Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1509 Government St Mobile, AL 36604

    Sponsored
    For Lease
    $12 SF/Yr ($1,600 /Mo)

    Prime Medical Office, 1600 sq ft, Mobile, AL

    Lot size:
    1,600 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    416
    This exceptional 1,600-square-foot medical office suite is available for immediate occupancy at 1509 Government Street #503 in Mobile, Alabama. Located in a three-story, 1968-built professional office building within a 0.788-acre lot, this single-tenant space boasts a spacious layout including a reception area, conference room, multiple private offices, a cubicle area, workstations, and a server room. The suite is part of a larger building zoned B-2, offering excellent visibility and accessibility on a main Mobile thoroughfare, close to the downtown area. The annual lease rate is $12 per square foot, inclusive of electricity and water. While this particular 1,600 sq ft suite is immediately available, smaller spaces ranging from 300 to 1,600 square feet are also available on the second and fifth floors. The landlord is open to customizing the space to meet specific tenant needs. This property presents a fantastic opportunity for medical professionals seeking a well-appointed and conveniently located 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)
    1,600 SF
    Total Rate
    1600

    Building Details

    Year Built
    1968
    Stories
    3

    Unit(s) available at that property

    Space
    Suite 503
    Size
    1,600 SF
    Rate per SF
    $12

    We can help!

    Listing Contact
    Helen Wang
    Helen Wang

    Learn more

    Property Insight Report
    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
    -88.0731364
    Latitude
    30.6799926

    Nearby Similar for Lease

    • $1,500 /Mo
      17,864 SF

      West Mobile Office Space Available

      Conveniently located office space with multiple offices and meeting rooms.
      6051 Airport Blvd, Mobile, AL 36608
      View Details
    • $950 /Mo
      5,014 SF

      Charming Cottage on Cottage Hill

      Cottage ideal for office, retail, or salon.
      811 Wildwood Dr, Mobile, AL 36693
      View Details
    • $1,500 /Mo
      19,118 SF

      Commercial Building on Moffett Road

      Commercial building for lease on a 0.4389 acre lot.
      7361 Moffett Rd, Mobile, AL 36618
      View Details
    • $4,500 /Mo
      25,369 SF

      Retail Space in Mobile, AL

      Retail space suitable for various businesses, with additional parking.
      75 Schillinger Rd N, Mobile, AL 36608
      View Details
    • $8,800 /Mo
      23,292 SF

      Warehouse in Central Mobile, AL

      Warehouse space suitable for logistics or local warehouse needs.
      2312 Halls Mill Rd, Mobile, AL 36606
      View Details
    • $980 /Mo
      29,320 SF

      Downtowner Loop Retail/Office Space

      Retail or office space in a high-traffic Mobile location.
      750 Downtowner Loop W, Mobile, AL 36609
      View Details
    • $1,700 /Mo
      29,320 SF

      Retail/Office Space Near Restaurants

      1500 sqft suite available for lease near popular restaurants.
      750 Downtowner Loop W, Mobile, AL 36609
      View Details
    • $1,100 /Mo
      6,164 SF

      Midtown Office Space For Rent

      Office space in Midtown Mobile, conveniently located near Downtown.
      50 Tacon St, Mobile, AL 36607
      View Details
    • $7,232 /Mo
      23,326 SF

      Ready-to-Rent Office in Mobile, AL

      All-inclusive office space near historic downtown Mobile, AL.
      1621 University Blvd S, Mobile, AL 36609
      View Details
    • $1,600 /Mo
      40,685 SF

      Retail Space on Cottage Hill

      Retail space with great visibility and utilities included.
      5301 Cottage Hill Rd, Mobile, AL 36609
      View Details
    • New
      $425 /Mo
      4,147 SF

      Office Suites with Water Access

      Individual office suites available, some with private restrooms and water.
      5300 Overlook Rd, Mobile, AL 36618
      View Details
    • New
      $9,800 /Mo
      39,853 SF

      Office/Warehouse with I-10 Access

      Stand-alone office/warehouse with fenced yard and convenient highway access.
      5425 Business Park Way, Theodore, AL 36582
      View Details

    FAQs

    What type of property is this?
    Medical office - Prime Medical Office, 1600 sq ft, 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 $12 SF/Yr.
    Request Owner's contact information
    1509 Government St Mobile, AL 36604
    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.
    1509 Government St
    Mobile, AL 36604
    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
    1509 Government St Mobile, AL 36604
    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

    We can help!
    Listing Contact
    Helen Wang
    Helen Wang
    Real Estate License ID: 0001423060
    Learn more
    Google sign-in failed. Please try again or use another login method.