Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    202 Inverness Ctr Dr Hoover, AL 35242-7633

    • Medical Office Space
    • 17,614 SF
    • 1.46 lot acres
    OFF-MARKET
    Last Sale
    Mar 17, 2021
    $7,176,355
    Value Estimations
    $5,225,000
    Show details
    Cap Rate Potential
    2.7%
    Medical Office Space
    Location Intelligence
    Property ID
    US03-0672103
    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

    • Medical Office Space

    Property Details for 202 Inverness Ctr Dr

    Year built
    2001
    Lot size
    1.46 lot acres
    Property size
    17,614 SF
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    27360001029013
    APU
    27360001029013

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,720,000
      6.5%
      $3,435,000
      7%
      $3,190,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,861,000
      Market price range: $1.21M - $4.40M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $3,135,000
      Current use
      RESTAURANT
      $4,815,000
      Change: +54% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $4,760,000
      Change: +52% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $3,550,000
      Change: +13% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Hoover
    County
    Shelby
    State
    Alabama
    Longitude
    -86.7022
    Latitude
    33.4218
    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
    2023
    $44,692
    $0.00
    $0.00
    $668,460
    -
    $981,230
    $2,361,050
    $3,342,280

    Comparable in this City

    • Value Estimation by Request
      4,497 SF

      5104 Cyrus Cir

      MEDICAL BUILDING • 4,497 SF
      5104 Cyrus Cir, Birmingham, AL 35242-4630
      View Details
    • Value Estimation
      $620,000
      4,324 SF

      252 Inverness Ctr Dr

      MEDICAL BUILDING • 4,324 SF
      252 Inverness Ctr Dr, Birmingham, AL 35242-4834
      View Details
    • Value Estimation
      $1,045,000
      6,120 SF

      7 Huddle Dr

      MEDICAL BUILDING • 6,120 SF
      7 Huddle Dr, Birmingham, AL 35242-5367
      View Details
    • Value Estimation
      $670,000
      4,050 SF

      141 Narrows Dr

      MEDICAL BUILDING • 4,050 SF
      141 Narrows Dr, Birmingham, AL 35242-8627
      View Details
    • Value Estimation
      $1,645,000
      10,542 SF

      153 Narrows Pkwy

      MEDICAL BUILDING • 10,542 SF
      153 Narrows Pkwy, Birmingham, AL 35242-8600
      View Details
    • Value Estimation
      $7,245,000
      19,620 SF

      1940 Stonegate Dr

      MEDICAL BUILDING • 19,620 SF
      1940 Stonegate Dr, Vestavia Hls, AL 35242-2539
      View Details

    Similar Nearby for Sale

    • $2,400,000
      7,200 SF

      7 Huddle Drive Medical Office

      Class A Medical Office Building, Birmingham, AL
      7 Huddle Dr, Birmingham, AL 35242
      View Details
    • Contact for pricing
      3,369 SF

      Greystone Medical Office Suite

      Class A medical office, vacant, 3,369 SF
      2803 Greystone Comm Blvd, Birmingham, AL 35242
      View Details
    • Contact for pricing
      148,877 SF

      Class A Office Building For Sale

      Renovated Class A office building in a prime location.
      40 Inverness Center Dr, Birmingham, AL 35242
      View Details
    • Contact for pricing
      7,200 SF

      Executive Office Building, Birmingham

      7,200 SF Class A Office, Highway 119
      7 Huddle Dr, Birmingham, AL 35242
      View Details
    • $485,000

      Turnkey Office Condo in Birmingham

      Well-maintained office condo in a sought-after professional corridor.
      122 Edenton St, Birmingham, AL 35242
      View Details
    • Contact for pricing
      149,131 SF

      Class A Office Building

      Suburban Class A office building in Inverness Center, Birmingham.
      42 Inverness Center Dr, Birmingham, AL 35242
      View Details

    Similar Nearby for Lease

    • $25 SF/Yr
      25,203 SF

      Prominence Shops Retail Space

      Vestavia Hills medical office suite available.
      8000 Liberty Pkwy, Birmingham, AL 35242
      View Details
    • Contact for pricing
      34,535 SF

      Prime Birmingham Medical Office Space

      Spacious suites, ample parking, Shelby County.
      151 Narrows Pkwy, Birmingham, AL 35242
      View Details
    • $24 SF/Yr
      7,200 SF

      Highway 280 Medical Suites Available

      Prime Birmingham medical space, multiple suites.
      5406 Us-280, Birmingham, AL 35242
      View Details
    • Contact for pricing
      9,565 SF

      Liberty Parkway Retail Spaces

      Vestavia Hills Retail Opportunity: 9,565 SF Available
      8011 Liberty Pkwy, Vestavia Hills, AL 35242
      View Details
    • $17 SF/Yr
      14,877 SF

      Prime Birmingham Office Space

      Class A Office Suites, Coworking Available
      2700 Corporate Dr, Birmingham, AL 35242
      View Details
    • $19 SF/Yr
      2,627 SF

      Prime Birmingham Executive Office Space

      2,627 SF Class A Office, Abundant Parking
      22 Inverness Center Pkwy, Birmingham, AL 35242
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    202 Inverness Ctr Dr
    Hoover, AL 35242-7633
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!