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Property profile & analytics
OFF-MARKET
Estimated value
$1,675,000
Warehouses
703 Western Dr Mobile, AL 36607-1406
Entity Owned
1-yr Hold
Absentee Owner
Free & Clear
Property ID
US03-2971912
Property summary
AI-generated overview
This Mobile, Alabama industrial property, located at 703 Western Drive, presents a compelling investment opportunity. The 28,134 square foot warehouse, built in 1972, is classified as Class C and features a single tenant under a NNN lease. The asking price is $1,900,000, representing a 7.20% capitalization rate with a current Net Operating Income (NOI) of $136,800. The property boasts 16-foot ceilings, five loading docks, three dock-high doors, and a drive-in ramp. Ample parking is available with 27 spaces. The building includes approximately 1,700 square feet of office space and 1,500 square feet of showroom space. The tenant, a contractor for Airbus, enjoys a lease with annual base rent increases of 2%. The property is zoned I-1 and its APN is 29-03-07-3-000-002.01. This stabilized investment offers a strong return and a desirable location in Mobile County, Alabama, zip code 36607. The price per square foot is $67.53. The property consists of a single, one-story building.
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Total area
26,978 SF
Lot
1.18 ac (51,488 SF)
APN
29 03 07 3 000 002.XXX
UPID
US03-2971912
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.68M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.57M
Blend (final)
Blend
$1.68M
Owner & transaction history
Nolarose LLC · 1 yrs held
Nolarose LLC
since 2024
Last sale
$1.7M
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$2.3M
+32.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Mobile submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Mobile submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,675,000
ML approach
$1,675,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$1,715,000
Current use
COMMERCIAL (GENERAL)
$2,275,000
Change: +33% · Conversion: Difficult
Blend value · Realmo final
$1.68M
Range $1.51M – $1.84M · ±10% · vs last sale $1.68M (Sep 5 2024)
Last sale anchor
$1.68M
Sep 5 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$62 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$9,202
Tax year 2023
Assessed value
$144,920
Assessed 2023
Previous assessed
$144,920
+0.0% YoY
Effective rate
6.35%
On assessed value
Assessed land
$20,600
Assessed improvement
$124,320
Land market value
$103,000
Improvement market value
$621,600
Total market value
$724,600
Applied tax rate
14.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Heating
FORCED AIR
Cooling
AC.OFFICE ONLY
Buildings
2
Stories
1
Total area
26,978 SF
Lot
1.18 ac (51,488 SF)
APN
29 03 07 3 000 002.XXX
UPID
US03-2971912
Jurisdiction
MOBILE
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$1.7M
COMMERCIAL (GENERAL)
Est. value
$2.3M
WAREHOUSE, STORAGE Current
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
2
Lot
1.18 ac
Current owner
From public records · entity-resolved
Nolarose LLC
Entity
Free & Clear · 1 yrs held
Mailing address
3512 7TH AVE S, BIRMINGHAM, AL 35222-3211
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 5, 2024
$1,675,000
Nolarose LLC
Mccorquodale & Mclaurin LLC
Warranty Deed
—
—
—
Raue,frank J JR
—
Deed Of Trust
related
$13,000,000 · Banktrust
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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