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

    3450 Spring Hill Ave Mobile, AL 36608

    • Investment properties
    • 47,098 SF
    • 7.02 lot acres
    For Lease
    View listing
    $15 SF/Yr
    Last Sale
    Jun 16, 2022
    $2,950,000
    Value Estimations
    $3,190,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-0491797
    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

    • Investment properties

    Property Details for 3450 Spring Hill Ave

    Year built
    1997
    Lot size
    7.02 lot acres
    Property size
    47,098 SF
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    28 06 37 1 001 001.XXX
    APU
    2806371001001XXX

    Description

    Springhill Plaza, located at 3450 SpringHill Ave in Mobile, Alabama (zip code 36608), offers prime medical office space in a highly visible location at the intersection of Springhill Avenue and Interstate 65. This multi-tenant building totals 47,331 square feet and currently has 10,000 square feet of vacant space available. The property is classified as both Office and Retail, with a primary subtype of Medical Office. Flexible space options are available, ranging from a minimum of 1,200 square feet to a maximum contiguous space of 20,000 square feet, catering to a variety of medical practices and businesses. The building's strategic location provides excellent access and visibility, making it an ideal location for medical professionals seeking a prominent presence in the Mobile market. This presents a unique opportunity to establish or expand a medical practice in a thriving area with convenient access to major transportation routes. Interested parties should inquire about available space and lease terms. The property's latitude and longitude coordinates are 30.7047735 and -88.1263171, respectively.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,380,000
      ML approach
      $3,595,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,071,000
      Market price range: $2.72M - $7.21M
      AI Estimate
      $2,223,000
      Market price range: $1.75M - $5.06M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $4,480,000
      Current use
      OFFICE BUILDING
      $5,135,000
      Change: +15% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Mobile
    County
    Mobile
    State
    Alabama
    Longitude
    -88.1264
    Latitude
    30.7048
    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
    $39,168
    $214,200
    $378,520
    $592,720
    -
    $1,071,000
    $1,892,600
    $2,963,600

    Comparable in this City

    • Value Estimation by Request
      2,303 SF

      301 Cody N Rd

      STORE/OFFICE (MIXED USE) • 2,303 SF
      301 Cody N Rd, Mobile, AL 36608-4670
      View Details
    • Value Estimation by Request
      2,549 SF

      6553 Zeigler Blvd

      STORE/OFFICE (MIXED USE) • 2,549 SF
      6553 Zeigler Blvd, Mobile, AL 36608-5644
      View Details
    • Value Estimation
      $8,005,000
      51,615 SF

      4366 Old Shell Rd

      STORE/OFFICE (MIXED USE) • 51,615 SF
      4366 Old Shell Rd, Mobile, AL 36608-2011
      View Details
    • Value Estimation
      $4,100,000
      26,432 SF

      7721 Airport Blvd

      STORE/OFFICE (MIXED USE) • 26,432 SF
      7721 Airport Blvd, Mobile, AL 36608-5052
      View Details
    • Value Estimation by Request
      4,758 SF

      9170 Airport Blvd

      STORE/OFFICE (MIXED USE) • 4,758 SF
      9170 Airport Blvd, Mobile, AL 36608-9549
      View Details
    • Value Estimation
      $2,245,000
      20,536 SF

      6920 Airport Blvd

      STORE/OFFICE (MIXED USE) • 20,536 SF
      6920 Airport Blvd, Mobile, AL 36608-6771
      View Details

    Similar Nearby for Sale

    • $250,000
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      Mobile, AL Liquor & Smoke Shop Investment

      Thriving Mobile liquor & smoke shop, prime location.
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    • $1,899,000
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      Mobile, AL Retail Investment Opportunity

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    • $4,950,000
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      Mobile Commercial Redevelopment Opportunity

      5.2 Acres, 48,000 SF, Motivated Seller
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    • $236,250
      35.00 Acres

      35-Acre Mobile County Land

      Prime residential development land near Airport Blvd.
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    • $784,000
      4,748 SF

      Airport Blvd Retail Building

      Freestanding Bank, High Traffic Area
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      Four-state, NNN-leased restaurant portfolio
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    Similar Nearby for Lease

    • $25 SF/Yr
      1,600 SF

      Spring Hill Retail Space - Lease Now

      High-visibility retail space, ideal location.
      4504 Old Shell Rd, Mobile, AL 36608
      View Details
    • $22 SF/Yr
      2,562 SF

      Historic Mobile Office Space For Lease

      Prime location, 2562 sq ft, flexible lease.
      3703 Old Shell Rd, Mobile, AL 36608
      View Details
    • $17 SF/Yr
      2,805 SF

      Mobile Office Space Available

      2805 sq ft office, NNN lease, available April 1st.
      4630 Bit And Spur Rd, Mobile, AL 36608
      View Details
    • $11 SF/Yr
      900 SF

      West Mobile Office Suite E For Lease

      900 sq ft office, great West Mobile location.
      207 Tanner Williams Ct, Mobile, AL 36608
      View Details
    • $20 SF/Yr
      1,069 SF

      West Mobile Office Suite Available

      Modern 1069 SF Office, Great Location
      4682 Airport Blvd, Mobile, AL 36608
      View Details
    • $14 SF/Yr
      25,341 SF

      Plaza De Malaga Executive Suites

      Airport Blvd Office Space, Mobile, AL
      6157 Airport Blvd, Mobile, AL 36608
      View Details
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    3450 Spring Hill Ave
    Mobile, AL 36608
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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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