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    Property profile & analytics

    2724 Old Shell Rd Mobile, AL 36607

    • Investment properties
    • 12,622 SF
    • 1.70 lot acres
    For Lease
    View listing
    $10 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-1690493
    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

    • OsteoStrong Midtown Mobile / Wellness Center
    • Heavenly Pies Pizzeria, LLC / Pizza Restaurant

    Property Details for 2724 Old Shell Rd

    Year built
    1960
    Lot size
    1.70 lot acres
    Property size
    12,622 SF
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    29 08 17 3 000 015.XXX
    APU
    2908173000015XXX

    Description

    The Blue Bird Hardware Building, located at 2724 Old Shell Road in Mobile, Alabama (zip code 36607), offers a unique opportunity for businesses seeking flexible office space in a vibrant Midtown location. This single-story, 12,639 square foot building sits on a 1.71-acre lot and is zoned B-2. The property features five suites in total, with a minimum divisible space of 2,019 square feet and a maximum contiguous space of 4,084 square feet. Currently, 4,048 square feet is available for lease. The building boasts excellent visibility, situated on the signalized corner of Old Shell Road and Bayshore Avenue, directly across from UMS-Wright Preparatory School. Ample parking is available for tenants and their clients. The building has undergone recent renovations and currently houses a mix of tenants including Pollman's Bakery, Burnham's Vital Care, Osteostrong, and Heavenly Pie Pizzeria. The space is well-suited for a variety of uses, including restaurant, retail, medical, and general office space. The property's previous use as an axe-throwing venue offers unique possibilities for adaptive reuse. This Class C building presents a compelling opportunity in a thriving Mobile County neighborhood.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,748,000
      Market price range: $534k - $1.75M
      AI Estimate
      $1,413,000
      Market price range: $498k - $1.41M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,065,000
      Current use
      RESTAURANT
      $2,520,000
      Change: +137% Conversion: Difficult
      MEDICAL BUILDING
      $2,440,000
      Change: +129% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $1,780,000
      Change: +67% Conversion: Moderate
      OFFICE BUILDING
      $1,375,000
      Change: +29% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Mobile
    County
    Mobile
    State
    Alabama
    Longitude
    -88.1059
    Latitude
    30.694
    CBSA code
    33660
    CBSA name
    MOBILE, 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
    $8,585
    $55,660
    $203,020
    $258,680
    -
    $278,300
    $1,015,100
    $1,293,400

    Comparable in this City

    • Value Estimation by Request
      4,155 SF

      107 Upham St

      STORE/OFFICE (MIXED USE) • 4,155 SF
      107 Upham St, Mobile, AL 36607-3330
      View Details
    • Value Estimation
      $555,000
      4,610 SF

      1753 Spg Hl Ave

      STORE/OFFICE (MIXED USE) • 4,610 SF
      1753 Spg Hl Ave, Mobile, AL 36607-3507
      View Details
    • Value Estimation
      $530,000
      3,951 SF

      2908 Spg Hl Ave

      STORE/OFFICE (MIXED USE) • 3,951 SF
      2908 Spg Hl Ave, Mobile, AL 36607-1822
      View Details
    • Value Estimation
      $970,000
      8,851 SF

      3051 Spg Hl Ave

      STORE/OFFICE (MIXED USE) • 8,851 SF
      3051 Spg Hl Ave, Mobile, AL 36607-1815
      View Details
    • Value Estimation
      $545,000
      4,360 SF

      51 Kenneth St

      STORE/OFFICE (MIXED USE) • 4,360 SF
      51 Kenneth St, Mobile, AL 36607-3414
      View Details
    • Value Estimation by Request
      9,910 SF

      2064 Old Shell Rd

      STORE/OFFICE (MIXED USE) • 9,910 SF
      2064 Old Shell Rd, Mobile, AL 36607-3349
      View Details

    Similar Nearby for Sale

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      but would also be almost \""move-in ready\"" as a dental office

      veterinary office or something similar. This office currently consists of 3 exam rooms and two separate private office for the doctor\/providers. The waiting area for patients is very welcoming and accommodating with separate restrooms. There is a front desk area and an employee break room with a restroom. Separate patient restrooms. There is also a nurse's station and additional storage. Seller is willing to sell this property with all components and medical equipment or open to selling the property\/building without the components and medical equipment. This is the perfect commercial spot for the local midtown residents and also gets some overflow of ER patients as it is in very close proximity to the hospital. Information entered in the MLS is provided \""as is\"": for informational purposes only
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    Similar Nearby for Lease

    • $1,100 /Mo
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      Midtown Mobile Office Space Available

      880 sq ft office, prime location, great lease terms.
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      Mobile Office/Warehouse Flex Space

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      Prime Mobile Retail Space - Springhill Ave

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    • $10 SF/Yr
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      Midtown Mobile Retail/Office Space

      High-visibility retail/office space in renovated building.
      2724 Old Shell Rd, Mobile, AL 36607
      View Details
    • $4 SF/Yr
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      Industrial Warehouses with Railway Access

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    • $7 SF/Yr
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      Industrial Complex Near Interstate 65

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    2724 Old Shell Rd
    Mobile, AL 36607
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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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