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    Property profile & analytics

    5690a Watermelon Rd Northport, AL 35473

    • Office buildings
    • 0.55 lot acres
    For Sale
    View listing
    $388,000
    Last Sale
    Jul 01, 2020
    $325,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-2101693
    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 5690a Watermelon Rd

    Year built
    2015
    Lot size
    0.55 lot acres
    Zone code
    C-2
    Property type
    Office buildings
    APN
    20-07-35-4-001-021.006
    APU
    2007354001021006

    Description

    This exceptional 10,413 square foot vacant lot presents a unique opportunity for developers and businesses seeking a strategic location to build their ideal office space. Situated at 5690 Watermelon Road in Northport, Alabama, this property is perfectly positioned within a rapidly expanding area, promising significant future growth and high return on investment. The lot itself offers ample space for a substantial office building, allowing for flexible design and construction to meet specific business needs. Its location in Northport provides easy access to major transportation routes, ensuring convenient commutes for employees and clients alike. The area's burgeoning commercial sector offers a vibrant and supportive business environment, making this an ideal location for businesses of all sizes. This is a rare chance to secure a prime piece of land in a high-growth area, allowing for the creation of a custom-built office tailored to specific requirements. The absence of existing structures allows for complete design freedom and efficient construction timelines. Don't miss this exceptional opportunity to establish a strong presence in a thriving Northport commercial district. The asking price of $388,000 reflects the significant potential of this property and its strategic location. Act quickly to secure this valuable asset.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Northport
    County
    Tuscaloosa
    State
    Alabama
    Longitude
    -87.5435
    Latitude
    33.2605
    CBSA code
    46220
    CBSA name
    TUSCALOOSA, 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
    $435
    $10,000
    $1,300
    $11,300
    -
    $50,000
    $6,500
    $56,500

    Comparable in this City

    • Value Estimation
      $515,000
      1,106 SF

      1305 Twin Oaks E Rd

      OFFICE BUILDING • 1,106 SF
      1305 Twin Oaks E Rd, Northport, AL 35473-7667
      View Details
    • Value Estimation by Request
      2,192 SF

      1414 Martin E Rd

      OFFICE BUILDING • 2,192 SF
      1414 Martin E Rd, Northport, AL 35473-7237
      View Details
    • Value Estimation
      $610,000
      5,468 SF

      4300 Hwy 69th N

      OFFICE BUILDING • 5,468 SF
      4300 Hwy 69th N, Northport, AL 35473-2021
      View Details
    • Value Estimation
      $1,130,000
      9,473 SF

      4200 Hwy 69th N

      OFFICE BUILDING • 9,473 SF
      4200 Hwy 69th N, Northport, AL 35473-3504
      View Details
    • Value Estimation by Request
      1,240 SF

      5105 Hwy 171

      OFFICE BUILDING • 1,240 SF
      5105 Hwy 171, Northport, AL 35473-7925
      View Details
    • Value Estimation by Request
      1,172 SF

      8020 Hwy 43rd N

      OFFICE BUILDING • 1,172 SF
      8020 Hwy 43rd N, Northport, AL 35473-8336
      View Details

    Similar Nearby for Sale

    • $3,299,000
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      New Class A Office Space

      Modern 12,000 SF office space in fast-growing Northport, Alabama.
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    • $995,000
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      Professional Office Building in Northport

      Well-appointed office building ideal for law, finance, or medical practices.
      5690 Watermelon Rd, Northport, AL 35473
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    • Contact for pricing
      3,690 SF

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      3,690 SF building ideal for retail, medical, or office.
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    • $1,950,000

      Northport Office Building Investment

      Newly renovated, prime office space.
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    • $995,000
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      McFarland Blvd Commercial Land

      High-traffic Northport commercial lot.
      100 Mcfarland Blvd, Northport, AL 35473
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    • $36,000
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      Residential Land in Northport, AL

      Residential land for custom homes or projects in Northport.
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    Similar Nearby for Lease

    • $1,600 /Mo
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      Move-in ready retail/office suites with high visibility in Northport.
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      View Details
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      3,690 SF

      Northport AL Retail/Medical Office

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      3410 Al-69, Northport, AL 35473
      View Details
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    Northport, AL 35473
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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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