Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2997 Lorna Rd Hoover, AL 35216-4505

    • Grocery and convenience stores
    • 2,880 SF
    • 0.29 lot acres
    OFF-MARKET
    Last Sale
    Jul 11, 2023
    $950,000
    Value Estimations
    $790,000
    Show details
    Cap Rate Potential
    4.5%
    Grocery and convenience stores
    Location Intelligence
    Property ID
    US03-0525208
    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

    • Grocery and convenience stores

    Property Details for 2997 Lorna Rd

    Year built
    1972
    Construction
    STEEL FRAME
    Lot size
    0.29 lot acres
    Property size
    2,880 SF
    Zone code
    C2
    Property type
    Grocery and convenience stores
    APN
    39-00-01-3-001-007.000
    APU
    3900013001007000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $795,000
      ML approach
      $705,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $595,000
      6.5%
      $550,000
      7%
      $510,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Hoover
    County
    Jefferson
    State
    Alabama
    Longitude
    -86.8051
    Latitude
    33.4072
    CBSA code
    13820
    CBSA name
    BIRMINGHAM-HOOVER, 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
    2022
    $8,609
    $76,500
    $58,300
    $134,800
    -
    $382,500
    $291,500
    $674,000

    Comparable in this City

    • Value Estimation
      $2,600,000
      630 SF

      3421 Lorna Rd

      CONVENIENCE STORE • 630 SF
      3421 Lorna Rd, Hoover, AL 35216-5201
      View Details
    • Value Estimation by Request
      6,957 SF

      3633 Lorna Rd

      GROCERY, SUPERMARKET • 6,957 SF
      3633 Lorna Rd, Hoover, AL 35216-5908
      View Details
    • Value Estimation by Request
      5,208 SF

      1634 Montgomery Hwy

      CONVENIENCE STORE • 5,208 SF
      1634 Montgomery Hwy, Hoover, AL 35216-4947
      View Details
    • Value Estimation
      $7,485,000
      51,246 SF

      1584 Montgomery Hwy

      GROCERY, SUPERMARKET • 51,246 SF
      1584 Montgomery Hwy, Hoover, AL 35216-4524
      View Details
    • Value Estimation by Request
      1,800 SF

      3300 Lorna Rd

      CONVENIENCE STORE • 1,800 SF
      3300 Lorna Rd, Hoover, AL 35216-5406
      View Details
    • Value Estimation by Request
      1,248 SF

      1639 Montgomery Hwy

      CONVENIENCE STORE • 1,248 SF
      1639 Montgomery Hwy, Hoover, AL 35216-4901
      View Details

    Similar Nearby for Sale

    • $850,000
      2,476 SF

      Hollywood Imports Building - Vestavia Hills

      Prime Retail/Restaurant Space - Hwy 31
      1472 Montgomery Hwy, Vestavia Hills, AL 35216
      View Details
    • $2,000,000
      3,187 SF

      Corporate Arby's NNN Lease

      High-yield, 10-year corporate lease.
      1482 Montgomery Hwy, Birmingham, AL 35216
      View Details
    • $1,100,000
      10,176 SF

      Hoover Multifamily Investment Opportunity

      Well-maintained, renovated 8-unit multifamily property in desirable Hoover, AL.
      3252 Warringwood Dr, Hoover, AL 35216
      View Details
    • $1,300,000

      Commercial Land For Sale

      Commercial land available in Hoover, Alabama.
      3440 Lorna Ln, Hoover, AL 35216
      View Details
    • $795,000
      4.60 Acres

      Vestavia Hills Land - 4.6 Acres

      Prime 4.6-acre build-ready lot.
      2221 Old Columbiana Rd, Birmingham, AL 35216
      View Details
    • $650,000
      0.75 Acres

      Hoover Office Building For Sale

      Office building in Hoover, Alabama, with high traffic count.
      3041 Lorna Rd, Hoover, AL 35216
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Vestavia Hills Retail Space Available

      Retail space for lease in Vestavia Hills, Alabama.
      100 Old Town Rd, Vestavia Hills, AL 35216
      View Details
    • Contact for pricing
      25,428 SF

      Lorna Square Office Suites

      Hoover, AL Office Space Available
      3150 Lorna Rd, Hoover, AL 35216
      View Details
    • Contact for pricing
      164,003 SF

      Riverchase Promenade Power Center

      High-traffic retail space available now.
      1705-1735 Us Hwy 31, Birmingham, AL 35216
      View Details
    • Contact for pricing
      54,710 SF

      Vestavia Hills Retail Space Available

      Prime Retail Center, 3 Spaces Available
      1425 Montgomery Hwy, Vestavia Hills, AL 35216
      View Details
    • Contact for pricing
      391,899 SF

      Vestavia Hills Retail Center

      Prime Retail Space, Vestavia Hills, AL
      700 Montgomery Hwy, Vestavia Hills, AL 35216
      View Details
    • Contact for pricing
      16,604 SF

      Retail Space in Hoover, Alabama

      Retail space with national tenants and high traffic volume.
      1615 Montgomery Hwy, Hoover, AL 35216
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2997 Lorna Rd
    Hoover, AL 35216-4505
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!