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    307/309 State Road 26 Melrose, FL 32666

    Sponsored
    For Sale
    $949,000

    Mixed Use - MELROSE, FL

    Type:Mixed Use
    Property size:
    5,664 SF
    Lot size:
    0.76 Acres
    Days on Market:
    121
    Last Refresh:
    Feb 12 at 12:06 am

    Property Features for 307/309 State Road 26

    General Information

    Property type
    Commercial Sale
    Property subtype
    Mixed Use
    Standard status
    Active
    Zoning
    C2
    APN
    18-09-23-5670-0000-0610
    Size
    5,664 SF
    Lot size
    0.76 Acres

    Utilities

    Cooling system
    Central Air, Ductless, Multi Units

    Building Details

    Year built
    2011
    Building materials
    Block, Frame
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Perry Pursell
    Perry Pursell

    Coldwell Banker M.M. Parrish Realtors (352) 335-4999

    Listing agent Perry Pursell (352) 335-4999 License #0518980

    Listing date Oct 15, 2025

    MLS# GC520243 Listing URL

    Copyright © 2026 Stellar 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

    Melrose Mixed-Use Commercial Center

    The Melrose Center features two buildings in Melrose. The front building, known as "The Studios of Melrose," includes eleven mixed-use offices that accommodate health care providers, artist studios, and a multi-room art gallery. The building showcases a Victorian four-square design, a historic standard throughout the town. The center is licensed as a fifty-seat full-service restaurant with both inside and outside eating areas. The kitchen was fully renovated in 2021, with equipment upgrades. The facility has inside and outside stages used weekly to showcase musicians. The inside hall is also used to showcase local artists’ work. The property is certified by Visit Florida as a Welcome and Information Center, serving the broader Lake Area Region spanning Gainesville, Ocala, Palatka, St. Augustine, and Jacksonville, and is affiliated with all statewide Welcome Centers through Visit Florida. Located between I-75 and I-95, the site experiences 8,000–10,000 cars daily. The property, situated on 0.76 acres, totals 5,664 square feet and is zoned C2. It functions as a combination restaurant, art house, and community gathering place.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Showrooms

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Melrose
    County
    Putnam
    State
    Florida
    Longitude
    -82.047131
    Latitude
    29.709205

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    FAQs

    What type of property is this?
    Restaurant - Mixed-use property with restaurant, studios, and art gallery in Melrose.
    Where is this restaurant located?
    The property is located at 307/309 State Road 26 Melrose, FL.
    What is the asking price?
    The asking price for this property is $949,000.
    What are key features of this property?
    This property features: - Licensed 50-seat full-service restaurant with renovated kitchen (2021) and indoor/outdoor seating.; - High visibility location on Hwy 26 with 8,000-10,000 cars daily, between I-75 and I-95.; - Certified Visit Florida Welcome and Information Center serving a large region.
    (352) 335-4999
    Request Owner's contact information
    307/309 State Road 26 Melrose, FL 32666
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    Melrose, FL 32666
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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
    307/309 State Road 26 Melrose, FL 32666
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    We can help!
    Listing Contact
    Perry Pursell
    Perry Pursell
    Real Estate License ID: 0518980
    (352) 335-4999
    Learn more
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