Office Building with
For Sale
$949,000
350 N SUMMIT Street, Crescent City, FL 32112
Commercial Sale, Crescent City, FL
Property Size3,290 SF
Lot Size0.67 Acres
Price / SF$288.45
Days on Market265
Property Features for 350 N SUMMIT Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Commercial
Parking features
Parking Lot
Subdivision
Crescent City Blks
Lot features
Corner Lot
Directions
South on Highway 17 to Crescent City, follow to property on left, at corner of N. Summit St/Hwy 17 and Palmetto Ave.
Standard status
Active
APN
191228175005400040
Size
3,290 SF
Lot size
0.67 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
24778
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Amenities
drive-through lanes
secure built-in vault
Building Details
Year built
1986
Flooring type
Tile, Carpet
Building materials
Frame, Stone
Listing Agency:
COLDWELL BANKER BEN BATES INC · Coldwell Banker Real Estate
(386) 328-6716
Listed By:
CHRISTOPHER CHASE BARNES · License #0475517
(386) 385-4404
Added: Dec 3, 2025
Changed: Aug 20
Last Checked: Aug 25 at 9:06AM
MLS# 2120076
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.
This 3,290-square-foot office building was constructed in 1986 and occupies approximately 0.67 acres. The former banking facility includes a lobby and teller area, multiple private offices, two drive-through lanes, and a built-in secure vault. Interior finishes include tile and carpet, with central and electric heating and central air conditioning.
Located at 350 N SUMMIT Street in Crescent City, the property has access from two entrances and includes a parking lot. Public water and public sewer serve the site, while natural gas is available. GC-1 (General Commercial) zoning and the existing office-oriented layout provide a defined commercial configuration.
Located at 350 N SUMMIT Street in Crescent City, the property has access from two entrances and includes a parking lot. Public water and public sewer serve the site, while natural gas is available. GC-1 (General Commercial) zoning and the existing office-oriented layout provide a defined commercial configuration.
Key Highlights
- 3,290 square feet on approximately 0.67 acres
- GC‑1 (General Commercial) zoning
- Two drive‑through lanes and a built‑in secure vault
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
$42,807
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
4.51%
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%
$856,140
$856.1K
Cap Rate 7%
$611,529
$611.5K
Cap Rate 9%
$475,633
$475.6K
Market Conditions
NOI Build-Up for 3,290 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
$72.2K $21.96/SF
− Vacancy
−$15.2K −$4.61/SF
EGI
$57.1K $17.35/SF
− OpEx
−$14.3K −$4.34/SF
NOI
$42.8K $13.01/SF
Area
Putnam County, FL
Vacancy
21.00%
Lease Rate
$21.96 /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%
$856,140
Cap Rate 7%
$611,529
Cap Rate 9%
$475,633
Alternative Uses
Best Use
Office B
$611.5K
$535.1K – $713.5K
NOI $42,807 @ 7.0% cap · market cap 4.51%
Second Best
Specialty Retail
$521.3K
$456.1K – $608.2K
NOI $36,491 @ 7.0% cap · market cap 3.85%
Theoretical Best
Office A
$856.8K
$749.7K – $999.6K
NOI $59,976 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
213
Businesses Nearby
Explore this area
Business Placement
Demographics for 32112, FL
7,460
Population
3,866
Households
1.9
Avg Household Size
45
Median Age
10%
College-Educated
69%
High-School Grad
51.5 sq mi
ZIP Area
145
Density / Sq Mi
$39,247
Median Household Income
$27,238
Median Earnings
$743
Median Rent
$150,000
Median Home Value
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?
Office building - The property carries GC-1 (General Commercial) zoning and has access from two separate entrances.
Where is this office building located?
The property is located at 350 N SUMMIT Street Crescent City, 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: 3,290 square feet on approximately 0.67 acres; GC‑1 (General Commercial) zoning; Two drive‑through lanes and a built‑in secure vault
