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    240 Highway 31 Southwest Hartselle, AL 35640
    Property profile & analytics

    240 Highway 31 Southwest, Hartselle, AL 35640

    View on Map
    • Retail space
    • 73,090 SF
    • 5.45 lot acres
    For Lease
    $12 SF/Yr
    View Listing →
    Retail Space in Morgan Plaza For Lease
    $12 SF/Yr
    56,000 SF

    Retail Space in Morgan Plaza

    Easily accessible retail space with high visibility and national tenants.

    240 Highway 31 Southwest, Hartselle, AL 35640
    View Listing
    Property ID
    US03-1665890
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • CVS Photo / (Bike/Boat/Book/etc) Store
    • CDReload - Online Bitcoin ATM / Currency Exchange Service / Atm
    • Coinhub Bitcoin ATM Teller / Atm
    • CDReload at CVS / Crypto Atm
    • Penske Truck Rental / Car Rental Facility

    Property Details for 240 Highway 31 Southwest

    Year built
    1970
    Lot size
    5.45 lot acres
    Property type
    Retail space
    APN
    15-05-15-1-015-003.000
    APU
    1505151015003000

    Description

    Morgan Plaza Retail Center in Hartselle, Alabama, presents a prime retail opportunity. Located at 240 Highway 31, zip code 35640, this center offers 14,200 square feet of commercial space, with 4,200 square feet currently vacant. The property is situated in Morgan County and benefits from high visibility and easy accessibility. Individual spaces range from a minimum of 1,200 square feet to a maximum contiguous space of 3,000 square feet, providing flexibility for various retail businesses. The center enjoys a strong anchor tenant lineup, including national brands CVS Pharmacy and Planet Fitness, ensuring high foot traffic and a vibrant retail environment. A convenient traffic signal at the property's entrance ensures easy ingress and egress for customers and employees. This location offers excellent exposure along Highway 31, making it an ideal location for businesses seeking high visibility and convenient access for customers. The property's total square footage is 14,200 square feet, with multiple tenancy options available. This is a fantastic opportunity to establish or expand your retail presence in a thriving community. Contact us today to learn more about leasing opportunities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,891,000
      Market price range: $3.32M - $11.2M
      AI Estimate
      $2,609,000
      Market price range: $2.39M - $7.88M

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

    Location Insight

    • Map
    • Local Demand
    City
    Hartselle
    County
    Morgan
    State
    Alabama
    Longitude
    -86.9407
    Latitude
    34.4408
    CBSA code
    19460
    CBSA name
    DECATUR, 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
    $19,873
    $60,300
    $444,080
    $504,380
    -
    $301,500
    $2,220,400
    $2,521,900

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      Retail Space in Busy Center

      Retail spaces available in Hartselle's busiest retail center.
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      Hartselle Retail Space For Lease

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      Retail Space in Hartselle Centre

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      Retail Space in Busy Center

      Retail spaces available in Hartselle's busiest retail center.
      241 Highway 31 SW, Hartselle, AL 35640
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      Highly Visible Retail Space Available

      Easily accessible retail space with national tenants and high visibility.
      240 Hwy, Hartselle, AL 35640
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      Retail Space in Hartselle Shoppes

      2,000 SF retail suite in high-traffic Hartselle corridor.
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    View Listing
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    Hartselle, AL 35640
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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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