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    Property profile & analytics

    402 Western Dr Mobile, AL 36607

    • Retail properties
    • 26,728 SF
    • 2.62 lot acres
    For Lease
    View listing
    $7 SF/Yr
    Last Sale
    May 02, 2024
    $1,300,000
    Value Estimations
    $1,420,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-0937943
    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

    • Coastal Laundry Inc / Laundromat

    Property Details for 402 Western Dr

    Year built
    1998
    Lot size
    2.62 lot acres
    Property size
    26,728 SF
    Property type
    Retail properties
    APN
    29 08 18 1 002 030.XXX
    APU
    2908181002030XXX

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,300,000
      ML approach
      $1,300,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,785,000
      Market price range: $1.13M - $3.07M
      AI Estimate
      $1,848,000
      Market price range: $956k - $3.01M

    • Alternative Use

      Use
      Estimation
      SERVICE SHOP (TV, RADIO, ELECTRIC, PLUMBING)
      $1,920,000
      Current use
      WAREHOUSE, STORAGE
      $1,700,000
      Change: -12% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Mobile
    County
    Mobile
    State
    Alabama
    Longitude
    -88.1141
    Latitude
    30.7046
    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
    $14,058
    $22,800
    $189,460
    $212,260
    -
    $114,000
    $947,300
    $1,061,300

    Comparable in this City

    • Value Estimation
      $295,000
      1,700 SF

      Nwnw Dr

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 1,700 SF
      Nwnw Dr, Mobile, AL 36607
      View Details
    • Value Estimation
      $270,000
      2,875 SF

      3252 Spg Hl Ave

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 2,875 SF
      3252 Spg Hl Ave, Mobile, AL 36607-1831
      View Details
    • Value Estimation
      $300,000
      1,225 SF

      2704 Old Shell Rd

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 1,225 SF
      2704 Old Shell Rd, Mobile, AL 36607-2912
      View Details
    • Value Estimation
      $270,000
      4,063 SF

      453 Bay Shr Ave

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 4,063 SF
      453 Bay Shr Ave, Mobile, AL 36607-1501
      View Details
    • Value Estimation
      $290,000
      1,456 SF

      154 Hemley Ave

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 1,456 SF
      154 Hemley Ave, Mobile, AL 36607-2726
      View Details
    • Value Estimation
      $305,000
      3,790 SF

      228 Durant St

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 3,790 SF
      228 Durant St, Mobile, AL 36607-2427
      View Details

    Similar Nearby for Sale

    • $699,000
      59,000 SF

      SpringHill Ave Multi-Use Property

      High-traffic corner lot, Mobile, AL
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      View Details
    • Contact for pricing
      9,038 SF

      Midtown Mobile Flex Space Opportunity

      9,038 SF Flex/Storefront in Mobile, AL
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    • $325,000
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      Turn-Key Commercial Opportunity

      Remodeled commercial property with excellent visibility and parking.
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    • $699,000
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      59,000+- SF corner site in the Crichton area.
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    • $150,000

      Commercial Building on SpringHill Avenue

      Retail and warehouse space on busy SpringHill Avenue.
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    • $79,900
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      Residential Income Opportunity Near I-65

      3/1 home on corner lot, near shopping and I-65.
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    Similar Nearby for Lease

    • $10 SF/Yr
      4,280 SF

      Prime Mobile Retail Space - Springhill Ave

      High-traffic location, 4,280 SF free-standing building. Excellent visibility.
      2861 Spring Hill Ave, Mobile, AL 36607
      View Details
    • $10 SF/Yr
      4,038 SF

      Midtown Mobile Retail/Office Space

      High-visibility retail/office space in renovated building.
      2724 Old Shell Rd, Mobile, AL 36607
      View Details
    • Contact for pricing
      9,038 SF

      Midtown Mobile Flex Space Opportunity

      9,038 SF Office/Retail Space - Ideal Location
      2966 Old Shell Rd, Mobile, AL 36607
      View Details
    • $16 SF/Yr
      900 SF

      Retail Space on Sage Avenue

      900 sqft retail space available near Dauphin Street.
      16 S Sage Ave, Mobile, AL 36607
      View Details
    • Contact for pricing
      62,335 SF

      Midtown Mobile Retail Center

      Publix-anchored retail space available
      100 Florida St, Mobile, AL 36607
      View Details
    • $12 SF/Yr
      18,024 SF

      Dauphin Square: Retail & Office Space

      Three spaces available, 1,200-15,074 sq ft.
      3226 Dauphin St, Mobile, AL 36607
      View Details
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    402 Western Dr
    Mobile, AL 36607
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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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