Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Retail Property Near Lake City Mall Title is generated by Realmo AI

    3585 NW BASCOM NORRIS, Lake City, FL 32055

    View on Map
    Claim this Listing
    For Sale
    $1,800,000

    Commercial, Single Story - Lake City, FL

    Property size:
    3,607 SF
    Lot size:
    0.97 Acres
    Price / SF:
    $499/SF
    Added:
    Aug 15, 2025
    Days on Market:
    277
    Last Refresh:
    May 18 at 3:06 am

    Property Features for 3585 NW BASCOM NORRIS

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    COMM
    Parking features
    Paved or Surfaced
    Interior features
    Ceiling Fans, Public Restrooms, Interior-cable, Cable Tv Available
    Exterior features
    Community Feature: City Limits, Irregular Lot Size, Large Lot
    Standard status
    Active
    Size
    3,607 SF
    Lot size
    0.97 Acres

    Utilities

    Utilities
    Cable Available
    Heating system
    Central, Electric (Heating)
    Cooling system
    Central Air, Electric

    Building Details

    Year built
    1996
    Floors in Building
    1
    Flooring type
    Tile, Tile - Ceramic
    Building materials
    Concrete, Frame, Stucco
    Architectural style
    Other

    We can help!

    Listing Contact
    Victor Lantroop

    Listing agent Victor Lantroop License #3140696

    Listing office UNITED COUNTRY DICKS REALTY 816 SW Main Blvd, Lake City, FL

    Listing date Aug 15, 2025

    MLS# 125187 Listing URL

    Copyright © 2026 Lake City 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.

    HighLights

    • Prime Location: Situated between Walmart, Lowe's, and Lake City Mall.
    • Large Lot Size: Features a large and potentially irregular lot.
    • Commercial Building: Originally a restaurant, suitable for various business ventures.
    • Durable concrete and stucco construction.
    • Ample parking available.
    • Essential Utilities: Cable TV available.

    Overview

    This single-story commercial property is located between Walmart, Lowe's, and the Lake City Mall. The building, situated on a 0.969-acre lot, encompasses 3,607 square feet. Originally a restaurant, the property is currently used as an electronics store; the business does not convey with the sale.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Black Cat Fireworks ... Discount Store StarTech Electronics & Wireless Store

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake City
    County
    Columbia
    State
    Florida
    Longitude
    -82.674851
    Latitude
    30.181096

    Nearby Similar for Sale

    • $610,000
      3,168 SF

      Highway Frontage Commercial Property

      3,168 sq ft commercial property on 1.501 acres.
      2832 SW MAIN BLVD., Lake City, FL 32025
      View Details
    • $795,000

      Commercial Property in Lake City

      Commercial property suitable for various uses, formerly a restaurant.
      535 SW MAIN BLVD, Lake City, FL 32024
      View Details
    • $198,654
      1,529 SF

      Lake City Office Space Available

      Professional office space with multiple offices, conference room, and kitchen.
      654 BAYA DR, Lake City, FL 32025
      View Details
    • $895,000
      1,322 SF

      Recreational Property Bordering National Forest

      105-acre recreational property near Lake City, Florida.
      1317 Northeast Drew Road, Lake City, FL 32055
      View Details
    • $295,000
      1,208 SF

      Lake City Professional Office

      Commercial office building with reception, exam rooms, and bathroom.
      1166 SW MAIN BLVD, Lake City, FL 32025
      View Details
    • $699,000
      15,000 SF

      Lake City Industrial Property

      15,000 SF industrial property on 1.72 acres in Lake City.
      3887 E US HIGHWAY 90, LAKE CITY, FL 32055
      View Details
    • $870,000
      8,800 SF

      Lake City Commercial Investment Property

      8,800 sq ft building leased to daycare center.
      258 SW Columbia Avenue, Lake City, FL 32025
      View Details
    • $225,000
      2,442 SF

      Remodeled Home Office Building

      Remodeled office building with modern amenities and income potential.
      340 SE Country Club Rd, Lake City, FL 32025
      View Details
    • $950,000
      9,206 SF

      Lake City Mobile Home Park

      12-lot mobile home park in Lake City, Florida.
      170 NE CRAIG AVENUE, LAKE CITY, FL 32055
      View Details
    • $599,200

      42.8 Acres Pasture Land

      42.8 acres of pasture land with development opportunities.
      SW MAYO RD, Lake City, FL 32024
      View Details
    • $2,975,000
      26,000 SF

      Versatile Commercial Asset with Airbnb Units

      Multi-functional commercial property with retail, industrial, and residential income.
      1524 NW Main Boulevard, Lake City, FL 32055
      View Details
    • $350,000

      Main Boulevard Office Building

      Class B office building with expansion and investment potential.
      229 SW MAIN Blvd, Lake City, FL 32025
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space near Walmart and Lowe's, formerly a restaurant.
    Where is this retail space located?
    The property is located at 3585 NW BASCOM NORRIS Lake City, FL.
    What is the asking price?
    The asking price for this property is $1,800,000.
    What are key features of this property?
    This property features: Prime Location: Situated between Walmart, Lowe's, and Lake City Mall.; Large Lot Size: Features a large and potentially irregular lot.; Commercial Building: Originally a restaurant, suitable for various business ventures.
    (386) 623-6401
    We can help!
    Listing Contact
    Victor Lantroop
    Real Estate License ID: 3140696
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    3585 NW BASCOM NORRIS, Lake City, FL 32055
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!