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

    21040 Miflin Rd Foley, AL 36535

    • Investment properties
    • 12,304 SF
    • 1.53 lot acres
    For Sale
    View listing
    $2,250,000
    Last Sale
    Oct 10, 2022
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-0912815
    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

    • Loan Tran / Physical Therapist
    • WorkReady, LLC / Business To Business Service
    • Workforce Housing Alliance 501(C) (3) Non-Profit / Non-Governmental Organization
    • Gulf Coast Therapy / Physical Therapist / Occupational Therapist
    • Back on Track Medical Weight Loss / Weight Loss Service

    Property Details for 21040 Miflin Rd

    Year built
    2006
    Lot size
    1.53 lot acres
    Property size
    12,304 SF
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    61-02-10-0-000-004.014
    APU
    6102100000004014

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,900,000
      6.5%
      $1,755,000
      7%
      $1,630,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,167,000
      Market price range: $899k - $2.25M
      AI Estimate
      $1,699,000
      Market price range: $479k - $2.02M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,540,000
      Current use
      MEDICAL BUILDING
      $2,405,000
      Change: +56% Conversion: Easy
      RETAIL STORES
      $2,100,000
      Change: +37% Conversion: Easy
      OFFICE BUILDING
      $1,960,000
      Change: +27% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Foley
    County
    Baldwin
    State
    Alabama
    Longitude
    -87.6659
    Latitude
    30.3697
    CBSA code
    19300
    CBSA name
    DAPHNE-FAIRHOPE, AL MICROPOLITAN 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
    $13,742
    $0.00
    $416,420
    $416,420
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      7,159 SF

      17075 Us Hwy 98

      STORE/OFFICE (MIXED USE) • 7,159 SF
      17075 Us Hwy 98, Foley, AL 36535-8549
      View Details
    • Value Estimation
      $715,000
      3,668 SF

      7651 State Hwy 59

      STORE/OFFICE (MIXED USE) • 3,668 SF
      7651 State Hwy 59, Foley, AL 36535-3946
      View Details
    • Value Estimation by Request
      3,882 SF

      319 Mckenzie St

      STORE/OFFICE (MIXED USE) • 3,882 SF
      319 Mckenzie St, Foley, AL 36535-3534
      View Details
    • Value Estimation
      $800,000
      8,704 SF

      1508 Mckenzie St

      STORE/OFFICE (MIXED USE) • 8,704 SF
      1508 Mckenzie St, Foley, AL 36535-1727
      View Details
    • Value Estimation
      $740,000
      9,898 SF

      20733 Miflin Rd

      STORE/OFFICE (MIXED USE) • 9,898 SF
      20733 Miflin Rd, Foley, AL 36535-9536
      View Details
    • Value Estimation
      $1,995,000
      14,427 SF

      7685 State Hwy 59

      STORE/OFFICE (MIXED USE) • 14,427 SF
      7685 State Hwy 59, Foley, AL 36535-3946
      View Details

    Similar Nearby for Sale

    • $1,395,000
      3,040 SF

      Prime Foley Carwash Site - Hwy 59

      High-traffic location, flexible options.
      2011 S Mckenzie St, Foley, AL 36535
      View Details
    • $995,000
      4,000 SF

      Foley, AL Commercial Building

      High-traffic Hwy 59 retail space. Great investment opportunity.
      1157 S Mckenzie St, Foley, AL 36535
      View Details
    • $650,000
      4,500 SF

      Foley, AL Retail Building Investment

      Prime Foley location, 4500 SF building, established tenant.
      15450 County Road 73, Foley, AL 36535
      View Details
    • $2,700,000
      342 SF

      Prime Foley Commercial Land

      High-traffic Hwy 59 frontage, multiple parcels.
      8437 AL-59, Foley, AL 36535
      View Details
    • $575,000
      3,590 SF

      Foley, AL Commercial Property

      Versatile 3,590 SF space, prime location.
      18299 US Highway 98, Foley, AL 36535
      View Details
    • $675,000
      2,250 SF

      Foley Beach Commercial Property

      Beachfront acreage with existing house. Investment opportunity.
      12704 Foley Beach Express, Foley, AL 36535
      View Details

    Similar Nearby for Lease

    • $20 SF/Yr
      73,482 SF

      Foley Medical Office Space for Lease

      Prime Medical Office, 5,000 SF Available
      1801 Mckenzie St, Foley, AL 36535
      View Details
    • $26 SF/Yr
      2,188 SF

      Foley Retail/Restaurant Space For Rent

      High-visibility retail/restaurant space with drive-thru and ample parking.
      712 S Mckenzie St, Foley, AL 36535
      View Details
    • $5,000 /Mo
      91,476 SF

      Foley Retail Space on Highway

      Metal building on 2.1 acres near Baldwin Beach Express.
      21289 Us Highway 98, Foley, AL 36535
      View Details
    • $20 SF/Yr
      4,593 SF

      Foley Medical Office Space - Suite 1809

      Prime Medical Office, Hwy 59 Access
      1817 N McKenzie St, Foley, AL 36535
      View Details
    • Contact for pricing
      48,787 SF

      Hwy 59 Commercial Land Lease

      Prime Foley, AL location. 1-acre commercial lot.
      0 Mckenzie St, Foley, AL 36535
      View Details
    • $22 SF/Yr
      1,200 SF

      Retail Space Across From Walmart

      Retail space in Foley Plaza with high visibility and access.
      2155 S Mckenzie St, Foley, AL 36535
      View Details
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    21040 Miflin Rd
    Foley, AL 36535
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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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