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Property profile & analytics
OFF-MARKET
Estimated value
$6,375,000
Retail space
2232 Eastern Blvd Montgomery, AL 36117-1555
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US03-0186736
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1997
Total area
35,296 SF
Lot
6.5 ac (283,140 SF)
Zoning code
B-3
APN
10-06-24-3-002-001.000
UPID
US03-0186736
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$6.38M
CAP Approach
CAP
$6.03M
Comparable Approach
Comparable
$4.74M
Blend (final)
Blend
$6.38M
Owner & transaction history
Pgp Promenade North 1 LLC · 1 yrs held
Pgp Promenade North 1 LLC
since 2024
Last sale
$6.4M
7 recorded transactions
Zoning & alternative use
B-3 · Montgomery, AL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$7.6M
+121.2%
Medical building
$5.1M
+47.8%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Montgomery submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Montgomery submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$6,375,000
ML approach
$6,375,000
CAP Approach
CAP Return
Estimation
6%
$6,530,000
6.5%
$6,030,000
7%
$5,600,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$7,570,000
Change: +121% · Conversion: Difficult
MEDICAL BUILDING
$5,055,000
Change: +48% · Conversion: Difficult
Blend value · Realmo final
$6.38M
Range $5.74M – $7.01M · ±10% · vs last sale $6.38M (Oct 15 2024)
Last sale anchor
$6.38M
Oct 15 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$181 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$42,966
Tax year 2023
Assessed value
$1,174,760
Assessed 2023
Previous assessed
$1,174,760
+0.0% YoY
Effective rate
3.66%
On assessed value
Assessed land
$226,520
Assessed improvement
$948,240
Land market value
$1,132,600
Improvement market value
$4,741,200
Total market value
$5,873,800
Applied tax rate
2.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1997
Heating
FORCED AIR
Cooling
YES
Buildings
4
Stories
1
Units
135
Bathrooms
1
Total area
35,296 SF
Lot
6.5 ac (283,140 SF)
Zoning code
B-3
APN
10-06-24-3-002-001.000
UPID
US03-0186736
Jurisdiction
MONTGOMERY
Zoning & alternative use
B-3 · Montgomery, AL
Zoning B-3 · permitted uses
B-3 · Montgomery, AL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Montgomery. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS)
Est. value
$7.6M
MEDICAL BUILDING
Est. value
$5.1M
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1997
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
4
Units
135
Bathrooms
1
Lot
6.5 ac
Current owner
From public records · entity-resolved
Pgp Promenade North 1 LLC
Entity
Mailing address
PO BOX 17710, RICHMOND, VA 23226-7710
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 15, 2024
$6,375,000
Pgp Promenade North 1 LLC
Rcc Promenade North LLC
Special Warranty Deed
$3,825,000 · American United Life Insurance Comp
Apr 7, 2021
—
Autozone Development LLC
Promenade North Holdings LLC
Lease
—
Jan 26, 2021
$7,596,750
Rcc Promenade North LLC
Promenade North Holdings LLC
Special Warranty Deed
$1,980,000 · Ameris Bank
Oct 3, 2014
—
Promenade North Holdings LLC
Monarch At Promenade North LLC
Quit Claim Deed
related
$5,900,000 · Rait Ptshp
Mar 20, 2014
$3,600,000
Monarch At Promenade North LLC
Garrison Montgomery Owner LLC
Grant Deed
$2,940,000 · A10 Cap
Aug 3, 2007
—
First Republic Group Realty LLC
Colonial Realty LP
Special Warranty Deed
—
—
—
Promenade North Holdings LLC
—
Deed Of Trust
related
$7,800,000 · Rait Ptshp
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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