1855 Spring Hill AveMobile, AL 36607
- Healthcare properties
- 8,722 SF
Property Details for 1855 Spring Hill Ave
- Year built
- 1975
- Lot size
- 0.63 AC
- Property size (Sq ft)
- 8,722 SF
- Property type
- Healthcare properties
- Property subtype
- Medical offices
- APN
- 29 07 24 0 001 171.XXX
- APU
- 2907240001171XXX
Description
This 11,407-square-foot Class B medical office building in Mobile, Alabama, presents a compelling investment opportunity. Located at 1855 SpringHill Ave, the property boasts a 100% occupancy rate with a stabilized, single-tenant lease to Cardio-Thoracic & Vascular Surgical Associates, P.C., a well-established practice performing over 2,000 major procedures annually. The lease, commencing April 1, 2024, and expiring November 1, 2027, includes two three-year renewal options and features 2% annual rent bumps. The asking price is $1,550,000, representing a price per square foot of $135.88 and a 9.42% cap rate based on a current Net Operating Income (NOI) of $146,000. Built in 1975 and renovated in 2018, the property sits on a 0.63-acre lot. The lease is personally guaranteed by the physicians, mitigating risk. The property's location within Mobile's medical district, serving a population exceeding 190,000 within a five-mile radius, ensures strong long-term prospects. This fee-simple ownership offers a secure investment with significant upside potential due to below-market rent and a strong tenant. The property's APN is 2907240004137XXX, 2907240001172XXX, and 2907240001171XXX.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $1,181,261
- 6.5%
- $1,090,395
- 7%
- $1,012,509
-
Comparable approach
- Method
- Valuation
- Relative Method
- $590,322
- Geo Method
- $620,047
-
Alternative Use
- Use
- Valuation
- Residential
- $1,352,089
- Hospitality
- $1,238,507
- Educational
- $1,030,423
- Medical
- $1,065,861
- Retail
- $1,602,880
Location Insight
- City
- Mobile
- County
- Mobile
- State
- Alabama
- Latitude
- 30.6913
- Longitude
- -88.0854
- CBSA code
- 33660
- CBSA name
- MOBILE, AL METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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