Flex Building with Highway
For Sale
$1,200,000
9727 Spanish Fort Blvd, Spanish Fort, AL 36527
Adaptable commercial facility with attached warehouse space, multiple outbuildings, and reconfigurable interior areas.
Property Size6,000 SF
Lot Size3.04 Acres
Price / SF$200
Days on Market17
Property Features for 9727 Spanish Fort Blvd
General Information
Standard status
Active
Size
6,000 SF
Lot size
3.04 Acres
Property subtype
Commercial
Zoning
B-3
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1990
Construction
metal building
Listing Agency:
Keller Williams AGC Realty-Daphne
(703) 919-2632
Listed By:
Keara Hunter PHONE · License #121337
Source:
Dodsonrealestate
Added: Aug 14
Changed: Aug 29
Last Checked: Aug 26 at 6:51AM
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 Keller Williams AGC Realty-Daphne
Investment Insights
Based on property information with market context.
This flex property includes a 6,000+ square foot metal building on 3.04 acres, along with an additional building and a rear lean-to. The main structure includes attached warehouse space with roll-up doors, six existing bedrooms that may serve as office areas, and an open shell interior without load-bearing walls. A new roof was installed on the shop in 2024.
The property provides 200 feet of frontage along Highway 31, which has been expanded to a four-lane road. Approximately 1.5 acres behind the building offers additional space within the site. The property is located within county limits and includes a turn lane serving access to the business.
The property provides 200 feet of frontage along Highway 31, which has been expanded to a four-lane road. Approximately 1.5 acres behind the building offers additional space within the site. The property is located within county limits and includes a turn lane serving access to the business.
Key Highlights
- 3.04‑acre property with 6,000+ square foot metal building
- 200 feet of frontage on Highway 31
- Attached warehouse with roll‑up doors
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
$37,871
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
3.16%
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%
$757,420
$757.4K
Cap Rate 7%
$541,014
$541.0K
Cap Rate 9%
$420,789
$420.8K
Market Conditions
NOI Build-Up for 6,000 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
$46.8K $7.80/SF
− Vacancy
−$2.2K −$0.37/SF
EGI
$44.6K $7.43/SF
− OpEx
−$6.7K −$1.11/SF
NOI
$37.9K $6.31/SF
Area
Baldwin County, AL
Vacancy
4.80%
Lease Rate
$7.80 /SF/Yr
Expense Ratio
15.00%
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%
$757,420
Cap Rate 7%
$541,014
Cap Rate 9%
$420,789
Alternative Uses
Best Use
Warehouse
$541.0K
$473.4K – $631.2K
NOI $37,871 @ 7.0% cap · market cap 3.16%
Second Best
Flex RnD
$507.7K
$444.3K – $592.4K
NOI $35,542 @ 7.0% cap · market cap 2.96%
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $101,002 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
393
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 36527, AL
18,034
Population
7,621
Households
2.4
Avg Household Size
39
Median Age
43%
College-Educated
97%
High-School Grad
42.3 sq mi
ZIP Area
426
Density / Sq Mi
$112,672
Median Household Income
$51,337
Median Earnings
$1,373
Median Rent
$348,200
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Adaptable commercial facility with attached warehouse space, multiple outbuildings, and reconfigurable interior areas.
Where is this flex space located?
The property is located at 9727 Spanish Fort Blvd Spanish Fort, AL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 3.04‑acre property with 6,000+ square foot metal building; 200 feet of frontage on Highway 31; Attached warehouse with roll‑up doors
