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    278 SE Gillen Ter Lulu, FL 32061

    Sponsored
    For Sale
    $305,000

    Commercial - Lulu, FL

    Days on Market:
    38
    Last Refresh:
    Feb 3 at 10:06 am

    Property Features for 278 SE Gillen Ter

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    34-4S-18-10546-000
    Parking features
    Garage

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    2005
    Year renovated
    2005
    Flooring type
    Hardwood, Tile
    Roof type
    Asphalt, Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Matthew Rende

    Empire Realty of North Florida, Inc. (386) 626-8004

    Listing agent Matthew Rende (386) 626-8004

    Listing date Dec 28, 2025

    MLS# 11583510 Listing URL

    Copyright © 2026 My State MLS. 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

    Lulu, FL Income Property

    This property in Lulu, FL, features two homes on 5.481 acres. It includes a single-family residence with 2 bedrooms and 2 bathrooms, as well as a duplex containing two 1-bedroom, 1-bathroom units. Located approximately 10 minutes outside of Lake City, the property is situated in a quiet area without deed restrictions. The property is suitable for various uses, including a rental portfolio, day care, assisted living facility, or senior independent living. Each dwelling has its own septic system. A private well with a new pump serves both buildings. There is land available for additional construction or development. The property is income-producing.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Map

    City
    Lulu
    County
    Columbia
    State
    Florida
    Longitude
    -82.492481
    Latitude
    30.105047

    Nearby Similar for Sale

    • $305,000
      3,080 SF

      Lulu, FL Income Property

      Two homes and a duplex on 5.481 acres.
      278 SE Gillen Ter, Lulu, FL 32061
      View Details
    • $204,900
      2,307 SF

      Prime Lulu Retail Space - High Visibility

      Renovated Retail Building, High Traffic Area
      8717 State Road 100, Lulu, FL 32061
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    • $204,900

      Lulu General Store: Prime Retail Opportunity

      Florida Retail Building - High Traffic Location
      8717 Sr 100, Lulu, FL 32061
      View Details

    FAQs

    What type of property is this?
    Duplex - Two homes on 5.481 acres, potential income property.
    Where is this duplex located?
    The property is located at 278 SE Gillen Ter Lulu, FL.
    What is the asking price?
    The asking price for this property is $305,000.
    What are key features of this property?
    This property features: - Two homes on 5.481 acres offer immediate income potential or multi-generational living.; - Located in a peaceful, unrestricted area of Lulu, FL, just 10 minutes from Lake City.; - Suitable for various uses including rental portfolio, daycare, assisted living, or senior independent living.
    (386) 288-4253
    Request Owner's contact information
    278 SE Gillen Ter Lulu, FL 32061
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    Lulu, FL 32061
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    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
    278 SE Gillen Ter Lulu, FL 32061
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    We can help!
    Listing Contact
    Matthew Rende
    Real Estate License ID: 3315107
    (386) 288-4253
    Learn more
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