Four-Unit Office Building with Remodeled
For Sale
$375,000
160 SW NIGHTINGALE Street, Keystone Heights, FL 32656
SINGLE_FAMILY - Keystone Heights, FL
Property Size2,220 SF
Lot Size0.32 Acres
Price / SF$168.92
Days on Market205
Property Features for 160 SW NIGHTINGALE Street
General Information
Property type
Residential
Property subtype
Office
Parking features
Off Street
Accessibility
Accessible Approach with Ramp
Directions
SR 100 to Lawrence Blvd. Turn right on Nightingale St. Property is on the right.
Subdivision
151-Keystone Heights
Standard status
Active
APN
19082302202100000
Size
2,220 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4379
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
lobby
conference room
kitchenette
bathroom
private office
open workspace
Building Details
Year built
1959
Flooring type
Tile, Laminate
Building materials
Block
Roof type
Aluminum
Listing Agency:
CW REALTY
(904) 964-3948
Listed By:
CHARNELLE WHITTEMORE
(352) 235-1825
Added: Jan 30
Changed: Aug 2
Last Checked: Aug 23 at 4:06AM
MLS# 2127830
Copyright © 2026 realMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Four-unit office building offering flexible use: lease all four units for income or occupy one unit and lease the remaining spaces. The main office suite includes a welcoming lobby, conference room, kitchenette, bathroom, and two private offices. The second office suite features a lobby, kitchenette, bathroom, large open workspace, and a private office, and is completely remodeled; it is currently under a 1-year lease. Two additional storage units include a 21' x 22' unit with built-in cabinets and a mini-split A/C unit, plus a 14' x 22' unit suitable for a variety of storage uses.
Located at 160 SW Nightingale Street in Keystone Heights, FL. The property sits on a 0.32-acre lot with plenty of city parking spots in front of the building and off-street parking on site. The building is constructed of block and has an aluminum roof, with tile and laminate flooring. Central heating and central air are provided, and accessibility includes an accessible approach with a ramp.
Public utilities include public water and public sewer.
Located at 160 SW Nightingale Street in Keystone Heights, FL. The property sits on a 0.32-acre lot with plenty of city parking spots in front of the building and off-street parking on site. The building is constructed of block and has an aluminum roof, with tile and laminate flooring. Central heating and central air are provided, and accessibility includes an accessible approach with a ramp.
Public utilities include public water and public sewer.
Key Highlights
- Four‑unit office property: lease all four units or occupy one and lease the other three
- Main office suite includes lobby, conference room, kitchenette, bathroom, and two private offices
- Completely remodeled second office suite with lobby, kitchenette, bathroom, large open workspace, and private office; currently has a 1‑year lease
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$31,089
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.29%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$621,780
$621.8K
Cap Rate 7%
$444,129
$444.1K
Cap Rate 9%
$345,433
$345.4K
Market Conditions
NOI Build-Up for 2,220 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$53.3K $24.00/SF
− Vacancy
−$11.8K −$5.33/SF
EGI
$41.5K $18.67/SF
− OpEx
−$10.4K −$4.67/SF
NOI
$31.1K $14.00/SF
Area
Clay County, FL
Vacancy
22.20%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$621,780
Cap Rate 7%
$444,129
Cap Rate 9%
$345,433
Alternative Uses
Best Use
Office B
$444.1K
$388.6K – $518.2K
NOI $31,089 @ 7.0% cap · market cap 8.29%
Second Best
Warehouse
$272.1K
$238.1K – $317.4K
NOI $19,045 @ 7.0% cap · market cap 5.08%
Theoretical Best
Office A
$592.2K
$518.2K – $690.9K
NOI $41,452 @ 7.0% cap · market cap 11.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
444
Businesses Nearby
Explore this area
Business Placement
Demographics for 32656, FL
14,686
Population
6,565
Households
2.2
Avg Household Size
44
Median Age
22%
College-Educated
90%
High-School Grad
70.1 sq mi
ZIP Area
210
Density / Sq Mi
$73,201
Median Household Income
$40,985
Median Earnings
$1,068
Median Rent
$202,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Four-unit office building with remodeled suites, lobby/conference areas, central HVAC, and off-street parking.
Where is this office units located?
The property is located at 160 SW NIGHTINGALE Street Keystone Heights, FL.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Four‑unit office property: lease all four units or occupy one and lease the other three; Main office suite includes lobby, conference room, kitchenette, bathroom, and two private offices; Completely remodeled second office suite with lobby, kitchenette, bathroom, large open workspace, and private office; currently has a 1‑year lease
