Sign Up Successful!
You now have access to more from Realmo!
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

    402 Dr Martin L King Jr Ave Mobile, AL 36603-5954

    • Office buildings
    • 3,326 SF
    • 0.31 lot acres
    OFF-MARKET
    Last Sale
    Jun 13, 2022
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-2970519
    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

    • Office buildings

    Property Details for 402 Dr Martin L King Jr Ave

    Year built
    1969
    Lot size
    0.31 lot acres
    Property size
    3,326 SF
    Property type
    Office buildings
    APN
    29 06 40 0 003 100.001
    APU
    2906400003100001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Mobile
    County
    Mobile
    State
    Alabama
    Longitude
    -88.0486
    Latitude
    30.6945
    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
    $2,047
    $13,480
    $17,700
    $31,180
    -
    $67,400
    $88,500
    $155,900

    Comparable in this City

    • Value Estimation by Request
      1,593 SF

      150 Palmetto St

      OFFICE BUILDING • 1,593 SF
      150 Palmetto St, Mobile, AL 36603-2216
      View Details
    • Value Estimation by Request
      2,707 SF

      651 Martin Luther

      OFFICE BUILDING • 2,707 SF
      651 Martin Luther, Mobile, AL 36603
      View Details
    • Value Estimation by Request
      1,863 SF

      251 Saint Anthony St

      OFFICE BUILDING • 1,863 SF
      251 Saint Anthony St, Mobile, AL 36603-6460
      View Details
    • Value Estimation
      $1,595,000
      11,312 SF

      Mobile, AL 36603

      OFFICE BUILDING • 11,312 SF
      Mobile, AL 36603
      View Details
    • Value Estimation
      $2,945,000
      21,931 SF

      111 Canal St

      OFFICE BUILDING • 21,931 SF
      111 Canal St, Mobile, AL 36603-2203
      View Details
    • Value Estimation by Request
      2,443 SF

      263 Conception St

      OFFICE BUILDING • 2,443 SF
      263 Conception St, Mobile, AL 36603-6464
      View Details

    Similar Nearby for Sale

    • $679,000
      1,320 SF

      Downtown Mobile Office Building

      Rare 1,320 SF Office, Parking & Expansion Lots
      317 Saint Joseph St, Mobile, AL 36603
      View Details
    • $485,000
      4,530 SF

      Historic District Office Building

      Prime Mobile, AL Office Space - 4,530 SF
      202 Congress St, Mobile, AL 36603
      View Details
    • $750,000

      Downtown Mobile Historic Office Building

      Historic office building with parking in downtown Mobile.
      205 N Conception St, Mobile, AL 36603
      View Details
    • $419,999
      1,335 SF

      Renovated Downtown Mixed-Use Property

      Renovated mixed-use property in downtown Mobile, suitable for various uses.
      357 Congress St, Mobile, AL 36603
      View Details
    • $960,000
      7,985 SF

      Turnkey Retail/Office with Drive-Thru

      Renovated retail/office building with drive-thru, prime Mobile location.
      1053 Broad St South, Mobile, AL 36603
      View Details
    • $485,000
      4,530 SF

      Historic DeTonti Office Building

      Prime Mobile location, vacant, 4,530 SF
      202 Congress St, Mobile, AL 36603
      View Details

    Similar Nearby for Lease

    • $4 SF/Yr
      30,000 SF

      Warehouse with Crane and Yard

      30,000 SF warehouse with office, crane, and fenced yard.
      111 Short Texas St, Mobile, AL 36603
      View Details
    • $500 /Mo
      1,000 SF

      549 Congress St, Mobile, AL

      Office space • 1,000 SF
      549 Congress St, Mobile, AL 36603
      View Details
    • $6 SF/Yr
      11,200 SF

      Mobile Office/Warehouse For Lease

      Spacious 11,200 sq ft space near I-10.
      406 S Royal St, Mobile, AL 36603
      View Details
    • $4 SF/Yr
      30,000 SF

      Mobile Industrial Warehouse - 30,000 SF

      Spacious Alabama warehouse, ideal for various uses.
      111 Short Texas St, Mobile, AL 36603
      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.
    402 Dr Martin L King Jr Ave
    Mobile, AL 36603-5954
    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.