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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    115 Grand Ave Rainbow City, AL 35906

    • Investment properties
    • 39,916 SF
    • 5.12 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-2141382
    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

    • Investment properties

    Property Details for 115 Grand Ave

    Year built
    1997
    Construction
    CONCRETE BLOCKS
    Lot size
    5.12 lot acres
    Property size
    39,916 SF
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    15-09-29-3-000-039.000
    APU
    1509293000039000

    Description

    Invest in two prime retail spaces within the vibrant Rainbow Crossing shopping center in Etowah County. This thriving strip center boasts a total of 59,584 square feet of gross leasable area (GLA) and enjoys a highly visible location at the intersection of Rainbow Drive (Highway 441) and West Grand Avenue (Highway 77). The property benefits from its strategic placement directly across from a Publix supermarket, ensuring high foot traffic and excellent visibility. Two spaces are currently available: a 5,180 square foot unit situated next to a Honey Baked Ham, and a 1,980 square foot space, previously a restaurant, complete with a drive-thru pickup window and grease trap, ideal for a variety of food service businesses. The center is anchored by the town's largest and most active fitness facility, further enhancing its appeal and drawing a diverse customer base. This presents a unique opportunity to establish a presence in a bustling retail environment with strong existing tenants and high consumer traffic. The available spaces offer flexibility for various retail concepts, making them an attractive investment for businesses seeking a prime location in a thriving market. Don't miss this chance to secure a space in one of Etowah County's most sought-after retail destinations.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,639,000
      Market price range: $587k - $2.64M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,775,000
      Current use
      RESTAURANT
      $3,215,000
      Change: +81% Conversion: Difficult
      MEDICAL BUILDING
      $2,805,000
      Change: +58% Conversion: Easy
      RETAIL STORES
      $2,475,000
      Change: +39% Conversion: Easy
      WAREHOUSE, STORAGE
      $1,850,000
      Change: +4% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Rainbow City
    County
    Etowah
    State
    Alabama
    Longitude
    -86.0416
    Latitude
    33.9563
    CBSA code
    23460
    CBSA name
    GADSDEN, 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
    $43,329
    $256,640
    $800,160
    $1,056,800
    -
    $1,283,200
    $4,000,800
    $5,284,000

    Comparable in this City

    • Value Estimation by Request
      3,160 SF

      3802 Rainbow Dr

      OFFICE/RESIDENTIAL (MIXED USE) • 3,160 SF
      3802 Rainbow Dr, Rainbow City, AL 35906-3018
      View Details
    • Value Estimation by Request
      6,060 SF

      3224 Rainbow Dr

      OFFICE/RESIDENTIAL (MIXED USE) • 6,060 SF
      3224 Rainbow Dr, Gadsden, AL 35906-6202
      View Details
    • Value Estimation by Request
      6,810 SF

      3333 Rainbow Dr

      OFFICE/RESIDENTIAL (MIXED USE) • 6,810 SF
      3333 Rainbow Dr, Rainbow City, AL 35906-6201
      View Details
    • Value Estimation by Request
      1,703 SF

      3345 Rainbow Dr

      OFFICE/RESIDENTIAL (MIXED USE) • 1,703 SF
      3345 Rainbow Dr, Rainbow City, AL 35906-6201
      View Details
    • Value Estimation by Request
      4,800 SF

      110 Mmc Pkwy

      OFFICE/RESIDENTIAL (MIXED USE) • 4,800 SF
      110 Mmc Pkwy, Rainbow City, AL 35906-5852
      View Details
    • Value Estimation by Request
      5,419 SF

      3426 Rainbow Pkwy

      OFFICE/RESIDENTIAL (MIXED USE) • 5,419 SF
      3426 Rainbow Pkwy, Rainbow City, AL 35906-3204
      View Details

    Similar Nearby for Sale

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      Rainbow City Commercial Land

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      View Details
    • $179,900
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      Waterfront Lot with Boat Dock

      Waterfront lot with covered boat dock and lake views.
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    • $50,000
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      Wooded Lot Dogwood Acres

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    • $300,000
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      Commercial Land in Rainbow City

      4.35 acre commercial lot in a prime location.
      702 W Grand Ave, Rainbow City, AL 35906
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    • $295,000
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      Rainbow City Commercial Land Available

      1.55 acre commercial property in the heart of Rainbow City.
      113 E Grand Ave, Rainbow City, AL 35906
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    • $1,950,000
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      Rainbow City Commercial Opportunity

      Prime commercial land with high visibility and traffic count.
      210 W Grand Ave, Rainbow City, AL 35906
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    Similar Nearby for Lease

    • $8 SF/Yr
      2,129,473 SF

      Rainbow City Commercial Property For Lease

      Newly renovated commercial property suitable for retail, office, or medical use.
      3225 Rainbow Dr, Rainbow City, AL 35906
      View Details
    • Contact for pricing
      43,560 SF

      Rainbow City Retail Opportunity

      Prime 0.7-acre lot, build-to-suit.
      3354 Rainbow Dr, Rainbow City, AL 35906
      View Details
    • $8 SF/Yr
      219,473 SF

      Rainbow Plaza Retail Center

      Alabama Retail Space: High Visibility, Ample Parking
      3225 Rainbow Dr, Rainbow City, AL 35906
      View Details
    • Contact for pricing
      59,584 SF

      Rainbow Crossing Retail Spaces

      Etowah County retail spaces available.
      115 Grand Ave, Rainbow City, AL 35906
      View Details
    • Contact for pricing

      Rainbow City Retail Space Available

      Retail space for lease in Rainbow City, Alabama.
      3331 Rainbow Dr, Rainbow City, AL 35906
      View Details
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    115 Grand Ave
    Rainbow City, AL 35906
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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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