Multi-Tenant Retail Center For
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960 Schillinger Rd S, Mobile, AL 36695
Neighborhood retail center with high occupancy in thriving retail hub.
Property Size25,250 SF
Lot Size2.86 Acres
Price / SF$182.18
Days on Market207
Property Features for 960 Schillinger Rd S
General Information
Standard status
Active
Size
25,250 SF
Lot size
2.86 Acres
Property subtype
Retail
Zoning
B-3
Occupancy
90%
Building Details
Year Built
2006
Buildings
1
Units
11
Listing Agency:
Herrington Realty
(251) 510-2277
Listed By:
Colby Herrington, CCIM · License #AL 000100848-0
Source:
Crexi
Added: Feb 4
Changed: Aug 28
Last Checked: Aug 28 at 11:57PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Herrington Realty
Investment Insights
Based on property information with market context.
Palmetto Place is a multi-tenant neighborhood retail center located at 960 Schillinger Rd S in Mobile, Alabama. Constructed in 2006, the property consists of 25,250 square feet situated on a 2.86-acre lot. The center features 11 total units, with 10 units currently leased, resulting in a 90% occupancy rate. The property benefits from high visibility along Schillinger Road, offering frontage and exposure to a prominent retail corridor. Located in the heart of West Mobile, Palmetto Place experiences traffic counts exceeding 40,000 vehicles per day. The center is positioned directly across the street from a new Aldi, Panda Express, and a major new apartment complex, reflecting ongoing residential and commercial growth in the area. Surrounded by national retailers such as Walmart, Target, Kohl's, and Home Depot, the property is located within a thriving retail hub.
Key Highlights
- High‑visibility location on Schillinger Road with traffic counts exceeding 40,000 vehicles per day.
- 90% occupancy with a diverse mix of tenants, providing a stable investment.
- Located in the heart of West Mobile, a thriving retail hub.
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
$334,217
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
7.27%
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%
$6,684,340
$6.7M
Cap Rate 7%
$4,774,529
$4.8M
Cap Rate 9%
$3,713,522
$3.7M
Market Conditions
NOI Build-Up for 25,250 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
$500.0K $19.80/SF
− Vacancy
−$22.5K −$0.89/SF
EGI
$477.5K $18.91/SF
− OpEx
−$143.2K −$5.67/SF
NOI
$334.2K $13.24/SF
Area
Mobile, AL
Vacancy
4.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$6,684,340
Cap Rate 7%
$4,774,529
Cap Rate 9%
$3,713,522
Alternative Uses
Best Use
Retail
$4.77M
$4.18M – $5.57M
NOI $334,217 @ 7.0% cap · market cap 7.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.42M
$5.62M – $7.49M
NOI $449,240 @ 7.0% cap · market cap 9.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
207
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 36695, AL
51,174
Population
21,269
Households
2.4
Avg Household Size
38
Median Age
34%
College-Educated
95%
High-School Grad
45.6 sq mi
ZIP Area
1,122
Density / Sq Mi
$75,236
Median Household Income
$47,614
Median Earnings
$1,192
Median Rent
$234,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Neighborhood retail center with high occupancy in thriving retail hub.
Where is this shopping center located?
The property is located at 960 Schillinger Rd S Mobile, AL.
What is the asking price?
The asking price for this property is $4,600,000.
What are key features of this property?
This property features: High‑visibility location on Schillinger Road with traffic counts exceeding 40,000 vehicles per day.; 90% occupancy with a diverse mix of tenants, providing a stable investment.; Located in the heart of West Mobile, a thriving retail hub.
