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

    504 Western Dr Mobile, AL 36607

    • Office buildings
    • 2,415 SF
    • 0.24 lot acres
    For Lease
    View listing
    $1,950 /Mo
    Value Estimations
    $255,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-0033951
    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 504 Western Dr

    Year built
    1974
    Lot size
    0.24 lot acres
    Property size
    2,415 SF
    Property type
    Office buildings
    APN
    29 03 07 4 003 091.XXX
    APU
    2903074003091XXX

    Description

    This 2,800 square foot single-tenant office/warehouse space is ideally situated in Mobile, Alabama, at 504 Western Dr, 36607. Zoned I-1 Light Industry, this property is perfect for a variety of businesses, including small contractors, service companies, medical equipment firms, or landscaping businesses. The convenient location offers easy access to I-65, Moffett Road, and Springhill Avenue. The office area boasts approximately 1,000 square feet and features a reception area with a glass partition, three to four private offices, a conference room, two restrooms, and a break room. Recent updates include new carpeting and paint throughout the office space. The warehouse component comprises approximately 1,800 square feet and includes one ground-level loading door and a dedicated restroom. This move-in ready space presents a fantastic opportunity for a business seeking a functional and well-maintained office and warehouse combination in a prime Mobile location. The property is ready for immediate occupancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $315,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $192,000
      Market price range: $154k - $410k
      AI Estimate
      $220,000
      Market price range: $126k - $439k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $265,000
      Current use
      RETAIL STORES
      $495,000
      Change: +88% Conversion: Moderate
      MEDICAL BUILDING
      $465,000
      Change: +77% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Mobile
    County
    Mobile
    State
    Alabama
    Longitude
    -88.1145
    Latitude
    30.7057
    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
    $1,794
    $2,080
    $23,080
    $25,160
    -
    $10,400
    $115,400
    $125,800

    Comparable in this City

    • Value Estimation
      $310,000
      2,436 SF

      660 Western Dr

      OFFICE BUILDING • 2,436 SF
      660 Western Dr, Mobile, AL 36607-1409
      View Details
    • Value Estimation
      $485,000
      16,976 SF

      2065 Old Shell Rd

      OFFICE BUILDING • 16,976 SF
      2065 Old Shell Rd, Mobile, AL 36607-3350
      View Details
    • Value Estimation
      $505,000
      4,766 SF

      22 Mobile St

      OFFICE BUILDING • 4,766 SF
      22 Mobile St, Mobile, AL 36607-3121
      View Details
    • Value Estimation
      $315,000
      9,700 SF

      10 Mobile St

      OFFICE BUILDING • 9,700 SF
      10 Mobile St, Mobile, AL 36607-3121
      View Details
    • Value Estimation
      $345,000
      1,940 SF

      3078 Dauphin Sq Connector

      OFFICE BUILDING • 1,940 SF
      3078 Dauphin Sq Connector, Mobile, AL 36607-2500
      View Details
    • Value Estimation
      $510,000
      18,200 SF

      2609 Cameron St

      OFFICE BUILDING • 18,200 SF
      2609 Cameron St, Mobile, AL 36607-3104
      View Details

    Similar Nearby for Sale

    • $635,000
      2,200 SF

      Mobile Medical Office Building

      Move-in ready medical office; large lot.
      1962 SpringHill Ave, Mobile, AL 36607
      View Details
    • $529,000
      1.02 Acres

      Updated Office Building in Midtown

      Versatile commercial office space in Midtown Mobile, recently updated.
      1962 Spring Hill Ave, Mobile, AL 36607
      View Details
    • $699,000
      59,000 SF

      SpringHill Ave Multi-Use Property

      High-traffic corner lot, Mobile, AL
      2851 Spring Hill Ave, Mobile, AL 36607
      View Details
    • Contact for pricing
      9,038 SF

      Midtown Mobile Flex Space Opportunity

      9,038 SF Flex/Storefront in Mobile, AL
      2966 Old Shell Rd, Mobile, AL 36607
      View Details
    • $635,000
      2,208 SF

      but would also be almost \""move-in ready\"" as a dental office

      veterinary office or something similar. This office currently consists of 3 exam rooms and two separate private office for the doctor\/providers. The waiting area for patients is very welcoming and accommodating with separate restrooms. There is a front desk area and an employee break room with a restroom. Separate patient restrooms. There is also a nurse's station and additional storage. Seller is willing to sell this property with all components and medical equipment or open to selling the property\/building without the components and medical equipment. This is the perfect commercial spot for the local midtown residents and also gets some overflow of ER patients as it is in very close proximity to the hospital. Information entered in the MLS is provided \""as is\"": for informational purposes only
      1962 Spring Hill Ave, Mobile, AL 36607
      View Details
    • $79,900
      0.08 Acres

      Residential Income Opportunity Near I-65

      3/1 home on corner lot, near shopping and I-65.
      361 Fredonia St, Mobile, AL 36607
      View Details

    Similar Nearby for Lease

    • $1,100 /Mo
      880 SF

      Midtown Mobile Office Space Available

      880 sq ft office, prime location, great lease terms.
      50 Tacon St, 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
    • $1,950 /Mo
      2,700 SF

      Mobile Office/Warehouse Flex Space

      2700 SF flex space for lease in Mobile, AL.
      1125 Corporate Drive North, 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
    • $2,900 /Mo
      1,434 SF

      Midtown Mobile Office Space For Lease

      1434 SF Medical/Professional Office. Prime Midtown location.
      3090 Dauphin Square Conn, Mobile, AL 36607
      View Details
    • $2,000 /Mo
      1,800 SF

      Midtown Office Space Available

      1,800 SF office building in prime Midtown location.
      2605 Old Shell Rd, Mobile, AL 36607
      View Details
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    504 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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