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

    24060 Us Hwy 98 Fairhope, AL 36532-3429

    • Medical offices
    • 6,482 SF
    • 1.53 lot acres
    OFF-MARKET
    Value Estimations
    $730,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-0360900
    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

    • Medical offices

    Property Details for 24060 Us Hwy 98

    Year built
    1993
    Lot size
    1.53 lot acres
    Property size
    6,482 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    43-09-29-0-000-048
    APU
    4309290000048

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $991,000
      Market price range: $992k - $1.76M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,085,000
      COMMERCIAL (GENERAL)
      $1,065,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Fairhope
    County
    Baldwin
    State
    Alabama
    Longitude
    -87.896
    Latitude
    30.5751
    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
    $5,729
    $87,960
    $96,840
    $184,800
    -
    $439,800
    $484,200
    $924,000

    Comparable in this City

    • Value Estimation
      $1,270,000
      8,096 SF

      150 Ingleside St

      MEDICAL BUILDING • 8,096 SF
      150 Ingleside St, Fairhope, AL 36532-1803
      View Details
    • Value Estimation
      $545,000
      1,392 SF

      358 Morphy Ave

      MEDICAL BUILDING • 1,392 SF
      358 Morphy Ave, Fairhope, AL 36532-2301
      View Details
    • Value Estimation
      $565,000
      4,754 SF

      7550 Assunta Ct, Unit 2

      MEDICAL BUILDING • 4,754 SF
      7550 Assunta Ct, Fairhope, AL 36532-3069
      View Details
    • Value Estimation
      $800,000
      4,886 SF

      10040 County Rd 48

      MEDICAL BUILDING • 4,886 SF
      10040 County Rd 48, Fairhope, AL 36532-4520
      View Details
    • Value Estimation
      $650,000
      5,288 SF

      23678 Us Hwy 98

      MEDICAL BUILDING • 5,288 SF
      23678 Us Hwy 98, Fairhope, AL 36532-3336
      View Details
    • Value Estimation
      $890,000
      4,970 SF

      29 Spg Run Dr

      MEDICAL BUILDING • 4,970 SF
      29 Spg Run Dr, Fairhope, AL 36532-1925
      View Details

    Similar Nearby for Sale

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    • $199,900
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      Fairhope Commercial Land - 2 Acres

      Prime Fairhope location, 2-acre commercial lot.
      13787 County Road 3, Fairhope, AL 36532
      View Details
    • $2,600,000
      5.27 Acres

      Fairhope Commercial Land - $2.6M

      5.27-acre mixed-use development site.
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    • $1,500,000
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      Bay Break: Fairhope Retail Gem

      Mixed-use property, high visibility, investment opportunity.
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    Similar Nearby for Lease

    • $25 SF/Yr
      5,941 SF

      Medical Space in Magnolia Park

      5,941 SF medical space available for lease.
      8096 Twin Beech Rd, Fairhope, AL 36532
      View Details
    • $600 /Mo
      132 SF

      Downtown Fairhope Office Space For Lease

      Prime Fairhope location, 132 sq ft office.
      102 Fairhope Ave, Fairhope, AL 36532
      View Details
    • $25 SF/Yr
      3,045 SF

      Fairhope Medical Office Suite C

      Prime Medical Office Space in Fairhope, AL
      341 Greeno Rd N, Fairhope, AL 36532
      View Details
    • $23 SF/Yr
      5,782 SF

      Fairhope Medical Office Opportunity

      High-visibility medical office, sale/lease
      21875 AL-181, Fairhope, AL 36532
      View Details
    • $45 SF/Yr
      790 SF

      Fairhope Office Space For Lease

      790 sq ft professional office suite. Prime location.
      18300 Scenic Hwy 98, Fairhope, AL 36532
      View Details
    • $525 /Mo
      1,250 SF

      Fairhope Co-Working Space Available

      Renovated office suites, 90-1250 SF, Fairhope, AL.
      19605 Greeno Rd, Fairhope, AL 36532
      View Details
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    24060 Us Hwy 98
    Fairhope, AL 36532-3429
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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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