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    Historic Mixed-Use Property Near Sea Title is generated by Realmo AI

    2390 Oak Street, Carrabelle, FL 32322

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    For Sale
    $789,000

    7000 sqft mixed-use property near the sea with apartments.

    Type:Business Opportunities
    Property size:
    7,000 SF
    Lot size:
    1.22 Acres
    Price / SF:
    $112/SF
    Added:
    Jul 18, 2022
    Days on Market:
    1419
    Last Refresh:
    May 12 at 9:16 pm

    Property Features for 2390 Oak Street

    General Information

    Standard status
    Active
    Size
    7,000 SF
    Lot size
    1.22 Acres
    Property subtype
    Business Opportunities

    We can help!

    Listing Contact
    Jennifer Stein

    Listing agent Jennifer Stein

    Listing office HomeLister Inc

    Listing date Jul 18, 2022

    Source Xome

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of HomeLister Inc

    HighLights

    • Potential for mixed‑use: commercial/residential property with live/work options
    • Large property: Over 7000 sqft on 1.22 acres near the sea
    • Multiple income streams: Features 3 existing apartments with potential for 3 more
    • Restaurant equipped: Includes a large stone pizza oven
    • New roof: 24 Gauge Metal Standing Seam Roof (95% Restored)
    • Additional amenities: 3‑Phase Power, Well, Office, Massage Room, 5 Bathrooms, 7 Storage Units, New 30x30 Garage, Recently Fully Fenced

    Overview

    This mixed-use property, located near the sea, offers both commercial and residential opportunities. The historic building, once part of Camp Gordon Johnston, features approximately 7000 square feet of space on a 1.22-acre lot. The property includes three apartments with the potential for three more. One apartment has been beautifully refurbished, featuring 1800 square feet, high ceilings, and exposed beams. There is also a studio with marble countertops and exposed original brick. A new 24-gauge metal standing seam roof has been 95% restored. The property is equipped for a restaurant, including a large stone pizza oven. Additional features include 3-phase power, a well, an office, a massage room, three extra-large rooms with storefront access, five bathrooms, and seven storage units. The property is fully fenced and includes a new 30x30 garage. It is located three blocks from Hwy 98 and the bay, offering potential for live, work, and play.
    Property Profile Location Intelligence

    Current Use by Public Records

    Delta 8 RX ... Specialty Food Shop

    Suggested Use

    Restaurant Real Estate Agency Auto Repair Shop Hotel & Motel Electrical Service Cafe & Coffee Shop Travel Agency Bed & Breakfast Restaurant

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

    Location Insight

    • Map
    • Local Demand
    City
    Carrabelle
    County
    Franklin
    State
    Florida
    Longitude
    -84.5953977
    Latitude
    29.8851171

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    FAQs

    What type of property is this?
    Mixed-use property - 7000 sqft mixed-use property near the sea with apartments.
    Where is this mixed-use property located?
    The property is located at 2390 Oak Street Carrabelle, FL.
    What is the asking price?
    The asking price for this property is $789,000.
    What are key features of this property?
    This property features: Potential for mixed‑use: commercial/residential property with live/work options; Large property: Over 7000 sqft on 1.22 acres near the sea; Multiple income streams: Features 3 existing apartments with potential for 3 more
    (855) 400-8566
    We can help!
    Listing Contact
    Jennifer Stein
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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
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