Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    587 Highway 31 N Hartselle, AL 35640

    • Retail space
    • 9,600 SF
    • 1.12 lot acres
    For Lease
    View listing
    $1,000 /Mo
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US03-1538026
    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

    • Papa John's Pizza / Restaurant
    • Ki Wi Spa / Alternative Medicine Practice / Spa & Massage Center
    • Tech Medic / Computer & Electronic Repair
    • LukaBell’s by WSP / Clothing & Fashion Store
    • Metro by T-Mobile / Mobile Phone Store / Electronics & Wireless Store

    Property Details for 587 Highway 31 N

    Year built
    2000
    Construction
    WOOD
    Lot size
    1.12 lot acres
    Property size
    9,600 SF
    Property type
    Retail space
    APN
    15-02-10-3-005-002.002
    APU
    1502103005002002

    Description

    Hart Plaza Shopping Center offers a fantastic opportunity to lease office space in the thriving city of Hartselle, Alabama. Strategically located on Highway 31, this property boasts a total of 9,855 square feet of retail and office space, recently renovated in 2000. The building is zoned B-2, providing flexibility for a variety of commercial uses. Currently, there is 2,000 square feet of vacant space available, including one immediately available unit of 1,200 square feet. Units A, B, C, and E feature a desirable layout, combining open retail space with the convenience of a private office, ample storage, and restrooms. This property presents an excellent chance to establish a presence in a bustling commercial area, benefiting from high visibility and convenient access for customers and employees. The building's modern amenities and prime location make it an ideal choice for businesses seeking a well-maintained and strategically positioned office space in Hartselle. The cross street is Rooks Street, providing additional access and visibility. This is a multi-tenant building, offering a collaborative and dynamic work environment. Don't miss this chance to secure your ideal office space in Hartselle's vibrant commercial hub.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,325,000
      6.5%
      $1,220,000
      7%
      $1,135,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,475,000
      Market price range: $436k - $1.48M
      AI Estimate
      $1,034,000
      Market price range: $314k - $1.03M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,000,000
      Current use
      COMMERCIAL (GENERAL)
      $920,000
      Change: -8% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Hartselle
    County
    Morgan
    State
    Alabama
    Longitude
    -86.9444
    Latitude
    34.4456
    CBSA code
    19460
    CBSA name
    DECATUR, 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
    $9,614
    $48,240
    $195,780
    $244,020
    -
    $241,200
    $978,900
    $1,220,100

    Comparable in this City

    • Value Estimation by Request
      2,090 SF

      226 Main W St

      RETAIL STORES (PERSONAL SERVICES) • 2,090 SF
      226 Main W St, Hartselle, AL 35640-2418
      View Details
    • Value Estimation by Request
      3,120 SF

      116 Sparkman SW St

      RETAIL STORES (PERSONAL SERVICES) • 3,120 SF
      116 Sparkman SW St, Hartselle, AL 35640-2538
      View Details
    • Value Estimation by Request
      1,140 SF

      2341 Hwy 31st NW

      RETAIL STORES (PERSONAL SERVICES) • 1,140 SF
      2341 Hwy 31st NW, Hartselle, AL 35640-4258
      View Details
    • Value Estimation by Request
      2,166 SF

      1573 Hwy 36th E

      RETAIL STORES (PERSONAL SERVICES) • 2,166 SF
      1573 Hwy 36th E, Hartselle, AL 35640-4939
      View Details
    • Value Estimation by Request
      2,376 SF

      122 Main W St

      RETAIL STORES (PERSONAL SERVICES) • 2,376 SF
      122 Main W St, Hartselle, AL 35640-2416
      View Details
    • Value Estimation by Request
      1,056 SF

      309 Main W St

      RETAIL STORES (PERSONAL SERVICES) • 1,056 SF
      309 Main W St, Hartselle, AL 35640-2419
      View Details

    Similar Nearby for Sale

    • $289,900
      2,300 SF

      Historic Downtown Hartselle Commercial Building

      Renovated commercial building in historic downtown Hartselle, Alabama.
      129 Main St, Hartselle, AL 35640
      View Details
    • New
      $500,000
      4.00 Acres

      Hartselle Land For Sale

      Four acres of commercial land near I-65 in Hartselle.
      2001 Main St E, Hartselle, AL 35640
      View Details
    • $189,000

      Commercial Building in Downtown Hartselle

      Income-producing commercial property in historic downtown Hartselle, Alabama.
      127 Main St, Hartselle, AL 35640
      View Details
    • $189,000

      Commercial Building in Historic Downtown

      Income-producing commercial property in Hartselle's historic downtown area.
      125 Main St, Hartselle, AL 35640
      View Details
    • $210,000
      1,650 SF

      Historic Downtown Hartselle Retail Opportunity

      Historic building on Main Street in downtown Hartselle, Alabama.
      109 W Main St, Hartselle, AL 35640
      View Details
    • $379,000
      3,200 SF

      Hartselle Commercial Business Opportunity

      Commercial business opportunity in Hartselle, Alabama. Engine repair and rebuild.
      1111 Mount Tabor Rd, Hartselle, AL 35640
      View Details

    Similar Nearby for Lease

    • $1,800 /Mo
      2,300 SF

      Hartselle Commercial Building For Lease

      2300 SF building with new features, ideal for various businesses.
      129 Main St, Hartselle, AL 35640
      View Details
    • Contact for pricing
      10,259 SF

      Retail Space in Busy Center

      Retail spaces available in Hartselle's busiest retail center.
      241 Highway 31 SW, Hartselle, AL 35640
      View Details
    • Contact for pricing
      17,640 SF

      Retail Space in Hartselle Shoppes

      Retail space for lease in high-traffic shopping center.
      1091 Highway 31 NW, Hartselle, AL 35640
      View Details
    • Contact for pricing

      Hartselle Retail Space For Lease

      Retail space available in Walmart Shadow Center in Hartselle, AL.
      1199 Highway 31 NW, Hartselle, AL 35640
      View Details
    • New
      $1,000 /Mo
      1,000 SF

      Retail Space in Hartselle, AL

      Retail space available for lease in Hartselle, Alabama.
      587 Highway 31 N, Hartselle, AL 35640
      View Details
    • $12 SF/Yr
      14,200 SF

      Morgan Plaza Retail Space Available

      Hartselle, AL Retail Center - Spaces from 1,200 sq ft
      240 Highway 31, Hartselle, AL 35640
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    587 Highway 31 N
    Hartselle, AL 35640
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.