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    22261 Miflin Rd Foley, AL 36535

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    22261 Miflin Rd Foley, AL 36535

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    • Land

    Property Details for 22261 Miflin Rd

    Property type
    Land
    Property subtype
    Residential land & home lots

    Description

    This exceptional 44.23-acre development site presents a compelling investment opportunity in Foley, Alabama. Located in a prime location, this property boasts updated geo-survey, soil analysis, and title insurance, ensuring a smooth transaction. Zoned PUD, it offers flexibility for various residential and multifamily uses, including condos, townhomes, and single-family homes. A 2018 PUD modification suggests potential for up to 400+ homes, depending on site plan approval. The site's strategic location within the rapidly expanding Foley MSA, adjacent to the $210 million OWA development (amusement park, with potential future gaming), and across from new public amenities, ensures high demand. The Foley Beach Express provides excellent access, and the property's Highway 20 location comprises ten parcels. Existing utilities are estimated at $1 million to $1.5 million. The property qualifies for new market tax credits and offers potential incentives for extended-stay developments. This is a cost-sales construction district with rates as low as 1%. No low-income housing is permitted. A second address for the site is 22313 CR 20, Foley, AL. The asking price is $4,450,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Foley
    County
    State
    Alabama

    Comparable in this City

    • $299,900
      1.74 Acres

      Foley Commercial Land: Prime Location

      High-visibility lot, owner financing available.
      20750 Miflin Rd, Foley, AL 36535
      View Details
    • $399,900
      1.29 Acres

      Foley, AL Commercial Lot - 1.29 Acres

      High-visibility Foley commercial lot, owner financing.
      20750 Miflin Rd, Foley, AL 36535
      View Details
    • $109,900
      0.88 Acres

      Foley, AL Commercial Land Opportunity

      Prime 0.88-acre lot, ideal for development.
      Fielding Commercial Drive, Foley, AL 36535
      View Details
    • $885,000
      3.50 Acres

      Prime Foley Hotel Development Site

      102-Unit Hotel Approved, Near OWA
      26210 Juniper St S, Foley, AL 36535
      View Details
    • $399,900
      1.29 Acres

      Foley Commercial Land: Prime Location

      High-visibility lot, owner financing available.
      20750 Miflin Rd, Foley, AL 36535
      View Details
    • $299,900
      1.74 Acres

      Foley, AL Commercial Lot - 1.74 Acres

      High-visibility Foley commercial lot; prime location, owner financing.
      20750 Miflin Rd, Foley, AL 36535
      View Details

    Similar Nearby for Sale

    • $299,900
      1.74 Acres

      Foley Commercial Land: Prime Location

      High-visibility lot, owner financing available.
      20750 Miflin Rd, Foley, AL 36535
      View Details
    • $399,900
      1.29 Acres

      Foley, AL Commercial Lot - 1.29 Acres

      High-visibility Foley commercial lot, owner financing.
      20750 Miflin Rd, Foley, AL 36535
      View Details
    • $399,900
      1.29 Acres

      Foley Commercial Land: Prime Location

      High-visibility lot, owner financing available.
      20750 Miflin Rd, Foley, AL 36535
      View Details
    • $109,900
      0.88 Acres

      Foley, AL Commercial Land Opportunity

      Prime 0.88-acre lot, ideal for development.
      Fielding Commercial Drive, Foley, AL 36535
      View Details
    • $885,000
      3.50 Acres

      Prime Foley Hotel Development Site

      102-Unit Hotel Approved, Near OWA
      26210 Juniper St S, Foley, AL 36535
      View Details
    • $299,900
      1.74 Acres

      Foley, AL Commercial Lot - 1.74 Acres

      High-visibility Foley commercial lot; prime location, owner financing.
      20750 Miflin Rd, Foley, AL 36535
      View Details

    Similar Nearby for Lease

    • $90,000
      48,787 SF

      Prime Foley Hwy 59 Outparcel

      1.12-acre ground lease, high traffic location.
      1884 S McKenzie St, Foley, AL 36535
      View Details
    • $1,500 /Mo
      454,321 SF

      Prime Foley, AL Land Lease Opportunity

      10 acres, Hwy 98 frontage, ideal for various uses
      0 Barin field road, Foley, AL 36535
      View Details
    • Contact for pricing

      Riverfront Land for Sale

      Land with extensive frontage on the Bon Secour River.
      N River Rd, Foley, AL 36535
      View Details
    • Contact for pricing

      10 Acre Commercial Land Lease

      Commercial land available for lease with frontage on Hwy 98.
      Barin Field Rd, Foley, AL 36535
      View Details
    • Contact for pricing

      2.08 Acre Lot on Expressway

      2.08 acre commercial lot with frontage on Foley Beach Express.
      21815 Us Highway 98, Foley, AL 36535
      View Details
    • Contact for pricing

      Highway 59 Land For Lease

      Located on Foley's primary retail corridor with excellent visibility.
      3230 S Mckenzie St, Foley, AL 36535
      View Details
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    22261 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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