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    Property profile & analytics

    1303 Michigan Ave Mobile, AL 36605

    • Retail properties
    • 3,729 SF
    • 0.14 lot acres
    For Sale
    View listing
    $520,000
    Last Sale
    Mar 07, 2025
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-0475871
    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

    • April's Mane Attraction / Beauty Salon

    Property Details for 1303 Michigan Ave

    Year built
    1988
    Lot size
    0.14 lot acres
    Property size
    3,729 SF
    Property type
    Retail properties
    APN
    29 11 34 2 000 080.XXX
    APU
    2911342000080XXX

    Description

    460 sq. ft. 1303 legal description BEG NE COR LOT 1 BLK 9 MELROSE PLACE DBK 134 P 562 TH RUN S ALG MONTROSE ST 100 FT TH W 78 FT TO PT ON W\/S MICHIGAN AVE TH NELY ALG SD AVE 63.11 FT TH E 15 FT TH NELY 50 FT TO W\/L OF LOT 1 TH E 40 FT TO POB #SEC 34 T4S R1W #MP29 11 34 2 000 KEY NO 965414 BUYER and \/or BUYERS AGENT TO VERIFY ALL FACTS

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $320,000

    • Alternative Use

      Use
      Estimation
      SERVICE SHOP (TV, RADIO, ELECTRIC, PLUMBING)
      $265,000
      Current use
      OFFICE BUILDING
      $405,000
      Change: +55% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $315,000
      Change: +20% Conversion: Difficult
      WAREHOUSE, STORAGE
      $235,000
      Change: -10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Mobile
    County
    Mobile
    State
    Alabama
    Longitude
    -88.0716
    Latitude
    30.6619
    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
    $978
    $1,220
    $13,700
    $14,920
    -
    $6,100
    $68,500
    $74,600

    Comparable in this City

    • Value Estimation
      $350,000
      10,500 SF

      Mobile, AL 36605

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 10,500 SF
      Mobile, AL 36605
      View Details
    • Value Estimation
      $250,000
      1,782 SF

      1210 Michigan Ave

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 1,782 SF
      1210 Michigan Ave, Mobile, AL 36605-1651
      View Details
    • Value Estimation
      $260,000
      2,078 SF

      1441 Navco Rd

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 2,078 SF
      1441 Navco Rd, Mobile, AL 36605-2533
      View Details
    • Value Estimation
      $300,000
      1,325 SF

      Navco Rd

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 1,325 SF
      Navco Rd, Mobile, AL 36605
      View Details
    • Value Estimation
      $280,000
      1,684 SF

      3212 Dauphin Is Pkwy

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 1,684 SF
      3212 Dauphin Is Pkwy, Mobile, AL 36605-3834
      View Details
    • Value Estimation by Request
      1,344 SF

      1501 Navco Rd

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 1,344 SF
      1501 Navco Rd, Mobile, AL 36605-2623
      View Details

    Similar Nearby for Sale

    • $1,465,000
      27,352 SF

      Mobile Shopping Center Investment Opportunity

      High-traffic corner location, 27,352 SF, for sale/lease.
      2912 Dauphin Island Parkway, Mobile, AL 36605
      View Details
    • $325,000
      3,100 SF

      Mobile Metal Building - Great Investment

      3,100 SF metal building; fenced 32,457 SF lot.
      2751 Halls Mill Rd, Mobile, AL 36605
      View Details
    • $325,000
      1,353 SF

      Dauphin Island Parkway Restaurant Space

      Prime Mobile, AL restaurant with drive-thru.
      2952 Dauphin Island Pkwy, Mobile, AL 36605
      View Details
    • $549,000
      1 SF

      Vacant Church Building on Parkway

      Vacant church building on 1.4 square feet lot.
      1400 Dauphin Island Pkwy, Mobile, AL 36605
      View Details
    • $1,465,000
      2.85 Acres

      Retail Strip Center on Corner

      Strip center with anchor tenant and small shops.
      2912 Dauphin Island Pkwy, Mobile, AL 36605
      View Details
    • $159,000
      750 SF

      Operating Car Wash on Navco

      Operating car wash with equipment and adjacent building included.
      1517 Navco Rd, Mobile, AL 36605
      View Details

    Similar Nearby for Lease

    • $10 SF/Yr
      19,000 SF

      Dauphin Island Parkway Retail Space

      19,000 SF prime lease, high traffic, Mobile, AL
      1924 Dauphin Island Pkwy, Mobile, AL 36605
      View Details
    • $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
    • $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
    • $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
    • $325,000
      1,353 SF

      Restaurant Space with Drive-Through

      Former restaurant space with drive-through in Gulfdale Plaza.
      2952 Dauphin Island Pkwy, 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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    1303 Michigan Ave
    Mobile, AL 36605
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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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