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    Property profile & analytics

    2189 Pkwy Lk Dr Hoover, AL 35244-1804

    • Office buildings
    • 12,393 SF
    • 1.12 lot acres
    OFF-MARKET
    Last Sale
    May 02, 2025
    $1,865,000
    Value Estimations
    $1,650,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-0476864
    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

    • Office buildings

    Property Details for 2189 Pkwy Lk Dr

    Year built
    1988
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.12 lot acres
    Property size
    12,393 SF
    Property type
    Office buildings
    APN
    104190001001022
    APU
    104190001001022

    Description

    This exceptional two-story, Class B office building, totaling 12,393 square feet, is situated on a 1.12-acre lot at 2189 Parkway Lake Drive in Hoover, Alabama (zip code 35244). Currently 100% occupied with a single tenant under a gross lease, the property boasts a strong 7.10% cap rate and an asking price of $1,905,000 ($153.72/sq ft). The building, constructed in 1988 and extensively renovated between 2019 and 2021, offers a blend of executive and traditional office spaces. The upper floor comprises approximately 7,290 square feet, while the ground floor features roughly 5,103 square feet, including over 2,500 square feet of warehouse space with 14-foot clear heights. Ample parking is provided with 38 spaces. The property's prime location in Shelby County, between Highway 31 and Riverchase Parkway East, offers easy access to I-65 and is only 18 minutes from downtown Birmingham, placing it within a thriving business hub near numerous corporate headquarters. The current lease expires August 1, 2024, and includes a 2.5% annual rent escalation. This investment opportunity is priced below replacement cost, presenting a compelling return for investors.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,340,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,320,000
      6.5%
      $2,140,000
      7%
      $1,990,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,342,000
      Market price range: $1.34M - $2.78M
      AI Estimate
      $1,342,000
      Market price range: $1.34M - $2.78M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,065,000
      Current use
      MEDICAL BUILDING
      $2,265,000
      Change: +10% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Hoover
    County
    Shelby
    State
    Alabama
    Longitude
    -86.7894
    Latitude
    33.3605
    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
    $15,985
    $0.00
    $0.00
    $238,320
    -
    $304,430
    $887,150
    $1,191,580

    Comparable in this City

    • Value Estimation by Request
      1,012 SF

      2408 Valleydale Rd

      OFFICE BUILDING • 1,012 SF
      2408 Valleydale Rd, Hoover, AL 35244-2015
      View Details
    • Value Estimation
      $1,490,000
      11,224 SF

      Birmingham, AL 35244

      OFFICE BUILDING • 11,224 SF
      Birmingham, AL 35244
      View Details
    • Value Estimation
      $14,375,000
      132,698 SF

      100 Concourse Pkwy

      OFFICE BUILDING • 132,698 SF
      100 Concourse Pkwy, Hoover, AL 35244-1881
      View Details
    • Value Estimation
      $650,000
      6,000 SF

      1920 Valleydale Rd

      OFFICE BUILDING • 6,000 SF
      1920 Valleydale Rd, Birmingham, AL 35244-1703
      View Details
    • Value Estimation by Request
      3,360 SF

      2485 Valleydale Rd

      OFFICE BUILDING • 3,360 SF
      2485 Valleydale Rd, Hoover, AL 35244-2017
      View Details
    • Value Estimation
      $1,105,000
      10,200 SF

      2477 Valleydale Rd

      OFFICE BUILDING • 10,200 SF
      2477 Valleydale Rd, Hoover, AL 35244-2087
      View Details

    Similar Nearby for Sale

    • $4,750,000

      Office Building with Warehouse Space

      Two-story office building with warehouse in Hoover, Alabama.
      2111 Parkway Office Cir, Birmingham, AL 35244
      View Details
    • Contact for pricing
      2.00 Acres

      Hoover Office Suites: Prime Location

      Affordable, professional office space in Hoover, AL.
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      Professional Office Space Available

      Flexible office suites in Hoover, Alabama, with modern conveniences.
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    • $4,500,000
      25,600 SF

      Riverchase Parkway Executive Office Building

      Class A Office, 25,600 SF, 7.20% Cap Rate
      300 Riverchase Pkwy, Hoover, AL 35244
      View Details
    • $1,750,000
      10,607 SF

      Southpark Drive Investment

      High-yield, NNN-leased property.
      1820 Southpark Dr, Birmingham, AL 35244
      View Details
    • $1,500,000
      6,600 SF

      Valleydale Road Office Building

      Prime Hoover Office, 6,600 SF, 2.22 Acres
      2084 Valleydale Rd, Hoover, AL 35244
      View Details

    Similar Nearby for Lease

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    • $19 SF/Yr
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      Hoover Medical Office Building

      16,930 SF Medical Office Space Available
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      View Details
    • Contact for pricing
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      Prime Hoover Office Space Available

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      View Details
    • $24 SF/Yr
      211,341 SF

      Chase Corporate Center: Hoover Office Space

      Class A Office Suites, Hoover, AL
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      Southlake Plaza Office Suites

      Prime Southlake Office Space Available Now
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    • $18 SF/Yr
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      Riverchase Ridge Executive Suites

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    Hoover, AL 35244-1804
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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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