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    Property profile & analytics

    2801 Memorial Pkwy Huntsville, AL 35801

    • Super regional malls
    • 420,944 SF
    • 26.55 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-0878122
    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

    • FYE / (Bike/Boat/Book/etc) Store
    • Forever 21 / Fashion Accessories Store / Women'S Clothing Store
    • Express / Clothing & Fashion Store
    • Hollister Co. / Clothing Store / Fashion Accessories Store
    • Men's Wearhouse / Clothing & Fashion Store

    Property Details for 2801 Memorial Pkwy

    Year built
    2002
    Lot size
    26.55 lot acres
    Property size
    420,944 SF
    Property type
    Super regional malls
    APN
    17-01-12-2-002-059.001
    APU
    1701122002059001

    Description

    This exceptional Class A commercial property, Parkway Place Mall, presents a unique investment opportunity in Huntsville, Alabama. Located at 2801 S Memorial Pkwy, this enclosed shopping center boasts a total of 647,808 square feet across three buildings, offering flexible spaces ranging from a minimum of 826 square feet to a maximum contiguous space of 25,000 square feet. The property features 88 total suites, ample parking with 2811 spaces, and convenient access via L and R Drive SW. Built in 1957 and extensively renovated in 2002, the two-story structure includes five elevators (traction and service for tenants) and all necessary power. The property sits on 34 acres of land in the Madison submarket of Madison County, zoned for commercial use. Key anchors include Belk and Dillard's, complemented by a diverse tenant mix of national, regional, and local brands such as Aerie, Zales Jewelers, Victoria's Secret, Chico's, Forever21, Build-A-Bear Workshop, Bath & Body Works, Torrid, and Hollister. This is an ideal location for businesses seeking high visibility and strong foot traffic in a thriving Huntsville community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $32,113,000
      Market price range: $6.75M - $32.1M

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $58,940,000
      MEDICAL BUILDING
      $51,850,000
      OFFICE BUILDING
      $49,000,000
      RESTAURANT
      $47,190,000
      RETAIL STORES
      $37,770,000
      WAREHOUSE, STORAGE
      $33,415,000
      COMMERCIAL (GENERAL)
      $28,980,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Huntsville
    County
    Madison
    State
    Alabama
    Longitude
    -86.5872
    Latitude
    34.7073
    CBSA code
    26620
    CBSA name
    HUNTSVILLE, 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
    $676,024
    $1,115,100
    $10,540,480
    $11,655,580
    -
    $5,575,500
    $52,702,400
    $58,277,900

    Comparable in this City

    • Value Estimation by Request
      0.00 Acres

      2340 Whitesburg SW Dr

      REGIONAL SHOPPING CENTER, MALL • 0.00 Acres
      2340 Whitesburg SW Dr, Huntsville, AL 35801-3818
      View Details
    • Value Estimation
      $5,445,000
      104,000 SF

      1401 Memorial NW Pkwy

      WHOLESALE OUTLET, DISCOUNT STORE • 104,000 SF
      1401 Memorial NW Pkwy, Huntsville, AL 35801-5934
      View Details
    • Value Estimation
      $8,260,000
      25,861 SF

      900 Bob Wallace SW Ave

      SHOPPING CENTER, STRIP CENTER • 25,861 SF
      900 Bob Wallace SW Ave, Huntsville, AL 35801-5691
      View Details
    • Value Estimation
      $1,005,000
      10,000 SF

      3607 Memorial SW Pkwy

      WHOLESALE OUTLET, DISCOUNT STORE • 10,000 SF
      3607 Memorial SW Pkwy, Huntsville, AL 35801-5321
      View Details
    • Value Estimation
      $705,000
      7,500 SF

      2612 Leeman Fry SW Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 7,500 SF
      2612 Leeman Fry SW Rd, Huntsville, AL 35801-5610
      View Details
    • Value Estimation
      $615,000
      11,520 SF

      1201 Church NW St

      WHOLESALE OUTLET, DISCOUNT STORE • 11,520 SF
      1201 Church NW St, Huntsville, AL 35801-5917
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Huntsville Retail Building For Sale

      4,570 SF free-standing retail building in a high-traffic Huntsville location.
      1001 Memorial Pkwy N, Huntsville, AL 35801
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      Huntsville Office Building in CBD

      Class B office building in Huntsville's prime Central Business District.
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      Huntsville Retail Space - Prime Location

      High-traffic retail space near Huntsville Hospital.
      117 Longwood Dr, Huntsville, AL 35801
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    • New
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      Huntsville Commercial Building For Sale

      Two-story retail/office building with high visibility near downtown Huntsville.
      908 Memorial Pkwy N, Huntsville, AL 35801
      View Details
    • $175,000
      1.00 Acre

      Elmore County Commercial Land Investment

      Prime 1-acre commercial lot near new prison.
      0 Al-143, Millbrook, AL 35801
      View Details
    • $650,000

      South Huntsville Industrial Land

      Prime 0.92-acre industrial lot, flood-clear.
      0 Memorial Pkwy, Huntsville, AL 35801
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Prime Huntsville Commercial Property

      High-visibility retail and office space in a thriving Huntsville location.
      2900 Memorial Pkwy, Huntsville, AL 35801
      View Details
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      Downtown Huntsville Retail Space

      Prime Retail, 1985 SF, Class A
      132 Greene St, Huntsville, AL 35801
      View Details
    • Contact for pricing
      17,000 SF

      Mixed-Use Development in Huntsville, AL

      Proposed mixed-use development with retail and Class A office space.
      Governors Dr, Huntsville, AL 35801
      View Details
    • Contact for pricing

      Retail Space on Memorial Parkway

      Retail space available in a highly trafficked Huntsville location.
      1407 Memorial Pkwy NW, Huntsville, AL 35801
      View Details
    • $4,000 /Mo

      Huntsville Storage or Parking Space

      Ideal for outside storage or trailer parking near downtown.
      Huntsville, AL 35801
      View Details
    • New
      $2,250 /Mo
      12,767 SF

      Historic Building in Downtown Huntsville

      Historic building with lounge, restaurant, and office spaces for rent.
      205 E Side Sq, Huntsville, AL 35801
      View Details
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    2801 Memorial Pkwy
    Huntsville, AL 35801
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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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