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    Property profile & analytics

    1823 Somerville SE Rd Decatur, AL 35601-5015

    • Medical offices
    • 1,996 SF
    • 1.08 lot acres
    OFF-MARKET
    Last Sale
    Mar 14, 2022
    $155,000
    Value Estimations
    $120,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-1257568
    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

    • ANTONIO E. GALES, DDS / Dentist
    • Hawkins Greg DMD / Dentist
    • Irby Mia DDS / Dentist
    • Dr. Jonathan E. Pope, DMD / Dentist
    • Natalie Roth / Dentist

    Property Details for 1823 Somerville SE Rd

    Year built
    1954
    Lot size
    1.08 lot acres
    Property size
    1,996 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    03-09-29-4-003-024.000
    APU
    309294003024000

    Description

    This exceptional investment opportunity presents a fully occupied, two-building office complex in Decatur, Alabama. The property, located at 1823 Somerville Rd SE, 35601, encompasses 2,865 square feet on a one-acre lot with B1 zoning. The main building, a single-story Class B structure, features a reception area, multiple waiting rooms, individual offices, and dedicated patient areas. Three restrooms and six additional sinks are strategically located throughout. Abundant storage is provided via shelving and counter space. A separate heated and cooled storage building of approximately 540 square feet offers additional space with a drop ceiling, shelving, and a sink. The property boasts ample parking with approximately 15 spaces and approximately 142 feet of frontage on Somerville Road. Currently operating at 100% occupancy with a mix of executive, medical, and traditional office tenants, this NNN-leased property offers a strong return on investment. The asking price is $250,000, translating to $87.26 per square foot. This turnkey investment is ideal for a passive income portfolio or an owner-user seeking a high-traffic location. The property is situated in a high-traffic area, making it an attractive option for various medical and professional practices. The two buildings are currently under single tenancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $120,000
      ML approach
      $130,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $157,000
      Market price range: $71.1k - $208k

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

    Location Insight

    • Map
    • Local Demand
    City
    Decatur
    County
    Morgan
    State
    Alabama
    Longitude
    -86.9726
    Latitude
    34.5769
    CBSA code
    19460
    CBSA name
    DECATUR, 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
    $2,328
    $9,840
    $41,540
    $51,380
    -
    $49,200
    $207,700
    $256,900

    Comparable in this City

    • Value Estimation
      $245,000
      2,113 SF

      1906 Flint SE Rd

      MEDICAL BUILDING • 2,113 SF
      1906 Flint SE Rd, Decatur, AL 35601-6025
      View Details
    • Value Estimation
      $245,000
      4,864 SF

      1320 Stratford SE Rd

      MEDICAL BUILDING • 4,864 SF
      1320 Stratford SE Rd, Decatur, AL 35601-6048
      View Details
    • Value Estimation
      $250,000
      3,348 SF

      1813 Beltline SW Rd

      MEDICAL BUILDING • 3,348 SF
      1813 Beltline SW Rd, Decatur, AL 35601-5506
      View Details
    • Value Estimation
      $215,000
      9,322 SF

      Betty St

      MEDICAL BUILDING • 9,322 SF
      Betty St, Decatur, AL 35601
      View Details
    • Value Estimation
      $245,000
      8,070 SF

      1310 14th SE Ave

      MEDICAL BUILDING • 8,070 SF
      1310 14th SE Ave, Decatur, AL 35601-4347
      View Details
    • Value Estimation
      $225,000
      8,506 SF

      1203 14th SE Ave

      MEDICAL BUILDING • 8,506 SF
      1203 14th SE Ave, Decatur, AL 35601
      View Details

    Similar Nearby for Sale

    • $168,000

      Decatur Medical Office Land

      14,000 SF Commercial Lot, $168k
      1207 Somerville Rd, Decatur, AL 35601
      View Details
    • $97,000
      0.13 Acres

      Decatur Office Building with Lot

      1,200 SF office building with adjacent lot for sale.
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    • $375,900

      Decatur Office/Retail Space For Sale

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    • $1,400,000
      1.24 Acres

      Highway 31 S Development Land

      1.24 Acres, High Traffic, Decatur, AL
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    • $500,000
      9,600 SF

      Decatur Warehouse - Hwy 20

      High-traffic location, 9,600 sq ft warehouse.
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    • $50,000
      7,000 SF

      Downtown Decatur Development Lot

      7,000 SF Commercial Land - $50K
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      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
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      Decatur Medical Office Space For Lease

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    • $1,770 /Mo

      Remodeled Office Space in Decatur

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    • $1,200 /Mo

      Decatur Office Space For Rent

      1,200 sq ft office suite near downtown Decatur.
      1402 Central Pkwy, Decatur, AL 35601
      View Details
    • $84 SF/Yr
      6,000 SF

      Decatur Retail/Office Building Lease

      6,000 SF, High-Traffic Location, Ample Parking
      1701 Central Pkwy, Decatur, AL 35601
      View Details
    • $5,000 /Mo

      Decatur Retail/Office/Warehouse Space For Lease

      Multi-purpose commercial building with retail, office, and warehouse space available.
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      View Details
    • $3 SF/Yr
      262,317 SF

      2 Moulton St

      Distribution properties • 262,317 SF
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      View Details
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    Decatur, AL 35601-5015
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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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