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

    2924 Lees Ln Mobile, AL 36693-5226

    • Warehouses
    • 30,070 SF
    • 2.74 lot acres
    OFF-MARKET
    Value Estimations
    $700,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-0747409
    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

    • Warehouses

    Property Details for 2924 Lees Ln

    Year built
    1988
    Lot size
    2.74 lot acres
    Property size
    30,070 SF
    Property type
    Warehouses
    APN
    33 01 12 1 000 005.XXX
    APU
    3301121000005XXX

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $615,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $786,000
      Market price range: $786k - $1.76M

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

    Location Insight

    • Map
    • Local Demand
    City
    Mobile
    County
    Mobile
    State
    Alabama
    Longitude
    -88.1281
    Latitude
    30.6307
    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
    $9,761
    $15,760
    $128,580
    $144,340
    -
    $78,800
    $642,900
    $721,700

    Comparable in this City

    • Value Estimation by Request

      732 Lakeside Dr

      Distribution properties
      732 Lakeside Dr, Mobile, AL 36693
      View Details
    • Value Estimation
      $455,000
      12,059 SF

      1606 Industrial Park Cir

      WAREHOUSE, STORAGE • 12,059 SF
      1606 Industrial Park Cir, Mobile, AL 36693-5648
      View Details
    • Value Estimation
      $370,000
      15,174 SF

      3710 Lakeside Ct

      WAREHOUSE, STORAGE • 15,174 SF
      3710 Lakeside Ct, Mobile, AL 36693-5111
      View Details
    • Value Estimation
      $380,000
      7,729 SF

      4243 Halls Ml Rd

      WAREHOUSE, STORAGE • 7,729 SF
      4243 Halls Ml Rd, Mobile, AL 36693-5618
      View Details
    • Value Estimation
      $415,000
      19,547 SF

      3461 Halls Ml Rd

      WAREHOUSE, STORAGE • 19,547 SF
      3461 Halls Ml Rd, Mobile, AL 36693-5601
      View Details
    • Value Estimation
      $310,000
      7,800 SF

      3660 Halls Ml Rd

      MINI-WAREHOUSE, STORAGE • 7,800 SF
      3660 Halls Ml Rd, Mobile, AL 36693-5604
      View Details

    Similar Nearby for Sale

    • $3,048,700
      27,000 SF

      Industrial Investment Near I-10, I-65

      27,000 SF industrial property with long-term national credit tenant.
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    • $395,000
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      Mobile Warehouse & Office Space

      Versatile industrial/commercial property for sale
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    • $800,000
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      Spacious Machine Shop Near I-65

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    • $4,900,000

      Heron Lakes Country Club Opportunity

      Heron Lakes Country Club in Mobile, Alabama for sale.
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    • $149,000
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      Land Near Mobile Aquatic Center

      Approximately 1 acre of land near new aquatic center.
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    • $169,900
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      Former Restaurant Building For Sale

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    Similar Nearby for Lease

    • $8 SF/Yr
      10,250 SF

      Mobile Warehouse: 10,250 SF

      Spacious warehouse with office & showroom.
      3140 Lees Ln, Mobile, AL 36693
      View Details
    • $1,500 /Mo
      2,500 SF

      Office/Warehouse Space Available For Rent

      2,500 SF office/warehouse with ample parking and signage.
      750 Lakeside Dr, Mobile, AL 36693
      View Details
    • $1,350 /Mo
      2,400 SF

      Mobile Warehouse Space Available

      Spacious storage, ideal for inventory. Lease now!
      705 Lakeside Dr W, Mobile, AL 36693
      View Details
    • $7 SF/Yr
      2,000 SF

      Mobile Industrial Space For Lease

      Versatile 2,000 sq ft industrial suite. Ideal for various businesses.
      4405 Halls Mill Road, Mobile, AL 36693
      View Details
    • $9 SF/Yr
      38,100 SF

      Mobile Office/Warehouse Space Available

      Large Office/Warehouse in Mobile, AL
      840 Lakeside Dr, Mobile, AL 36693
      View Details
    • $14 SF/Yr
      2,953 SF

      Office/Warehouse Space with Fenced Yard

      2,953 SF office/warehouse with small fenced yard for rent.
      5462 Able Ct, Mobile, AL 36693
      View Details
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    2924 Lees Ln
    Mobile, AL 36693-5226
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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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