2970 Pelham PkwyPelham, AL 35124

Property Details for 2970 Pelham Pkwy

Year built

1999

Lot size

0.80 AC

Property size (Sq ft)

4,182 SF

Property type

Healthcare properties

Property subtype

Medical offices

APN

136132002009002

APU

136132002009002

Description

This exceptional investment opportunity presents a 4,182 square foot Class A medical office building in Pelham, Alabama. Located at 2970 Pelham Parkway, the property boasts a prominent position with high visibility and convenient access. The building is currently leased to American Family Care under a new 15-year Absolute NNN lease, commencing August 1, 2023, and expiring July 31, 2038, leaving 13.7 years remaining. The lease includes annual rent increases based on CPI adjustments, with a 2% floor and no cap, ensuring consistent income growth. The tenant is backed by a corporate guarantee, mitigating risk. The property offers ample on-site parking, a significant advantage for both patients and staff. Its strategic location near Shelby Baptist Hospital, various industrial businesses, and other medical parks further enhances its appeal and potential for long-term value appreciation. The asking price is $2,064,684, representing a price per square foot of $493.71 and a compelling 6.18% cap rate with a current NOI of $127,597. This is a turnkey investment with a strong tenant, a long-term lease, and significant upside potential. The property is situated in Shelby County, Alabama, zip code 35124.

• CAP approach

  CAP return

  Valuation

  6%

  $884,511

  6.5%

  $816,472

  7%

  $758,152

• Comparable approach

  Method

  Valuation

  Relative Method

  $681,206

  Geo Method

  $815,741

• Alternative Use

  Use

  Valuation

  Residential

  $1,012,425

  Hospitality

  $927,376

  Educational

  $771,566

  Medical

  $798,101

  Retail

  $1,200,214

Location Insight

City

Pelham

County

Shelby

State

Alabama

Latitude

33.2984

Longitude

-86.8112

CBSA code

13820

CBSA name

BIRMINGHAM-HOOVER, AL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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