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Property profile & analytics
OFF-MARKET
Estimated value
$1,440,000
Medical Office Space
115 Rainbow Dr Madison, AL 35758-8224
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US03-0441322
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1996
Construction
WOOD
Total area
4,140 SF
Lot
2.73 ac (118,832 SF)
APN
15-08-27-0-001-016.000
UPID
US03-0441322
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Apex Dental Dental Office
-
Patrick Mitchell English Dental Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.87M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.14M
Blend (final)
Blend
$1.44M
Owner & transaction history
Rainbow Real Estate LLC · 1 yrs held
Rainbow Real Estate LLC
since 2025
Last sale
$1.4M
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$925,000
+7.4%
Commercial (general)
$890,000
+3.4%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Madison submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Madison submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$2,005,000
ML approach
$1,865,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$925,000
Change: +7% · Conversion: Easy
COMMERCIAL (GENERAL)
$890,000
Change: +3% · Conversion: Easy
Blend value · Realmo final
$1.44M
Range $1.30M – $1.58M · ±10% · vs last sale $1.40M (Apr 17 2020)
Last sale anchor
$1.40M
Apr 17 2020
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$348 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$20,771
Tax year 2023
Assessed value
$297,800
Assessed 2023
Previous assessed
$282,260
+5.5% YoY
Effective rate
6.97%
On assessed value
Assessed land
$202,000
Assessed improvement
$95,800
Land market value
$1,010,000
Improvement market value
$479,000
Total market value
$1,489,000
Applied tax rate
5.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1996
Construction
WOOD
Heating
FORCED AIR
Cooling
YES
Stories
1
Units
1
Bathrooms
1
Total area
4,140 SF
Lot
2.73 ac (118,832 SF)
APN
15-08-27-0-001-016.000
UPID
US03-0441322
Jurisdiction
MADISON
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING
Est. value
$925,000
COMMERCIAL (GENERAL)
Est. value
$890,000
OFFICE BUILDING
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1996
Construction
WOOD
Heating
FORCED AIR
Cooling
Yes
Stories
1
Units
1
Bathrooms
1
Lot
2.73 ac
Current owner
From public records · entity-resolved
Rainbow Real Estate LLC
Entity
Mailing address
7690 HWY 72ND W STE #101, MADISON, AL 35758-9593
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 29, 2025
$1,395,000
Rainbow Real Estate LLC
English Re LLC
Warranty Deed
$1,209,678 · Bank Independent
Apr 17, 2020
$1,400,000
English Re LLC
P & Y Building LLC
Warranty Deed
$786,250 · Bank Independent
Mar 14, 2018
—
P & Y Building LLC
—
Deed
related
$732,759 · Cb&s Bk
—
—
P & Y Building LLC
—
Deed Of Trust
related
$732,759 · Cb&s Bk
—
—
P & Y Building LLC
—
Deed Of Trust
related
$960,000 · Reliance Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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