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

    1924 3rd N Ave Birmingham, AL 35203-3502

    • Retail properties
    • 7,000 SF
    • 0.08 lot acres
    OFF-MARKET
    Last Sale
    Aug 17, 2021
    $1,650,000
    Value Estimations
    $1,350,000
    Show details
    Cap Rate Potential
    4.3%
    Retail properties
    Location Intelligence
    Property ID
    US03-1026810
    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

    • Retail properties

    Property Details for 1924 3rd N Ave

    Year built
    1890
    Construction
    WOOD
    Lot size
    0.08 lot acres
    Property size
    7,000 SF
    Zone code
    B4
    Property type
    Retail properties
    APN
    22-00-36-2-019-011.002
    APU
    2200362019011002

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,575,000
      ML approach
      $1,585,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,140,000
      6.5%
      $1,055,000
      7%
      $975,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,158,000
      Market price range: $237k - $1.32M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $1,915,000
      NEIGHBORHOOD: SHOPPING CENTER
      $1,890,000
      APARTMENT HOUSE (5+ UNITS)
      $1,410,000
      MEDICAL BUILDING
      $1,245,000
      OFFICE BUILDING
      $1,170,000
      AUTO REPAIR, GARAGE
      $1,125,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Birmingham
    County
    Jefferson
    State
    Alabama
    Longitude
    -86.8076
    Latitude
    33.5163
    CBSA code
    13820
    CBSA name
    BIRMINGHAM-HOOVER, 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
    2022
    $9,959
    $11,201
    $149,299
    $160,500
    -
    $112,000
    $1,492,900
    $1,604,900

    Comparable in this City

    • Value Estimation
      $215,000
      888 SF

      200 20th N St

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 888 SF
      200 20th N St, Birmingham, AL 35203-3616
      View Details
    • Value Estimation
      $200,000
      4,500 SF

      512 10th N St

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 4,500 SF
      512 10th N St, Birmingham, AL 35203-1416
      View Details
    • Value Estimation
      $3,300,000
      8,910 SF

      1309 Reverend Abraham Woods Jr Blvd

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 8,910 SF
      1309 Reverend Abraham Woods Jr Blvd, Birmingham, AL 35203
      View Details
    • Value Estimation
      $275,000
      3,143 SF

      2750 Richard Arrington Jr N Blvd

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 3,143 SF
      2750 Richard Arrington Jr N Blvd, Birmingham, AL 35203
      View Details
    • Value Estimation
      $760,000
      5,499 SF

      3000 Messer Airport Hwy

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 5,499 SF
      3000 Messer Airport Hwy, Birmingham, AL 35203-3923
      View Details
    • Value Estimation
      $230,000
      7,242 SF

      651 2nd N Ave

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 7,242 SF
      651 2nd N Ave, Birmingham, AL 35203-3013
      View Details

    Similar Nearby for Sale

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      9,325 SF

      Birmingham Restaurant/Bar for Sale

      Turnkey operation, high-traffic location.
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      Street-level storefront with multi-tenant flexibility and strong visibility.
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      7,000 SF

      Versatile Mixed-Use Space in Birmingham

      Affordable venue/studio/office/retail space in Birmingham, AL.
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    • $2,600,000
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      Prime Corner Lot with Drive-Thru

      Corner lot with drive-thru, high ceilings, and dedicated parking.
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      Birmingham Flex Warehouse For Sale

      Prime location, 22,995 SF, vacant.
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      24,821 SF

      The Post: Birmingham Creative Office

      Downtown Birmingham Creative Office Redevelopment
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    Similar Nearby for Lease

    • Contact for pricing
      10,000 SF

      Downtown Birmingham Corner Property

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      613,764 SF

      Birmingham Retail Space - 1901 Sixth Ave

      Prime Birmingham retail, multiple spaces available.
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      View Details
    • $17 SF/Yr
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      Downtown Birmingham Retail Space

      Prime 3,500 SF Retail Opportunity
      2013 5Th Ave, Birmingham, AL 35203
      View Details
    • $2,500 /Mo

      Downtown Parking Lot for Lease

      Parking lot with 64-72 spaces in downtown Birmingham.
      1601 4Th Ave N, Birmingham, AL 35203
      View Details
    • $21 SF/Yr
      6,600 SF

      Morris Avenue Retail/Office Opportunity

      Renovated retail and office space in Birmingham's Loft District.
      2430 Morris Ave, Birmingham, AL 35203
      View Details
    • $25 SF/Yr
      40,000 SF

      Prime Birmingham Retail Space

      Multiple Storefronts Available in Historic District
      2212 1St Ave, Birmingham, AL 35203
      View Details
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    Birmingham, AL 35203-3502
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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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