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

    158 Michigan Ave Mobile, AL 36604-1916

    • Warehouses
    • 10,628 SF
    • 0.48 lot acres
    OFF-MARKET
    Last Sale
    May 08, 2023
    $355,000
    Value Estimations
    $440,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-0609151
    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

    • Quick Phones Inc / Cell Phone Store

    Property Details for 158 Michigan Ave

    Year built
    1986
    Lot size
    0.48 lot acres
    Property size
    10,628 SF
    Property type
    Warehouses
    APN
    29 10 22 3 003 005.XXX
    APU
    2910223003005XXX

    Description

    This exceptional 10,675-square-foot industrial property, situated on 0.48 acres, offers flexible space ideal for various business needs. Built in 1960 and extensively renovated in 2024, the single-story building features a 15-foot ceiling height and boasts two drive-in doors. The property is divisible, with a minimum leasable space of 5,000 square-foot and a maximum contiguous space of 10,675 square feet. Currently, the entire 10,675 square feet is vacant and ready for immediate occupancy. The property includes seven street-front parking spaces plus additional lot parking, providing ample space for employees and clients. A fully fenced storage yard offers extra flexibility. The building benefits from a new insulated TPO roof. The zoning is B2, with an existing variance allowing warehouse/wholesale use. Conveniently located just south of Government Street, it offers easy access to I-10, downtown, the port, and Brookley. Annual property taxes are $0.38 per square foot. The 188-foot frontage provides excellent visibility. The property is comprised of two suites: Suite A, approximately 5,675 square feet of flex space, including approximately 3,875 square feet of warehouse and 1,800 square feet of office space; and Suite B, approximately 5,000 square feet of warehouse space.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $435,000
      ML approach
      $400,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $457,000
      Market price range: $413k - $1.05M
      AI Estimate
      $334,000
      Market price range: $247k - $790k

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $675,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Mobile
    County
    Mobile
    State
    Alabama
    Longitude
    -88.0679
    Latitude
    30.6812
    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
    $3,803
    $8,360
    $49,840
    $58,200
    -
    $41,800
    $249,200
    $291,000

    Comparable in this City

    • Value Estimation
      $160,000
      2,600 SF

      1059 Elmira St

      WAREHOUSE, STORAGE • 2,600 SF
      1059 Elmira St, Mobile, AL 36604-3151
      View Details
    • Value Estimation
      $695,000
      39,467 SF

      926 Conti St

      WAREHOUSE, STORAGE • 39,467 SF
      926 Conti St, Mobile, AL 36604-2506
      View Details
    • Value Estimation
      $160,000
      38,962 SF

      601 Weinacker Ave

      WAREHOUSE, STORAGE • 38,962 SF
      601 Weinacker Ave, Mobile, AL 36604-1024
      View Details
    • Value Estimation
      $380,000
      4,861 SF

      1776 Old Shell Rd

      WAREHOUSE, STORAGE • 4,861 SF
      1776 Old Shell Rd, Mobile, AL 36604
      View Details
    • Value Estimation
      $295,000
      3,337 SF

      1100 Government St

      WAREHOUSE, STORAGE • 3,337 SF
      1100 Government St, Mobile, AL 36604-2406
      View Details
    • Value Estimation
      $125,000
      16,134 SF

      616 Flint St

      WAREHOUSE, STORAGE • 16,134 SF
      616 Flint St, Mobile, AL 36604-1809
      View Details

    Similar Nearby for Sale

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      Midtown Office Building For Sale

      Midtown office building with renovation potential and high visibility.
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      Midtown Mobile Investment Opportunity

      11,000 SF Vacant Building, High Traffic
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    Similar Nearby for Lease

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      8,648 SF warehouse with covered cross dock near port.
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    • $15 SF/Yr
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      Midtown Location with Drive-Thru

      Midtown Mobile location suitable for office or retail with drive-thru.
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      Retail Space on Spring Hill

      Retail space available in a busy Mobile strip center.
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      2,454 SF

      Office Space on Old Shell

      Office space for lease in revitalized Midtown neighborhood.
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      Mobile Medical Office Suite 202

      Prime Medical Office Space, Mobile, AL
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      Midtown Mobile Office Space Available

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      View Details
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    158 Michigan Ave
    Mobile, AL 36604-1916
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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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