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

    510 Airport Dr Foley, AL 36535-1552

    • Retail properties
    • 7,987 SF
    • 57.00 lot acres
    OFF-MARKET
    Value Estimations
    $1,360,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-1399465
    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

    • Foley Municipal Airport / Airport
    • Lightning Aviation / Vocational School / Training Center

    Property Details for 510 Airport Dr

    Year built
    1992
    Lot size
    57.00 lot acres
    Property size
    7,987 SF
    Property type
    Retail properties
    APN
    54-04-18-0-000-012
    APU
    5404180000012

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,389,000
      Market price range: $345k - $1.39M

    • Alternative Use

      Use
      Estimation
      SERVICE SHOP (TV, RADIO, ELECTRIC, PLUMBING)
      $1,150,000
      Current use
      MEDICAL BUILDING
      $1,560,000
      Change: +36% Conversion: Difficult
      RETAIL STORES
      $1,365,000
      Change: +18% Conversion: Difficult
      OFFICE BUILDING
      $1,270,000
      Change: +10% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,000,000
      Change: -13% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Foley
    County
    Baldwin
    State
    Alabama
    Longitude
    -87.7019
    Latitude
    30.4317
    CBSA code
    19300
    CBSA name
    DAPHNE-FAIRHOPE, AL MICROPOLITAN 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
    $0.00
    $73,880
    $383,740
    $457,620
    -
    $369,400
    $1,918,700
    $2,288,100

    Comparable in this City

    • Value Estimation by Request
      4,500 SF

      15450 County Rd 73

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 4,500 SF
      15450 County Rd 73, Foley, AL 36535-7900
      View Details
    • Value Estimation by Request
      3,600 SF

      9153 Hard Dr

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 3,600 SF
      9153 Hard Dr, Foley, AL 36535-3778
      View Details
    • Value Estimation by Request
      2,400 SF

      3420 Hwy 59th S St

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 2,400 SF
      3420 Hwy 59th S St, Foley, AL 36535-3708
      View Details
    • Value Estimation by Request
      192 SF

      20141 Keller Rd

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 192 SF
      20141 Keller Rd, Foley, AL 36535
      View Details
    • Value Estimation by Request
      7,200 SF

      Keller Rd

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 7,200 SF
      Keller Rd, Foley, AL 36535
      View Details
    • Value Estimation by Request
      993 SF

      10831 Magnolia Spgs Hwy

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 993 SF
      10831 Magnolia Spgs Hwy, Foley, AL 36535-5402
      View Details

    Similar Nearby for Sale

    • $299,000
      1.95 Acres

      Foley, AL Commercial Land Investment

      1.95 Acres, B1A Zoning, High Traffic
      15372 County Road 28, Foley, AL 36535
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    • $2,500,000
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      301 Mckenzie St

      Restaurants • 7,900 SF
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    • $995,000
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      Foley, AL Commercial Building

      High-traffic Hwy 59 retail space. Great investment opportunity.
      1157 S Mckenzie St, Foley, AL 36535
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    • $650,000
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      Foley, AL Retail Building Investment

      Prime Foley location, 4500 SF building, established tenant.
      15450 County Road 73, Foley, AL 36535
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    • $1,395,000
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      Prime Foley Carwash Site - Hwy 59

      High-traffic location, flexible options.
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    • $1,250,000
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      Foley, AL Strip Center Investment

      High-traffic Hwy 59 location; 5 units, 12,000 SF.
      3800 S Mckenzie St, Foley, AL 36535
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    Similar Nearby for Lease

    • $26 SF/Yr
      1,449 SF

      Foley Square Retail Space Available

      1449 SF Retail Suite, High Traffic Area
      2558 Mckenzie St, Foley, AL 36535
      View Details
    • $20 SF/Yr
      1,492 SF

      Foley Square Retail Space Available

      Prime Foley, AL retail suite; 1,492 sq ft.
      2558 Mckenzie St, Foley, AL 36535
      View Details
    • $18 SF/Yr
      10,027 SF

      Foley Square Retail Space Available

      High-traffic retail suite, 10,027 SF, NNN lease.
      2558 Mckenzie St, Foley, AL 36535
      View Details
    • $22 SF/Yr
      1,875 SF

      Prime Foley Retail Space Available

      High-visibility retail space near Tanger Outlets.
      2070 S McKenzie St, Foley, AL 36535
      View Details
    • $26 SF/Yr
      2,188 SF

      Foley Retail/Restaurant Space For Rent

      High-visibility retail/restaurant space with drive-thru and ample parking.
      712 S Mckenzie St, Foley, AL 36535
      View Details
    • $5,000 /Mo
      91,476 SF

      Foley Retail Space on Highway

      Metal building on 2.1 acres near Baldwin Beach Express.
      21289 Us Highway 98, Foley, AL 36535
      View Details
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    510 Airport Dr
    Foley, AL 36535-1552
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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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