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Property profile & analytics
OFF-MARKET
Estimated value
$34,940,000
Office Spaces
3525 Colonnade Pkwy Birmingham, AL 35243
Individually Owned
8-yr Hold
~
Est. High Equity
Property ID
US03-0472342
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1988
Total area
151,616 SF
Lot
19.66 ac (856,215 SF)
Zoning code
B2
APN
28-00-27-4-001-001.000
UPID
US03-0472342
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$43.22M
Blend (final)
Blend
$34.94M
Owner & transaction history
Griffin Birmingham Essential · 8 yrs held
Griffin Birmingham Essential
since 2018
1 recorded transaction
Zoning & alternative use
B2 · Birmingham, AL
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$41.5M
+56.0%
Neighborhood: shopping center
$41.0M
+54.2%
Apartment house (5+ units)
$30.6M
+15.0%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Birmingham submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Birmingham submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$26,580,000
Current use
RESTAURANT
$41,455,000
Change: +56% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$40,990,000
Change: +54% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$30,570,000
Change: +15% · Conversion: Moderate
MEDICAL BUILDING
$26,990,000
Change: +2% · Conversion: Easy
OFFICE BUILDING
$25,350,000
Change: -5% · Conversion: Easy
AUTO REPAIR, GARAGE
$24,410,000
Change: -8% · Conversion: Difficult
Blend value · Realmo final
$34.94M
Range $31.45M – $38.43M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$230 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$992,970
Tax year 2022
Assessed value
$18,577,660
Assessed 2023
Previous assessed
$13,696,140
+35.6% YoY
Effective rate
5.34%
On assessed value
Assessed land
$1,027,440
Assessed improvement
$17,550,220
Land market value
$5,137,200
Improvement market value
$87,751,100
Total market value
$92,888,300
Applied tax rate
30.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Status
Off-Market
Year built
1988
Heating
FORCED AIR
Cooling
YES
Stories
9
Bathrooms
2
Total area
151,616 SF
Lot
19.66 ac (856,215 SF)
Zoning code
B2
APN
28-00-27-4-001-001.000
UPID
US03-0472342
Jurisdiction
JEFFERSON
Zoning & alternative use
B2 · Birmingham, AL
Zoning B2 · permitted uses
B2 · Birmingham, AL
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Birmingham. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$26.6M
RESTAURANT
Est. value
$41.5M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$41.0M
APARTMENT HOUSE (5+ UNITS)
Est. value
$30.6M
MEDICAL BUILDING
Est. value
$27.0M
OFFICE BUILDING
Est. value
$25.4M
AUTO REPAIR, GARAGE
Est. value
$24.4M
COMMERCIAL (GENERAL) Current
RESTAURANT
NEIGHBORHOOD: SHOPPING CENTER
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
OFFICE BUILDING
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1988
Heating
FORCED AIR
Cooling
Yes
Stories
9
Bathrooms
2
Lot
19.66 ac
Current owner
From public records · entity-resolved
Griffin Birmingham Essential
Individual
Mailing address
3520 PIEDMONT RD NE STE #410, ATLANTA, GA 30305-1512
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 2, 2018
—
Griffin Birmingham Essential
—
Grant Deed
related
$250,000,000 · Bank Of America/il
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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