Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1116 3rd N Ave Birmingham, AL 35203-1534

    • Investment properties
    • 6,598 SF
    • 0.39 lot acres
    OFF-MARKET
    Last Sale
    Jan 28, 2025
    $1,335,500
    Value Estimations
    $1,165,000
    Show details
    Cap Rate Potential
    7%
    Investment properties
    Location Intelligence
    Property ID
    US03-1052017
    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

    • ABC Select Spirits / (Bike/Boat/Book/etc) Store

    Property Details for 1116 3rd N Ave

    Year built
    1992
    Lot size
    0.39 lot acres
    Property size
    6,598 SF
    Zone code
    M1
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    22-00-35-4-023-003.000
    APU
    2200354023003000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,090,000
      ML approach
      $955,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,275,000
      6.5%
      $1,180,000
      7%
      $1,095,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,089,000
      Market price range: $285k - $1.09M
      AI Estimate
      $730,000
      Market price range: $174k - $747k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $745,000
      Current use
      RESTAURANT
      $1,805,000
      Change: +142% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,785,000
      Change: +140% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $1,330,000
      Change: +79% Conversion: Moderate
      MEDICAL BUILDING
      $1,175,000
      Change: +58% Conversion: Easy
      OFFICE BUILDING
      $1,105,000
      Change: +48% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,060,000
      Change: +43% Conversion: Difficult
      RETAIL STORES
      $805,000
      Change: +8% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Birmingham
    County
    Jefferson
    State
    Alabama
    Longitude
    -86.8188
    Latitude
    33.511
    CBSA code
    13820
    CBSA name
    BIRMINGHAM-HOOVER, 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
    2022
    $8,680
    $30,680
    $92,380
    $123,060
    -
    $153,400
    $461,900
    $615,300

    Comparable in this City

    • Value Estimation
      $3,660,000
      13,500 SF

      2121 1st N Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 13,500 SF
      2121 1st N Ave, Birmingham, AL 35203-4201
      View Details
    • Value Estimation
      $780,000
      13,336 SF

      1628 1st N Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 13,336 SF
      1628 1st N Ave, Birmingham, AL 35203-1917
      View Details
    • Value Estimation
      $930,000
      3,200 SF

      2324 1st N Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,200 SF
      2324 1st N Ave, Birmingham, AL 35203-4302
      View Details
    • Value Estimation by Request
      5,000 SF

      2200 2nd N Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 5,000 SF
      2200 2nd N Ave, Birmingham, AL 35203-3806
      View Details
    • Value Estimation by Request
      16,500 SF

      1530 2nd N Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 16,500 SF
      1530 2nd N Ave, Birmingham, AL 35203-1825
      View Details
    • Value Estimation
      $705,000
      5,000 SF

      915 5th N Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 5,000 SF
      915 5th N Ave, Birmingham, AL 35203-2512
      View Details

    Similar Nearby for Sale

    • $1,650,000
      8,000 SF

      Iconic Birmingham Commercial Live-Work Property

      Renovated mixed-use property with commercial suites and residential loft.
      2024-2026 Morris Ave, Birmingham, AL 35203
      View Details
    • Contact for pricing
      1,822 SF

      Historic Loft in Theatre District

      Two-story loft with historic charm and modern amenities in Birmingham.
      1921 3Rd Ave N, Birmingham, AL 35203
      View Details
    • Contact for pricing
      2,092 SF

      Historic Loft with Skyline Views

      Unique 2 bed, 2 bath loft in historic Birmingham building.
      2217 2Nd Ave N, Birmingham, AL 35203
      View Details
    • $200,000
      2,150 SF

      Mixed-Use Commercial Condo Opportunity

      Commercial condo with flexible space in a prime location.
      2025 1St Ave, Birmingham, AL 35203
      View Details
    • Contact for pricing
      7,000 SF

      Versatile Mixed-Use Space in Birmingham

      Affordable venue/studio/office/retail space in Birmingham, AL.
      1612 3Rd Ave, Birmingham, AL 35203
      View Details
    • $550,000
      13,000 SF

      Prime Birmingham Warehouse - $550K

      13,000 SF Warehouse, 100% Occupied
      704 2Nd Ave, Birmingham, AL 35203
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr
      284,189 SF

      Renasant Place: Prime Birmingham Office

      Downtown Birmingham office space, flexible sizes.
      2001 Park Pl, Birmingham, AL 35203
      View Details
    • Contact for pricing
      613,764 SF

      Birmingham Retail Space - 1901 Sixth Ave

      Prime Birmingham retail, multiple spaces available.
      1901 6Th Ave, Birmingham, AL 35203
      View Details
    • $21 SF/Yr
      6,600 SF

      Morris Avenue Retail/Office Opportunity

      Renovated retail and office space in Birmingham's Loft District.
      2430 Morris Ave, Birmingham, AL 35203
      View Details
    • $4 SF/Yr
      22,995 SF

      Adaptable Flex Space Near Downtown

      Versatile flex property with recent upgrades, ideal for various businesses.
      1318 1St Ave North, Birmingham, AL 35203
      View Details
    • $12 SF/Yr
      3,500 SF

      Historic Office Suite in Birmingham

      Historic office suite in vibrant downtown Birmingham district for rent.
      2218 2Nd Ave N, Birmingham, AL 35203
      View Details
    • Contact for pricing
      255,408 SF

      Prime Birmingham Executive Office Space

      Class A Office Suites, 2,719 - 200,000 SF
      1901 6Th Ave, Birmingham, AL 35203
      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.
    1116 3rd N Ave
    Birmingham, AL 35203-1534
    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

    Google sign-in failed. Please try again or use another login method.