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    500 Patton Ave Montgomery, AL 36111-2404

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    500 Patton Ave Montgomery, AL 36111-2404

    View on Map
    • Strip malls
    • 13,112 SF
    • 13.11 lot acres
    Off-Market
    Last Sale Aug 10, 2022
    $2,000,000
    Property ID
    US03-3047945
    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.
    Value Estimations
    $1,770,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • PNC ATM / Atm

    Property Details for 500 Patton Ave

    Year built
    1954
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    13.11 lot acres
    Property size
    13,112 SF
    Zone code
    B-2
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    10-09-30-4-013-001.002
    APU
    1009304013001002

    Description

    The iconic Normandale Shopping Center in Montgomery, Alabama, is undergoing a significant revitalization. This historic retail center, located at 500 E Patton Ave, 36111, is poised for a remarkable comeback. Currently, a 17,000 square foot retail space is available for lease within this multiple-tenancy property in Montgomery County. The center's upcoming improvements include fresh paint, upgraded storefronts, enhanced parking lot conditions, and improved lighting, reflecting a substantial landlord investment. This space presents a unique opportunity for businesses seeking a high-visibility location in a revitalized shopping center. Larger spaces are also available, ranging up to 80,000 square feet, with some featuring exceptional features such as a beautiful glass dome offering abundant natural light. The 80,000 square foot space will boast a brand-new roof and glass storefront. This is an exceptional chance to secure a prominent position in one of Montgomery's most successful and historically significant retail destinations. The property is classified as Retail Space with multiple tenancies. The total building square footage is not currently specified.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,495,000
      ML approach
      $1,495,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,600,000
      6.5%
      $2,400,000
      7%
      $2,230,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,232,000
      Market price range: $429k - $1.59M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $2,810,000
      MEDICAL BUILDING
      $1,790,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Montgomery
    County
    Montgomery
    State
    Alabama
    Longitude
    -86.2974
    Latitude
    32.3331
    CBSA code
    33860
    CBSA name
    MONTGOMERY, 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
    $15,709
    $57,100
    $250,040
    $307,140
    -
    $285,500
    $1,250,200
    $1,535,700

    Comparable in this City

    • Value Estimation by Request
      6,493 SF

      3847 Narrow Ln Rd

      SHOPPING CENTER, STRIP CENTER • 6,493 SF
      3847 Narrow Ln Rd, Montgomery, AL 36111-1513
      View Details
    • Value Estimation
      $530,000
      24,050 SF

      3439 Mcgehee Rd

      SHOPPING CENTER, STRIP CENTER • 24,050 SF
      3439 Mcgehee Rd, Montgomery, AL 36111-3392
      View Details
    • Value Estimation by Request
      6,120 SF

      3453 Mcgehee Rd

      SHOPPING CENTER, STRIP CENTER • 6,120 SF
      3453 Mcgehee Rd, Montgomery, AL 36111-4204
      View Details
    • Value Estimation
      $665,000
      11,769 SF

      3637 Debby Dr

      SHOPPING CENTER, STRIP CENTER • 11,769 SF
      3637 Debby Dr, Montgomery, AL 36111-3318
      View Details
    • Value Estimation
      $1,240,000
      68,950 SF

      Stakely Dr

      SHOPPING CENTER, STRIP CENTER • 68,950 SF
      Stakely Dr, Montgomery, AL 36111
      View Details
    • Value Estimation by Request
      2,415 SF

      3011 Carter Hl Rd

      SHOPPING CENTER, STRIP CENTER • 2,415 SF
      3011 Carter Hl Rd, Montgomery, AL 36111-1801
      View Details

    Similar Nearby for Sale

    • $250,000

      McGehee Road Commercial Building

      High-traffic location, ideal for medical use
      2908 Mcgehee Rd, Montgomery, AL 36111
      View Details
    • $280,000
      6,786 SF

      Montgomery Multi-Unit Investment Opportunity

      Charming 6-plex in Montgomery, great investment opportunity.
      3751 Wesley Dr, Montgomery, AL 36111
      View Details
    • New
      $248,900

      Cloverdale Duplex: Investor Opportunity

      Well-maintained duplex in Cloverdale, ideal for rental income.
      2058 Woodley Rd, Montgomery, AL 36111
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    • Contact for pricing

      Vacant Retail Parcel For Sale

      Vacant retail parcel near high-traffic area and established neighborhoods.
      3443 Mcgehee Rd, Montgomery, AL 36111
      View Details
    • Contact for pricing

      Prime Retail Corner Lot

      Corner lot available for purchase near Huntingdon College.
      511 E Edgemont Ave, Montgomery, AL 36111
      View Details
    • Contact for pricing

      Vacant Retail Parcel For Sale

      Vacant retail parcel on McGehee Rd, high-visibility location.
      Mcgehee Rd, Montgomery, AL 36111
      View Details
    Request Owner's contact information
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    500 Patton Ave
    Montgomery, AL 36111-2404
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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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