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

    24312 Us Hwy 98 Fairhope, AL 36532-3332

    • Office buildings
    • 4,690 SF
    • 2.55 lot acres
    OFF-MARKET
    Last Sale
    Jul 25, 2024
    Value Estimations
    $670,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-0914688
    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 24312 Us Hwy 98

    Year built
    1994
    Lot size
    2.55 lot acres
    Property size
    4,690 SF
    Property type
    Office buildings
    APN
    43-09-29-0-000-059
    APU
    4309290000059

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $975,000
      6.5%
      $900,000
      7%
      $835,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $938,000
      Market price range: $640k - $1.74M
      AI Estimate
      $514,000
      Market price range: $393k - $924k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,110,000
      Current use
      MEDICAL BUILDING
      $915,000
      Change: -18% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Fairhope
    County
    Baldwin
    State
    Alabama
    Longitude
    -87.8972
    Latitude
    30.5789
    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
    $4,713
    $115,160
    $36,860
    $152,020
    -
    $575,800
    $184,300
    $760,100

    Comparable in this City

    • Value Estimation by Request
      1,514 SF

      8100 Obee Rd

      OFFICE BUILDING • 1,514 SF
      8100 Obee Rd, Fairhope, AL 36532-7062
      View Details
    • Value Estimation by Request
      1,614 SF

      19164 Scenic Hwy 98

      OFFICE BUILDING • 1,614 SF
      19164 Scenic Hwy 98, Fairhope, AL 36532-6826
      View Details
    • Value Estimation
      $1,220,000
      7,625 SF

      21883 State Hwy 181

      OFFICE BUILDING • 7,625 SF
      21883 State Hwy 181, Fairhope, AL 36532-5286
      View Details
    • Value Estimation by Request
      1,265 SF

      508 Fairhope Ave

      OFFICE BUILDING • 1,265 SF
      508 Fairhope Ave, Fairhope, AL 36532-2112
      View Details
    • Value Estimation by Request
      2,911 SF

      221 Fairhope Ave

      OFFICE BUILDING • 2,911 SF
      221 Fairhope Ave, Fairhope, AL 36532-2315
      View Details
    • Value Estimation
      $1,150,000
      12,994 SF

      561 Fairhope Ave

      OFFICE BUILDING • 12,994 SF
      561 Fairhope Ave, Fairhope, AL 36532-2128
      View Details

    Similar Nearby for Sale

    • $695,000
      4,159 SF

      Fairhope Office Building Investment

      Prime Fairhope location, 4,159 SF office building.
      368 Commercial Park Dr, Fairhope, AL 36532
      View Details
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      Fairhope Commercial Property

      Multifamily, Office, Land Opportunity
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    • $729,000
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      Fairhope Commercial Property

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    • $199,900
      2.00 Acres

      Fairhope Commercial Land - 2 Acres

      Prime Fairhope location, 2-acre commercial lot.
      13787 County Road 3, Fairhope, AL 36532
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    • $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

    • $350 /Mo
      120 SF

      Fairhope Office Space: 120 Sq Ft

      Prime Fairhope office, Hwy 98 access.
      22765 US-98, Fairhope, AL 36532
      View Details
    • $350 /Mo
      150 SF

      Fairhope Office Space: 150 Sq Ft

      Prime Fairhope office, ideal for solopreneur.
      22765 US-98, Fairhope, AL 36532
      View Details
    • $32 SF/Yr
      2,886 SF

      Fairhope Office Space Available

      Downtown Fairhope office, 2886 sq ft, modified gross lease.
      300 Magnolia Ave, Fairhope, AL 36532
      View Details
    • $40 SF/Yr
      3,900 SF

      Fairhope Office Space For Lease

      Prime Fairhope location, 1,753-3,900 SF office suite.
      55 N Section St, 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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    24312 Us Hwy 98
    Fairhope, AL 36532-3332
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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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