 9112 Hard Dr Foley, AL.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Approximately 7,000 SF across a 6,000 SF ground floor and 1,000 SF upper suite; 4,620 SF rear warehouse with two oversized roll‑up doors; 16' clear eave height, high‑bay LED lighting, and 3‑phase power
