Historic Mixed-Use
For Sale
$1,495,000
215 N Jefferson Street, Monticello, FL 32344
CommercialSale, Monticello, FL
Property Size13,650 SF
Lot Size0.41 Acres
Price / SF$109.52
Days on Market56
Property Features for 215 N Jefferson Street
General Information
Property type
Commercial Sale
Property subtype
Office
Subdivision
OPM Store Lot
Directions
Two blocks north of the courthouse on left (US90)
Standard status
Active
APN
12065-00-00-00-0360-0000-0590
Lot size
0.41 Acres
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
original hardwood floors
exposed brick walls
antique doors
soaring open spaces
vacant lot
Building Details
Flooring type
Hardwood, Carpet
Building materials
Block, Concrete
Roof type
Metal
Listing Agency:
Steve C. Walker Realty, LLC
(850) 997-4061
Listed By:
Steve Walker · License #573389
(850) 545-1766
Added: Jul 30
Changed: Sep 13
Last Checked: Sep 23 at 2:06AM
MLS# 403407
Copyright © 2026 Tallahassee Board of Realtors. 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.
Located at 215 N Jefferson Street in downtown Monticello, this circa-1901 mixed-use building contains approximately 13,650 square feet. The ground floor is arranged as three separate commercial units, while the upper level offers a broad open floor plan. Original hardwood floors, exposed brick, antique doors, and tall interior spaces retain the building’s historic character. Block and concrete construction, a metal roof, central heating and central air, public water, and a combination of hardwood and carpet flooring are also present.
A 0.41-acre vacant lot behind the building adds outdoor area to the property. The site is in Monticello’s historic downtown, surrounded by shops, restaurants, businesses, and other historic surroundings. Residential, condominium, hospitality, and redevelopment concepts are subject to applicable zoning, permitting, historic-preservation requirements, and governmental approvals.
A 0.41-acre vacant lot behind the building adds outdoor area to the property. The site is in Monticello’s historic downtown, surrounded by shops, restaurants, businesses, and other historic surroundings. Residential, condominium, hospitality, and redevelopment concepts are subject to applicable zoning, permitting, historic-preservation requirements, and governmental approvals.
Key Highlights
- Approximately 13,650 square feet in a circa‑1901 mixed‑use building
- Ground floor configured as three distinct commercial units
- Upper level features an expansive open floor plan
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
$132,576
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
8.87%
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%
$2,651,520
$2.7M
Cap Rate 7%
$1,893,943
$1.9M
Cap Rate 9%
$1,473,067
$1.5M
Market Conditions
NOI Build-Up for 13,650 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
$204.8K $15.00/SF
− Vacancy
−$15.4K −$1.13/SF
EGI
$189.4K $13.88/SF
− OpEx
−$56.8K −$4.16/SF
NOI
$132.6K $9.71/SF
Area
Jefferson County, FL
Vacancy
7.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,651,520
Cap Rate 7%
$1,893,943
Cap Rate 9%
$1,473,067
Alternative Uses
Best Use
Office B
$2.40M
$2.10M – $2.79M
NOI $167,690 @ 7.0% cap · market cap 11.22%
Second Best
Retail
$1.89M
$1.66M – $2.21M
NOI $132,576 @ 7.0% cap · market cap 8.87%
Theoretical Best
Office A
$3.35M
$2.93M – $3.90M
NOI $234,247 @ 7.0% cap · market cap 15.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
416
Businesses Nearby
Explore this area
Business Placement
Demographics for 32344, FL
12,705
Population
5,988
Households
2.1
Avg Household Size
49
Median Age
21%
College-Educated
87%
High-School Grad
444.6 sq mi
ZIP Area
29
Density / Sq Mi
$52,222
Median Household Income
$37,131
Median Earnings
$776
Median Rent
$208,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Circa-1901 property combines three ground-floor commercial units with an open upper level and rear vacant lot.
Where is this mixed-use property located?
The property is located at 215 N Jefferson Street Monticello, FL.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Approximately 13,650 square feet in a circa‑1901 mixed‑use building; Ground floor configured as three distinct commercial units; Upper level features an expansive open floor plan
