408 1st Street North Medical Office Building
408 1st Street North is an 18,500 SF Class A medical office building in Alabaster, Alabama, offered at an 8.00% cap rate with $403,278 in-place NOI. The stabilized, two-tenant property is leased on a triple net basis to established medical practices—Complete Women's Care and Urology Centers of Alabama—with a weighted average lease term of 5.74 years and scheduled rent escalations. Currently 84% occupied with approximately 3,000 SF available, the property sits on 2.75 acres less than three-tenths of a mile from Baptist Health Shelby Hospital (Orlando Health System) and offers direct I-65 access.
Built in 2013, the single-story building features 102 parking spaces (5.50 per 1,000 SF) plus overflow parking, on-site signage, and medical office zoning. Complete Women's Care occupies 9,000 SF in Suite 200 on a five-year lease beginning November 2025 at $24.48/SF with 2% annual escalations and an expansion option to 12,000 SF in November 2027. Urology Centers of Alabama leases 6,500 SF in Suite 100 at $28.20/SF with 1.5% biennial escalations. Pro-forma NOI at 100% occupancy reaches $479,250 in 2027.
Alabaster is one of Shelby County's fastest-growing suburban markets, with population at 34,460 (0.86% annual growth), median household income of $90,163, and a 86.5% homeownership rate. The trade area supports strong demand for healthcare services, anchored by Baptist Health Shelby Hospital. Major developments underway include District 31 (600,000+ SF mixed-use center) and a new 100,000+ SF recreation center and public library. Within five miles, 67,241 residents generate median household income of $86,268 and average household income of $104,809. The region benefits from excellent schools (93.4% graduation rate), $884.7M in annual retail sales, and $356.5M in healthcare sector revenue.
- Two established medical tenants with built-out suites and 5.74-year weighted average lease term
- Less than 3/10 mile from Baptist Health Shelby Hospital with direct I-65 access
- 8.00% cap rate, $403,278 in-place NOI, pro-forma $479,250 NOI at full occupancy
- Scheduled rent escalations (2% annually and 1.5% biennial) provide stable income growth
- 3,000 SF available space in one of Shelby County's strongest growth markets
More property details
Features & amenities
Location
Located in the heart of Alabaster, Alabama, one of Shelby County's fastest growing suburban markets. Situated on approximately 2.75 acres with excellent visibility and proximity to major medical and transportation hubs. Less than 3/10 of a mile from Baptist Health Shelby Hospital (Orlando Health System) with direct access to I-65.
- Strong population and income growth;
- Expanding medical and service sectors;
- Major community and commercial developments underway;
- Highly rated schools and family oriented demographics;
- Direct access to I-65, only 30 minutes from Birmingham
Additional details
Alabaster continues to experience steady population, economic, and real estate growth, positioning itself as one of Shelby County's strongest and most dynamic suburban markets. Population increased to 34,460 in 2026 with 0.86% annual growth. Median household income of $90,163 well above national averages. High homeownership rate of 86.5%. Major developments include District 31 (600,000+ sq ft mixed-use center) and new Recreation Center & Public Library (100,000+ sq ft).
- Strong Population & Income Growth
- Robust Housing Market with rising home values
- Major Commercial & Community Developments (District 31, Recreation Center, Library)
- Strategic Location & Infrastructure with direct I-65 access
- High Quality of Life with excellent schools (93.4% graduation rate)
- Expanding Local Economy with $884.7M annual retail sales and $356.5M healthcare sector revenue
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Baptist Health Shelby Hospital (Orlando Health System) - less than 3/10 mile away