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    Property profile & analytics

    2900 University Dr Auburn, AL 36830

    • Grocery and convenience stores
    • 45,600 SF
    • 8.50 lot acres
    For Lease
    View listing
    Value Estimations
    $1,050,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-1953213
    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

    • City National Bank - Presto ATM / Atm
    • Publix Pharmacy at The Shoppes at Cary Creek / Pharmacy / Medical Center
    • Western Union / Money Transfer Service
    • Redbox / Movie Rental Kiosk / Dvd Store
    • Dr. Anthony Spina / Optometrist / Practitioner Service Location

    Property Details for 2900 University Dr

    Year built
    2012
    Construction
    CONCRETE BLOCKS
    Lot size
    8.50 lot acres
    Property size
    45,600 SF
    Property type
    Grocery and convenience stores
    APN
    09-04-18-0-000-010-000
    APU
    904180000010000

    Description

    This exceptional retail shopping center, the Shops at Cary Creek, presents a prime opportunity for service-based retail or specialty businesses. Located at 2900 E University Dr in Auburn, Alabama, 36830, this Class C property boasts a total of 63,100 square feet on an 8.34-acre lot. Currently, there are 2,800 square feet of vacant space available, with a minimum divisible unit size of 1,400 square feet. The center enjoys a highly desirable location at the corner of N College St & E University Dr, benefiting from exceptional visibility and accessibility. Its proximity to Auburn University, one of the largest universities in the South, with an enrollment of 28,290 students and 5,500 employees, ensures a substantial and consistent customer base. Auburn's status as the fastest-growing MSA in Alabama further underscores the investment potential of this property. The high traffic counts of approximately 22,433 AADT on E University Dr provide significant exposure for businesses operating within the center. This is an ideal location for businesses seeking to capitalize on the vibrant and growing Auburn market. The property is categorized as a multi-tenant shopping center in Lee County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $825,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,277,000
      Market price range: $493k - $1.28M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $710,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $1,310,000
      Change: +85% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Auburn
    County
    Lee
    State
    Alabama
    Longitude
    -85.4799
    Latitude
    32.6378
    CBSA code
    12220
    CBSA name
    AUBURN-OPELIKA, 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
    $101,628
    $555,400
    $1,881,992
    $2,437,392
    -
    $2,777,000
    $9,409,960
    $12,186,960

    Comparable in this City

    • Value Estimation by Request
      3,272 SF

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      3991 Cox Rd, Auburn, AL 36830-7023
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      4,444 SF

      186 Gay St

      CONVENIENCE STORE • 4,444 SF
      186 Gay St, Auburn, AL 36830-4814
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    • Value Estimation by Request
      4,717 SF

      2393 University Dr

      CONVENIENCE STORE • 4,717 SF
      2393 University Dr, Auburn, AL 36830-3301
      View Details
    • Value Estimation by Request
      3,630 SF

      2154 University Dr

      CONVENIENCE STORE • 3,630 SF
      2154 University Dr, Auburn, AL 36830-2894
      View Details
    • Value Estimation by Request
      4,984 SF

      11212 Lee Rd 54

      CONVENIENCE STORE • 4,984 SF
      11212 Lee Rd 54, Auburn, AL 36830-8231
      View Details
    • Value Estimation by Request
      2,601 SF

      2300 Lee Rd 72

      CONVENIENCE STORE • 2,601 SF
      2300 Lee Rd 72, Auburn, AL 36830-1406
      View Details

    Similar Nearby for Sale

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      High-visibility commercial property in a rapidly growing Auburn area.
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    • $2,200,000

      Freestanding Building on University Drive

      One-story building with frontage on University Blvd in Auburn, AL.
      2085 E University Dr, Auburn, AL 36830
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      Opelika Road Retail/Restaurant Opportunity

      Restaurant/Retail property with high visibility near Auburn University.
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      Auburn Commercial Land - 10 Acres

      Prime Auburn location, 10 acres, LDD zoning.
      0 Shug Jordan Pkwy, Auburn, AL 36830
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    • $850,000
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      LLC. This is the gateway to Auburn! There is a second parcel also available (Parcel #1)

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    • $1,300,000
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      Auburn Commercial Land - $1.3M

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    Similar Nearby for Lease

    • Contact for pricing

      Retail Space Near Auburn University

      Retail space available in mixed-use development near Auburn University.
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      View Details
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      Retail Space in Auburn, Alabama

      Available retail anchor space in a dominant market.
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      63,100 SF

      Shops at Cary Creek: Auburn Retail

      Auburn retail center, high traffic, 2 spaces available.
      2900 University Dr, Auburn, AL 36830
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    • $30 SF/Yr
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      Auburn Retail Center - Samford Trace

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      Downtown Auburn Retail Gem

      High-traffic, 2,463 SF retail space.
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      Auburn Bank Center: Class A Office

      Modern Auburn office space, flexible suites.
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    Auburn, AL 36830
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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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