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    Property profile & analytics

    1515 2nd Ave Opelika, AL 36801-5642

    • Strip malls
    • 50,749 SF
    • 4.53 lot acres
    OFF-MARKET
    Value Estimations
    $870,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-1912608
    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

    • Champs Chicken / Chicken Restaurant / Chicken Wings Restaurant
    • Piggly Wiggly / Supermarket / Grocery Store
    • Metro by T-Mobile / Cell Phone Accessory Store / Telecommunications Service Provider
    • Best Wings and Things / Chicken Wings Restaurant / Seafood Restaurant
    • New China / Chinese Restaurant

    Property Details for 1515 2nd Ave

    Year built
    1981
    Construction
    CONCRETE BLOCKS
    Lot size
    4.53 lot acres
    Property size
    50,749 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    09-06-13-1-002-008-000
    APU
    906131002008000

    Description

    This prime retail property, Parkway Village, located at 1515 2nd Ave in Opelika, Alabama (zip code 36801), presents a compelling investment opportunity. The shopping center encompasses a total of 59,916 square feet on a 5.15-acre lot in Lee County. Currently, there is 1,000 square feet of vacant space available, ideal for a variety of retail uses. The property's multiple tenancy structure provides a diverse tenant mix, contributing to a stable income stream. The property's location in Opelika offers excellent visibility and accessibility, situated on a major thoroughfare. With its substantial size and strategic location, Parkway Village is well-positioned to attract a wide range of businesses and customers. The existing infrastructure is well-maintained, minimizing immediate capital expenditure needs. This property is an excellent addition to any portfolio seeking strong returns in a thriving retail market. The 1,000 square feet of available space presents an immediate opportunity to increase occupancy and rental income. Serious inquiries are encouraged to explore this exceptional investment opportunity further. Detailed financial information and lease terms are available upon request.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $870,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $816,000
      Market price range: $684k - $1.97M

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

    Location Insight

    • Map
    • Local Demand
    City
    Opelika
    County
    Lee
    State
    Alabama
    Longitude
    -85.391
    Latitude
    32.6416
    CBSA code
    12220
    CBSA name
    AUBURN-OPELIKA, 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
    $38,383
    $138,120
    $572,656
    $710,776
    -
    $690,600
    $2,863,280
    $3,553,880

    Comparable in this City

    • Value Estimation
      $855,000
      64,636 SF

      1425 Fox Run Pkwy

      SHOPPING CENTER, STRIP CENTER • 64,636 SF
      1425 Fox Run Pkwy, Opelika, AL 36801-5900
      View Details
    • Value Estimation
      $475,000
      181,866 SF

      Tiger Town Pkwy

      SHOPPING CENTER, STRIP CENTER • 181,866 SF
      Tiger Town Pkwy, Opelika, AL 36801
      View Details
    • Value Estimation
      $285,000
      10,800 SF

      300 Columbus Pkwy

      SHOPPING CENTER, STRIP CENTER • 10,800 SF
      300 Columbus Pkwy, Opelika, AL 36801-5968
      View Details
    • Value Estimation
      $700,000
      108,922 SF

      1220 Fox Run Ave

      SHOPPING CENTER, STRIP CENTER • 108,922 SF
      1220 Fox Run Ave, Opelika, AL 36801-5948
      View Details
    • Value Estimation
      $305,000
      15,750 SF

      Fox Run Ave

      SHOPPING CENTER, STRIP CENTER • 15,750 SF
      Fox Run Ave, Opelika, AL 36801
      View Details
    • Value Estimation
      $360,000
      19,356 SF

      Columbus Pkwy

      SHOPPING CENTER, STRIP CENTER • 19,356 SF
      Columbus Pkwy, Opelika, AL 36801
      View Details

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      Opelika Commercial Land - 13.5 Acres

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    Similar Nearby for Lease

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      Perryman Hill Plaza Retail Space

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      Retail and Restaurant Spaces Available

      Retail and restaurant spaces available with multiple access points.
      2640 Enterprise Dr, Opelika, AL 36801
      View Details
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    1515 2nd Ave
    Opelika, AL 36801-5642
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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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