2189 Parkway Lake DrHoover, AL 35244

Property Details for 2189 Parkway Lake Dr

Year built

1988

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.12 AC

Property size (Sq ft)

12,393 SF

Property type

Office properties

Property subtype

Office buildings

APN

104190001001022

APU

104190001001022

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $2,621,174

  6.5%

  $2,419,545

  7%

  $2,246,720

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,018,696

  Geo Method

  $2,417,378

• Alternative Use

  Use

  Valuation

  Residential

  $3,000,236

  Hospitality

  $2,748,200

  Educational

  $2,286,470

  Medical

  $2,365,105

  Retail

  $3,556,731

Location Insight

City

Hoover

County

Shelby

State

Alabama

Latitude

33.3605

Longitude

-86.7894

CBSA code

13820

CBSA name

BIRMINGHAM-HOOVER, AL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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