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

    509 Georgian Dr Mobile, AL 36609-3432

    • Office buildings
    • 2,065 SF
    • 0.26 lot acres
    OFF-MARKET
    Value Estimations
    $325,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-0731604
    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

    • University Animal Hospital / Veterinarian / Animal Hospital

    Property Details for 509 Georgian Dr

    Year built
    1981
    Lot size
    0.26 lot acres
    Property size
    2,065 SF
    Property type
    Office buildings
    APN
    28 08 38 3 001 081.10X
    APU
    280838300108110X

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $305,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $510,000
      6.5%
      $470,000
      7%
      $435,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $213,000
      Market price range: $123k - $258k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $200,000
      Current use
      RETAIL STORES
      $425,000
      Change: +114% Conversion: Moderate
      MEDICAL BUILDING
      $400,000
      Change: +101% Conversion: Easy
      COMMERCIAL (GENERAL)
      $185,000
      Change: -7% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Mobile
    County
    Mobile
    State
    Alabama
    Longitude
    -88.1651
    Latitude
    30.6643
    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
    $2,646
    $7,960
    $32,820
    $40,780
    -
    $39,800
    $164,100
    $203,900

    Comparable in this City

    • Value Estimation
      $355,000
      4,934 SF

      722 Downtowner W Loop

      OFFICE BUILDING • 4,934 SF
      722 Downtowner W Loop, Mobile, AL 36609-5504
      View Details
    • Value Estimation
      $300,000
      2,537 SF

      5920 Grelot Rd

      OFFICE BUILDING • 2,537 SF
      5920 Grelot Rd, Mobile, AL 36609-3606
      View Details
    • Value Estimation
      $335,000
      3,560 SF

      5920 Grelot Rd

      OFFICE BUILDING • 3,560 SF
      5920 Grelot Rd, Mobile, AL 36609-3606
      View Details
    • Value Estimation
      $670,000
      5,971 SF

      1015 Montlimar Dr

      OFFICE BUILDING • 5,971 SF
      1015 Montlimar Dr, Mobile, AL 36609-1713
      View Details
    • Value Estimation
      $580,000
      4,508 SF

      3501 Montlimar Plz Dr

      OFFICE BUILDING • 4,508 SF
      3501 Montlimar Plz Dr, Mobile, AL 36609-1736
      View Details
    • Value Estimation
      $340,000
      3,709 SF

      3510 Montlimar Plz Dr

      OFFICE BUILDING • 3,709 SF
      3510 Montlimar Plz Dr, Mobile, AL 36609-1745
      View Details

    Similar Nearby for Sale

    • $1,095,000
      5,056 SF

      West Mobile Medical Office Building

      Prime medical office building, 5,056 SF, excellent location.
      1605 Hillcrest Rd, Mobile, AL 36609
      View Details
    • $600,000
      5,443 SF

      Montlimar Drive Class A Office

      Class A office space with net lease and parking.
      1180 Montlimar Dr, Mobile, AL 36609
      View Details
    • $500,000
      6,421 SF

      Mobile, AL Office Building Investment Opportunity

      Fully leased, prime location, 5,364 SF.
      4313 Downtowner Loop N, Mobile, AL 36609
      View Details
    • $365,000
      3,258 SF

      Mobile Office Building - 3000 SF

      Prime Mobile location, versatile office space.
      3506 Montlimar Plaza Dr, Mobile, AL 36609
      View Details
    • $875,000
      6,300 SF

      Mobile Office Building - Prime Location

      Updated 6300 sq ft office building, ample parking.
      1142 Montlimar Dr, Mobile, AL 36609
      View Details
    • $850,000
      7,390 SF

      Class A Office Buildings, Mobile, AL

      Two premium office buildings: sale or lease.
      709 Azalea Rd, Mobile, AL 36609
      View Details

    Similar Nearby for Lease

    • $750 /Mo
      750 SF

      Mobile Office Space - 750 SF

      Prime Mobile location, 750 sq ft office suite.
      4318 Downtowner Loop N, Mobile, AL 36609
      View Details
    • $2,500 /Mo
      3,000 SF

      Mobile Office Building - 3000 SF

      Prime Mobile Office Space: Lease or Buy. Ideal Training Facility.
      3506 Montlimar Plaza Dr, Mobile, AL 36609
      View Details
    • $12 SF/Yr
      1,900 SF

      Downtown Mobile Office Space Available

      Modern 1900 sq ft office suite, ideal location.
      808 Downtowner Boulevard, Mobile, AL 36609
      View Details
    • $15 SF/Yr
      4,705 SF

      Gateway Center West Office Suite

      Modern Mobile Office Space Available
      1201 Montlimar Dr, Mobile, AL 36609
      View Details
    • $17 SF/Yr
      2,000 SF

      Mobile Office Space: 2000 sq ft

      Modern, renovated office suite in prime Mobile location.
      1110 Montlimar Dr, Mobile, AL 36609
      View Details
    • $12 SF/Yr
      990 SF

      Downtown Mobile Office Suite For Lease

      Modern 990 sq ft office, prime location.
      808 Downtowner Boulevard, Mobile, AL 36609
      View Details
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    509 Georgian Dr
    Mobile, AL 36609-3432
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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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