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    Property profile & analytics

    156 S Lawrence St Mobile, AL 36602

    • Office buildings
    • 1,645 SF
    For Lease
    View listing
    $2,500 /Mo
    Last Sale
    Mar 27, 2024
    Value Estimations
    $325,000
    Cap Rate Potential
    7.7%
    Office buildings
    Location Intelligence
    Property ID
    US03-0205103
    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

    • Lanico Inc / Manufacturer

    Property Details for 156 S Lawrence St

    Year built
    1885
    Construction
    FRAME
    Property size
    1,645 SF
    Property type
    Office buildings
    APN
    29 06 40 0 011 180.XXX
    APU
    2906400011180XXX

    Description

    This exceptional 1,540-square-foot executive office space is ideally situated at 156 S Lawrence St in Mobile, Alabama, zip code 36602. The single-tenant property boasts a functional floor plan, perfect for a small law firm or other professional business. Currently undergoing a complete interior and exterior paint refresh, this historic building offers immediate occupancy. Its prime location directly across from Mobile's civic center, slated for a significant $300 million redevelopment including a new arena, presents a unique investment opportunity. The property's strategic positioning ensures high visibility and accessibility, benefiting from the anticipated increased foot traffic and economic activity generated by the civic center project. The entire 1,540 square feet is currently vacant, providing a blank canvas for a discerning tenant to customize the space to their specific needs. This is a rare chance to secure a well-maintained, historically significant office building in a rapidly developing area of Mobile. The property's size and location make it an attractive option for businesses seeking a prominent presence in a revitalized urban setting. Don't miss this opportunity to establish your business in a thriving and dynamic location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $315,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $405,000
      6.5%
      $375,000
      7%
      $350,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $295,000
      Market price range: $174k - $397k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $290,000
      Current use
      RETAIL STORES
      $340,000
      Change: +16% Conversion: Moderate
      MEDICAL BUILDING
      $320,000
      Change: +9% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Mobile
    County
    Mobile
    State
    Alabama
    Longitude
    -88.0467
    Latitude
    30.6865
    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
    $1,868
    $6,240
    $22,700
    $28,940
    -
    $31,200
    $113,500
    $144,700

    Comparable in this City

    • Value Estimation
      $415,000
      7,491 SF

      14 Franklin St

      OFFICE BUILDING • 7,491 SF
      14 Franklin St, Mobile, AL 36602-2409
      View Details
    • Value Estimation
      $280,000
      2,360 SF

      108 Claiborne St

      OFFICE BUILDING • 2,360 SF
      108 Claiborne St, Mobile, AL 36602-2313
      View Details
    • Value Estimation
      $325,000
      1,590 SF

      403 Conti St

      OFFICE BUILDING • 1,590 SF
      403 Conti St, Mobile, AL 36602-2405
      View Details
    • Value Estimation
      $400,000
      2,790 SF

      702 Government St

      OFFICE BUILDING • 2,790 SF
      702 Government St, Mobile, AL 36602
      View Details
    • Value Estimation
      $365,000
      5,820 SF

      700 Government St

      OFFICE BUILDING • 5,820 SF
      700 Government St, Mobile, AL 36602-1403
      View Details
    • Value Estimation
      $340,000
      3,020 SF

      354 Dauphin St

      OFFICE BUILDING • 3,020 SF
      354 Dauphin St, Mobile, AL 36602-2420
      View Details

    Similar Nearby for Sale

    • $689,000
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    • $595,000
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      Downtown Mobile Historic Office Building

      Historic two-story office building in Downtown Mobile for sale.
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    • Contact for pricing
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    • $649,000
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      Historic Office Building in Downtown

      Historic office building with convenient access to Government Plaza.
      205 Church St, Mobile, AL 36602
      View Details
    • $2,200,000
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      Downtown Mobile Mixed-Use Gem

      Historic 13,200 SF building, prime location.
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    • $199,000
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      Historic Mansion Renovation Opportunity

      Circa 1905 mansion requiring renovation in downtown Mobile.
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    Similar Nearby for Lease

    • $16 SF/Yr
      1,341 SF

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      Modern 1341 sq ft office, prime downtown location.
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      Prime Mobile Office Sublease Opportunity

      Modern 2,584 SF Office, Sublease Available
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      View Details
    • $2,800 /Mo
      2,000 SF

      Downtown Mobile Office Space - Suite 4

      Prime 2,000 sq ft office, stunning city views.
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    • $16 SF/Yr
      6,900 SF

      Downtown Mobile Commercial Space

      6,900 SF Office, Retail, Showroom - For Sale/Lease
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      View Details
    • $25 SF/Yr
      6,378 SF

      Downtown Mobile Office Space For Lease

      Historic Buick Building, 6,378 SF, ground floor.
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    • $16 SF/Yr
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      Historic Downtown Mobile Office Space

      Prime Mobile office suites, ample parking, security.
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      View Details
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    156 S Lawrence St
    Mobile, AL 36602
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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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