Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    209 NE Way, Unit 16 Melrose, FL 32666

    Sponsored
    For Sale
    Under Contract
    $199,000

    LAND - Melrose, FL

    Lot size:
    11.01 Acres
    Days on Market:
    7
    Last Refresh:
    Mar 4 at 3:06 am

    Property Features for 209 NE Way

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active Under Contract
    Security features
    Security
    APN
    18648-001-016
    Lot size
    11.01 Acres

    Utilities

    Utilities
    Electricity Available
    Water front features
    Lake Front
    Water front
    1

    Building Details

    Additional Structures
    Gazebo

    We can help!

    Listing Contact
    KAREN TILLO

    Florida Homes Realty and Mortgage (904) 363-8395

    Listing agent KAREN TILLO (904) 800-4663

    Listing date Feb 26, 2026

    MLS# 2100152 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Waterfront Estate Land Opportunity

    This 11.04-acre estate offers a unique opportunity to build a waterfront estate. Located in a gated community on a cul-de-sac, the property is adorned with grand old oak trees. The new owner has the option to build two homes, a pole barn, and include farm animals. The property features 1,600+ feet of water frontage directly on Lake Bonnet, a small, secluded lake accessible only to deeded owners of the community. This lake provides a playground for water activities. This is the 3rd largest of 24 lots in the community. The property is located in Melrose, Florida, in Alachua County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Waterfront Properties

    Map

    City
    Melrose
    County
    Putnam
    State
    Florida
    Longitude
    -82.099357
    Latitude
    29.722694

    Nearby Similar for Sale

    • $949,000
      5,664 SF

      Melrose Mixed-Use Commercial Center

      Mixed-use property with restaurant, studios, and art gallery in Melrose.
      307/309 State Road 26, Melrose, FL 32666
      View Details
    • $400,000
      2,220 SF

      Lakefront Home with Income Potential

      Well-maintained home on 1.19 acres with rental income.
      135 Ashley Lake Dr, Melrose, FL 32666
      View Details
    • $640,000

      Versatile Warehouse in Melrose, Florida

      3,640 sqft warehouse-style property in Melrose, Florida, built in 1990.
      8786 State Road 21, Melrose, FL 32666
      View Details
    • $999,999
      5 SF

      Melrose Center: Restaurant & Art Venue

      Restaurant, art venue, and community gathering place in Melrose, Florida.
      307/309 Melrose St, Melrose, FL 32666
      View Details
    • Contact for pricing
      9,440 SF

      Melrose Retail Investment Opportunity

      NNN leased Family Dollar with CPI-linked increases.
      881 N State Road 21, Melrose, FL 32666
      View Details
    • $640,000

      Versatile Warehouse-Style Property in Melrose

      3,640 SF warehouse-style property in Melrose, Florida. Built in 1990.
      8782 State Road 21, Melrose, FL 32666
      View Details
    • $330,000

      Commercial Property Near Historical Melrose

      Commercial property near Historical Melrose with lucrative investment potential.
      8790 State Road 21, Melrose, FL 32666
      View Details
    • $999,999
      6,006 SF

      Melrose Center: Mixed-Use Gem

      Prime Hwy 26 location, restaurant & art space.
      307/309 State Road 26, Melrose, FL 32666
      View Details
    • $175,000
      0.31 Acres

      Prime Melrose Commercial Lot

      High-traffic location, build-ready site.
      850 State Road 21, Melrose, FL 32666
      View Details
    • $85,000
      0.34 Acres

      Melrose Commercial Lot - High Visibility

      Prime Clay County location, high traffic, great visibility.
      8778 State Road 21, Melrose, FL 32666
      View Details
    • $165,000

      Commercial Corner Lot For Sale

      Corner lot with commercial zoning, suitable for retail or office.
      892 N State Road 21, Melrose, FL 32666
      View Details

    FAQs

    What type of property is this?
    Land - 11+ acre waterfront estate in gated community on Lake Bonnet.
    Where is this land located?
    The property is located at 209 NE Way, Unit 16 Melrose, FL.
    What is the asking price?
    The asking price for this property is $199,000.
    What are key features of this property?
    This property features: - 1,600+ feet of private water frontage on Lake Bonnet.; - Large 11.04-acre estate in a gated community.; - Opportunity to build two homes, a pole barn, and keep farm animals.
    (904) 800-4663
    Request Owner's contact information
    209 NE Way, Unit 16 Melrose, FL 32666
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    209 NE Way, Unit 16
    Melrose, FL 32666
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    209 NE Way, Unit 16 Melrose, FL 32666
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    KAREN TILLO
    Real Estate License ID: 3460604
    (904) 800-4663 (904) 996-9115
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!