1855 Spg Hl Ave, Mobile, AL 36607-2301
- Medical Office Space
- 8,722 SF
- 0.63 lot acres
Current Use by Public Records
- Martin Carter / Physician
- Thomas Zieman / Physician
- Emily S. Jones, PA-C / Physician
- Dr. John W. Boyer, MD / Physician
- Cullen McCarthy, M.D. / Physician / Hospital
Property Details for 1855 Spg Hl Ave
- Year built
- 1975
- Lot size
- 0.63 lot acres
- Property type
- Medical Office Space
- Property subtype
- Medical centers
- APN
- 29 07 24 0 001 171.XXX
- APU
- 2907240001171XXX
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Jun 4, 2025 | $1,338,340 | Prewett Rental Properties LLC | The Cv Group LLC | Warranty Deed | $725k · The Cv Group LLC An Alabam |
| Oct 24, 2019 | — | Cv Group LLC | — | Deed · related | $500k · Bryant Bank |
| — | — | Cv Group LLC | — | Deed Of Trust · related | $1.2M · Whitney Nat'l Bk |
Description
This 11,407-square-foot Class B medical office building in Mobile, Alabama, presents a compelling investment opportunity. Located at 1855 SpringHill Ave, the property boasts a 100% occupancy rate with a stabilized, single-tenant lease to Cardio-Thoracic & Vascular Surgical Associates, P.C., a well-established practice performing over 2,000 major procedures annually. The lease, commencing April 1, 2024, and expiring November 1, 2027, includes two three-year renewal options and features 2% annual rent bumps. The asking price is $1,550,000, representing a price per square foot of $135.88 and a 9.42% cap rate based on a current Net Operating Income (NOI) of $146,000. Built in 1975 and renovated in 2018, the property sits on a 0.63-acre lot. The lease is personally guaranteed by the physicians, mitigating risk. The property's location within Mobile's medical district, serving a population exceeding 190,000 within a five-mile radius, ensures strong long-term prospects. This fee-simple ownership offers a secure investment with significant upside potential due to below-market rent and a strong tenant. The property's APN is 2907240004137XXX, 2907240001172XXX, and 2907240001171XXX.
Value Estimations
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,337,000
Market price range: $1.06M - $2.33M -
Alternative Use
- Use
- Estimation
- MEDICAL BUILDING
- $1,685,000 Current use
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Mobile
- County
- Mobile
- State
- Alabama
- Longitude
- -88.0854
- Latitude
- 30.6913
- CBSA code
- 33660
- CBSA name
- MOBILE, AL METROPOLITAN STATISTICAL AREA
