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    Property profile & analytics

    3233 Airport Blvd Mobile, AL 36606-3203

    • Investment properties
    • 9,009 SF
    • 1.22 lot acres
    OFF-MARKET
    Value Estimations
    $415,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-0785040
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Men's Wearhouse / Tuxedo Shop / Dress And Tuxedo Rental Service

    Property Details for 3233 Airport Blvd

    Year built
    2000
    Lot size
    1.22 lot acres
    Property size
    9,009 SF
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    29 09 30 2 000 014.XXX
    APU
    2909302000014XXX

    Description

    This fee-simple, net-lease shopping center in Mobile, Alabama presents a compelling investment opportunity. The property, totaling 9,000 square feet on a 1.23-acre lot, features a single, one-story building constructed in 2000. Currently, it houses two tenants, with Men's Wearhouse occupying one suite and a 4,500 square foot vacancy. Men's Wearhouse recently extended their lease for five years, securing a 6.5-year remaining lease term with built-in rent increases of 10% at each option period. Two five-year lease options are included. This anchor tenant has a 25+ year history at this location, demonstrating strong commitment and market stability. The property enjoys exceptional visibility and accessibility on Airport Boulevard (CR 56), boasting 28,000 vehicles per day, and is conveniently located half a mile from I-65 (102,000 VPD). Its prime location within a bustling retail corridor is further enhanced by the proximity of numerous national retailers, including Walmart, Home Depot, Lowe's, and a wide array of restaurants. Performance data from Placer.ai indicates that many nearby retailers rank in the top percentiles nationally and within Alabama. The surrounding area is densely populated, with over 164,000 people and 69,000 households within a 5-mile radius, situated in a city recognized for its business-friendly environment. The asking price is $1,968,000, translating to $218.67 per square foot. The significant vacancy presents a value-add opportunity for increased cash flow through lease-up.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $415,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Mobile
    County
    Mobile
    State
    Alabama
    Longitude
    -88.122
    Latitude
    30.6759
    CBSA code
    33660
    CBSA name
    MOBILE, AL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $16,640
    $70,860
    $187,000
    $257,860
    -
    $354,300
    $935,000
    $1,289,300

    Comparable in this City

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      2818 Government Blvd

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    • Value Estimation
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      2714 Government Blvd

      STORE/OFFICE (MIXED USE) • 3,556 SF
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    • Value Estimation
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      754 Holcombe Ave

      STORE/OFFICE (MIXED USE) • 1,328 SF
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    • Value Estimation
      $280,000
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      804 Holcombe Ave

      STORE/OFFICE (MIXED USE) • 1,418 SF
      804 Holcombe Ave, Mobile, AL 36606-4218
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    • Value Estimation
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      1807 Duncan St

      STORE/OFFICE (MIXED USE) • 1,189 SF
      1807 Duncan St, Mobile, AL 36606-4339
      View Details
    • Value Estimation
      $310,000
      3,408 SF

      311 Houston St

      STORE/OFFICE (MIXED USE) • 3,408 SF
      311 Houston St, Mobile, AL 36606-4352
      View Details

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    3233 Airport Blvd
    Mobile, AL 36606-3203
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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
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