For Sale
$1,905,000

2189 Parkway Lake DrHoover, AL 35244

Hoover, AL Office Building - 100% Occupied

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional two-story, Class B office building, totaling 12,393 square feet, is situated on a 1.12-acre lot at 2189 Parkway Lake Drive in Hoover, Alabama (zip code 35244). Currently 100% occupied with a single tenant under a gross lease, the property boasts a strong 7.10% cap rate and an asking price of $1,905,000 ($153.72/sq ft). The building, constructed in 1988 and extensively renovated between 2019 and 2021, offers a blend of executive and traditional office spaces. The upper floor comprises approximately 7,290 square feet, while the ground floor features roughly 5,103 square feet, including over 2,500 square feet of warehouse space with 14-foot clear heights. Ample parking is provided with 38 spaces. The property's prime location in Shelby County, between Highway 31 and Riverchase Parkway East, offers easy access to I-65 and is only 18 minutes from downtown Birmingham, placing it within a thriving business hub near numerous corporate headquarters. The current lease expires August 1, 2024, and includes a 2.5% annual rent escalation. This investment opportunity is priced below replacement cost, presenting a compelling return for investors.

Highlights

  • Below replacement cost pricing.
  • Two-story building totaling 12,393 square feet; upper floor approx. 7,290 SF, lower floor approx. 5,103 SF including over 2,500 SF of warehouse space with 14-foot clear heights.
  • Built in 1988, extensively renovated 2019-2021.

Property Details for 2189 Parkway Lake Dr

Property type
Office properties
Square Feet
12,393 SF
Class
B
Year Built
1988
Buildings
1
Stories
2
Lot Size (sq. ft)
48,787 SF

Location Insight

City
Hoover
County
Shelby
State
Alabama
Latitude
33.359987304356
Longitude
-86.78934004666
2189 Parkway Lake Dr, Hoover, Alabama

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2189 Parkway Lake Dr
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