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

    3505 24th St, Unit 3511 Northport, AL 35476-3785

    • Residential income homes
    • 3,604 SF
    OFF-MARKET
    Last Sale
    Aug 03, 2022
    $2,550,500
    Value Estimations
    $2,425,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-0974337
    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

    • Residential income homes

    Property Details for 3505 24th St

    Year built
    1970
    Construction
    WOOD
    Property size
    3,604 SF
    Zone code
    RM-2
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    31-02-09-3-012-030.001
    APU
    3102093012030001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,305,000
      ML approach
      $2,300,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,944,000
      Market price range: $231k - $2.94M

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

    Location Insight

    • Map
    • Local Demand
    City
    Northport
    County
    Tuscaloosa
    State
    Alabama
    Longitude
    -87.593
    Latitude
    33.2324
    CBSA code
    46220
    CBSA name
    TUSCALOOSA, 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
    $8,520
    $27,200
    $194,100
    $221,300
    -
    $136,000
    $970,500
    $1,106,500

    Comparable in this City

    • Value Estimation by Request
      3,864 SF

      1310 Main Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,864 SF
      1310 Main Ave, Northport, AL 35476-4407
      View Details
    • Value Estimation by Request
      2,850 SF

      2912 Main Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,850 SF
      2912 Main Ave, Northport, AL 35476-3658
      View Details
    • Value Estimation by Request
      1,019 SF

      1791 Harper Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,019 SF
      1791 Harper Rd, Northport, AL 35476-2353
      View Details
    • Value Estimation by Request
      3,912 SF

      800 Main Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,912 SF
      800 Main Ave, Northport, AL 35476-4408
      View Details
    • Value Estimation by Request
      3,432 SF

      2418 13th St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,432 SF
      2418 13th St, Northport, AL 35476-4175
      View Details
    • Value Estimation by Request
      3,003 SF

      3111 28th St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,003 SF
      3111 28th St, Northport, AL 35476-6720
      View Details

    Similar Nearby for Sale

    • $299,900
      Pending

      Northport Land For Sale

      4.3 acres zoned for multifamily dwellings near Highway 82.
      Main Ave, Northport, AL 35476
      View Details
    • $304,000
      Pending

      Northport Fourplex: Investment Opportunity

      Fourplex in Northport, Alabama, offering a strong rental income potential.
      3006 Main Ave, Northport, AL 35476
      View Details
    • $1,995,000
      9.00 Acres

      Prime Northport Commercial Land

      9 Acres, High Visibility, US Hwy 82
      5105 Mcfarland Blvd, Northport, AL 35476
      View Details
    • $75,000

      Land on Lurleen Wallace Blvd

      Land available on Lurleen Wallace Blvd in Northport, Alabama.
      Lurleen Wallace Blvd, Northport, AL 35476
      View Details
    • $499,900
      2.20 Acres

      Northport Commercial Land For Sale

      2.2 acre commercial land parcel in a great location.
      5030 Watermelon Rd, Northport, AL 35476
      View Details
    • New
      $269,900
      1.16 Acres

      Northport Commercial Land For Sale

      Corner lot with frontage on Rice Mine Road in Northport.
      1184 Rice Mine Rd, Northport, AL 35476
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      3,000 SF

      Retail Space in Black Warrior

      3,000 SF retail space with flexible floor plan.
      240 Mcfarland Blvd, Northport, AL 35476
      View Details
    • $35 SF/Yr
      3,500 SF

      Northport Retail Space For Lease

      3,500 SF retail space available in busy Northport shopping center.
      5550 Mcfarland Blvd, Northport, AL 35476
      View Details
    • $5,250 /Mo
      2,035 SF

      Former Restaurant Space For Lease

      2,035 SF former restaurant space available for lease.
      2701 Lurleen B Wallace Blvd, Tuscaloosa, AL 35476
      View Details
    • $44 SF/Yr
      2,035 SF

      Northport Restaurant - High Traffic Area

      Prime Northport location, 2,035 sq ft, high visibility.
      2701 Lurleen B Wallace Blvd, Northport, AL 35476
      View Details
    • $124,992
      3,778 SF

      Prime Retail Space - Northport, AL

      Former Pizza Hut, 3778 sq ft, high traffic area.
      2500 Mcfarland Blvd, Northport, AL 35476
      View Details
    • $5 SF/Yr
      49,000 SF

      Northport Industrial Facility For Lease

      49,000 SF industrial facility with highway access in Northport, AL.
      3160 Mcfarland Blvd, Northport, AL 35476
      View Details
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    3505 24th St, Unit 3511
    Northport, AL 35476-3785
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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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