215 Narrows PkwyBirmingham, AL 35242

Property Details for 215 Narrows Pkwy

Year built

2017

Lot size

0.88 AC

Property size (Sq ft)

8,952 SF

Property type

Office buildings

APN

94201004003000

APU

94201004003000

Description

This exceptional 9,000-square-foot Class A office building, constructed in 2017, sits on a 0.88-acre lot in Birmingham, Alabama's desirable Shelby County (zip code 35242). The single-story building features three 3,000-square-foot suites, currently occupied by State Farm, Ridge Crest Homes, and Simplified Behavioral Health. One suite is immediately available, presenting a unique owner-user opportunity to occupy a portion of the building while leveraging rental income from the remaining suites. The current monthly rental income is $9,500, with taxes and insurance totaling approximately $1,550 per month. Tenants are responsible for their own utilities and expenses. The property boasts impressive curb appeal, abundant parking, and convenient access to US Highway 280, Greystone, and Highland Lakes, within the rapidly growing 280 area. The asking price is $1,800,000, representing a significant value below replacement cost and offering substantial upside potential for an owner-occupant or investor. The property is zoned for commercial use and is offered fee simple. This is a rare opportunity to acquire a high-quality building in a prime location with immediate occupancy potential and strong rental income. Current rent is below market, offering significant potential for increased revenue.

• CAP approach

  CAP return

  Valuation

  6%

  $1,893,387

  6.5%

  $1,747,742

  7%

  $1,622,903

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,458,191

  Geo Method

  $1,746,177

• Alternative Use

  Use

  Valuation

  Residential Income

  $2,167,200

  Hospitality / Lodging

  $1,985,144

  Institutional / Educational

  $1,651,616

  Healthcare / Senior Housing

  $1,708,418

  Retail / Commercial

  $2,569,180

Location Insight

City

Birmingham

County

Shelby

State

Alabama

Latitude

33.3688

Longitude

-86.6645

CBSA code

13820

CBSA name

BIRMINGHAM-HOOVER, AL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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