Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1147 Us-231 Troy, AL 36079
    Back to Search
    Property profile & analytics

    1147 Us-231, Troy, AL 36079

    View on Map
    • Retail properties & Spaces
    • 45,600 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Publix Super Market at Park Place / Specialty Food Shop / Supermarket
    • Publix Pharmacy at Park Place / Pharmacy
    • higi / Physician
    • Western Union / Bank / Credit Union

    Property Details for 1147 Us-231

    Property type
    Retail properties & Spaces
    Property subtype
    Retail space

    Description

    This exceptional retail opportunity presents 45,600 square feet of vacant, in-line space within the thriving Park Place shopping center in Troy, Alabama. Located at 1147 US-231 in Pike County, this single-story building offers unparalleled visibility and accessibility. The property benefits from a high-traffic location at a lighted intersection boasting an impressive 30,012 AADT (Average Annual Daily Traffic). This is a second-generation space, previously occupied by a physical therapy practice, providing a ready-to-occupy layout. The center enjoys a strong tenant mix, including established businesses such as Publix, PetSense, Great Clips, and Marco's Pizza, ensuring a vibrant and successful shopping environment. Its proximity to Troy University, just a four-minute drive away, provides access to a substantial student population of over 10,700. The property's size and location make it ideal for a variety of retail uses, offering significant potential for growth and profitability. The entire 45,600 square feet is currently available for lease, presenting a unique opportunity to establish a prominent presence in this bustling retail center.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Troy
    County
    Pike
    State
    Alabama
    Longitude
    -86.0326
    Latitude
    31.7719

    Comparable in this City

    • Value Estimation by Request
      9,020 SF

      Troy, AL 36079

      RETAIL STORES (PERSONAL SERVICES)
      Troy, AL 36079
      View Details
    • Value Estimation by Request
      5,439 SF

      Mcneil

      RETAIL STORES (PERSONAL SERVICES)
      Mcneil, Troy, AL 36079
      View Details
    • Value Estimation by Request
      3,900 SF

      Hwy 21

      SERVICE SHOP (TV, ELECTRIC, PLUMBING)
      Hwy 21, Troy, AL 36079
      View Details
    • Value Estimation by Request
      2,000 SF

      1000 Henderson Hwy

      SERVICE SHOP (TV, ELECTRIC, PLUMBING)
      1000 Henderson Hwy, Troy, AL 36079
      View Details
    • Value Estimation by Request
      5,232 SF

      Henderson Rd

      SERVICE SHOP (TV, ELECTRIC, PLUMBING)
      Henderson Rd, Troy, AL 36079
      View Details
    • Value Estimation by Request
      2,400 SF

      Anderson Rd

      SERVICE SHOP (TV, ELECTRIC, PLUMBING)
      Anderson Rd, Troy, AL 36079
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,863 SF

      Veterinary Facility on Enzor Road

      Turnkey veterinary facility or commercial opportunity in Troy, Alabama.
      162 Enzor Rd, Troy, AL 36079
      View Details
    • $375,000
      2,004 SF

      Troy Commercial Space For Sale

      Commercial space suitable for medical or office use in Troy.
      101 Hunters Mountain Pkwy, Troy, AL 36079
      View Details
    • $44,500

      Residential Lot in Established Subdivision

      Corner lot for custom home in Troy, Alabama.
      101 Acorn Way, Troy, AL 36079
      View Details
    • $480,000
      40.00 Acres

      40 Acres Near Troy

      Land with stream near Troy City Limits.
      Area Mossy Grv, Troy, AL 36079
      View Details
    • $125,000
      1.80 Acres

      Residential Lot in Troy, AL

      1.8-acre residential lot in desirable Country Club Estates.
      204 Spradley Dr, Troy, AL 36079
      View Details
    • $1,250,000
      19.86 Acres

      Trojan Station RV Park

      Newly developed RV park near Troy University and Troy Sportsplex.
      2282 Al-87 Troy Al 36079, Troy, AL 36079
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1147 Us-231
    Troy, AL 36079
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1147 Us-231, Troy, AL, 36079
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!