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

    1214 Michigan Ave Mobile, AL 36605-1651

    • Grocery and convenience stores
    • 2,589 SF
    • 0.25 lot acres
    OFF-MARKET
    Last Sale
    Jun 12, 2024
    Value Estimations
    $345,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-0406550
    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

    • MICHIGAN FOOD MART / Gas Station
    • Big MO Food mart / Gas Station / Convenience Store

    Property Details for 1214 Michigan Ave

    Year built
    1988
    Lot size
    0.25 lot acres
    Property size
    2,589 SF
    Property type
    Grocery and convenience stores
    APN
    29 10 27 3 003 048.XXX
    APU
    2910273003048XXX

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $315,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $374,000
      Market price range: $375k - $1.04M
      AI Estimate
      $270,000
      Market price range: $270k - $610k

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $435,000
      RETAIL STORES
      $250,000
      OFFICE BUILDING
      $245,000
      COMMERCIAL (GENERAL)
      $230,000
      MEDICAL BUILDING
      $210,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Mobile
    County
    Mobile
    State
    Alabama
    Longitude
    -88.072
    Latitude
    30.6633
    CBSA code
    33660
    CBSA name
    MOBILE, 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
    $1,685
    $2,680
    $23,040
    $25,720
    -
    $13,400
    $115,200
    $128,600

    Comparable in this City

    • Value Estimation
      $275,000
      1,737 SF

      1413 Dauphin Is Pkwy

      CONVENIENCE STORE • 1,737 SF
      1413 Dauphin Is Pkwy, Mobile, AL 36605
      View Details
    • Value Estimation
      $1,190,000
      5,551 SF

      2206 Dauphin Is Pkwy

      CONVENIENCE STORE • 5,551 SF
      2206 Dauphin Is Pkwy, Mobile, AL 36605-3304
      View Details
    • Value Estimation
      $280,000
      657 SF

      2915 Dauphin Is Pkwy

      CONVENIENCE STORE • 657 SF
      2915 Dauphin Is Pkwy, Mobile, AL 36605-3823
      View Details
    • Value Estimation
      $355,000
      2,696 SF

      1373 Navco Rd

      CONVENIENCE STORE • 2,696 SF
      1373 Navco Rd, Mobile, AL 36605-2420
      View Details
    • Value Estimation
      $340,000
      2,400 SF

      1751 Riverside Dr

      CONVENIENCE STORE • 2,400 SF
      1751 Riverside Dr, Mobile, AL 36605-3949
      View Details
    • Value Estimation
      $280,000
      1,372 SF

      Duval St

      CONVENIENCE STORE • 1,372 SF
      Duval St, Mobile, AL 36605
      View Details

    Similar Nearby for Sale

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      Mobile Shopping Center Investment Opportunity

      High-traffic corner location, 27,352 SF, for sale/lease.
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    • $549,000
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      Vacant Church Building on Parkway

      Vacant church building on 1.4 square feet lot.
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      3,100 SF metal building; fenced 32,457 SF lot.
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      Dauphin Island Parkway Restaurant Space

      Prime Mobile, AL restaurant with drive-thru.
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    • Contact for pricing

      Freestanding Retail Building on Parkway

      8,000 SF retail building with excellent visibility for sale.
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    Similar Nearby for Lease

    • $10 SF/Yr
      4,087 SF

      Prime Lease Opportunity! 2,400SF to 19,000SF, High Traffic, DIP (Floor 1, Suite G1)

      Prime Lease Opportunity! 2,400SF to 19,000SF, High Traffic, DIP (Floor 1, Suite G1)
      1924 Dauphin Island Pkwy, Mobile, AL 36605
      View Details
    • $9 SF/Yr
      9,071 SF

      Retail Space Near Interstate 10

      Retail property for lease near I-10 and Mobile Airport.
      2158 Dauphin Island Pkwy, Mobile, AL 36605
      View Details
    • $10 SF/Yr
      19,000 SF

      Dauphin Island Parkway Retail Space

      19,000 SF prime lease, high traffic, Mobile, AL
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      View Details
    • $325,000
      1,353 SF

      Restaurant Space with Drive-Through

      Former restaurant space with drive-through in Gulfdale Plaza.
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      View Details
    • $8 SF/Yr
      15,000 SF

      Dauphin Plaza Retail Space Available

      High-visibility Mobile, AL retail space. 15,000 SF NNN lease.
      2912 Dauphin Island Parkway, Mobile, AL 36605
      View Details
    • $6 SF/Yr
      3,300 SF

      Retail Space in Established Center

      Retail spaces available in a well-established shopping center.
      2962-3008 Dauphin Island Pkwy, Mobile, AL 36605
      View Details
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    1214 Michigan Ave
    Mobile, AL 36605-1651
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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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