Building Details

Buildings 1

Stories 1

Building Size 4,504 SF

Tenancy Multi

Listing Agency: Ciminelli Real Estate Services - Tampa

Listed By: Ciminelli Real Estate Services · License #CQ1011388

Source: Crexi

Added: Jun 11 Changed: Oct 11 Last Checked: Oct 14 at 11:16PM

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Investment Insights

Based on property information with market context.

This Florida portfolio includes three distinct commercial assets. In Havana, 111 acres of commercial/agricultural land are improved with four buildings totaling approximately 18,400 sf. Jacksonville contributes a 4,504 sf industrial building on 0.32 acres, while the Marianna asset is a 2,118 sf office building on approximately 1 acre.

The properties are located in Havana, Jacksonville, and Marianna, Florida. The portfolio is leased to local and national tenants and is associated with a cap rate close to 10%. The Havana property is identified at 1055 Scotland Road, Havana, FL 32333.

Key Highlights

• 111 acres of commercial/agricultural land in Havana, FL
• Four buildings totaling approximately 18,400 sf on the Havana property
• 4,504 sf industrial building on 0.32 acres in Jacksonville, FL

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$124,807

Cap Rate

5.88%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,496,140 $2.5M

Cap Rate 7%

$1,782,957 $1.8M

Cap Rate 9%

$1,386,744 $1.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 18,400 SF

Gross rent

$187.7K $10.20/SF

− Vacancy

−$9.4K −$0.51/SF

EGI

$178.3K $9.69/SF

− OpEx

−$53.5K −$2.91/SF

NOI

$124.8K $6.78/SF

Area

Gadsden County, FL

Vacancy

5.00%

Lease Rate

$10.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,496,140

Cap Rate 7%

$1,782,957

Cap Rate 9%

$1,386,744

Alternative Uses

Best Use

Office B

$3.23M

$2.83M – $3.77M (±1% cap)

NOI $226,044 @ 7.0% cap · market cap 10.65%

Second Best

Industrial

$1.78M

$1.56M – $2.08M (±1% cap)

NOI $124,807 @ 7.0% cap · market cap 5.88%

Theoretical Best

Office A

$4.51M

$3.95M – $5.26M (±1% cap)

NOI $315,762 @ 7.0% cap · market cap 14.87%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Rex Shiver Landscaping ... Landscaping

Suggested Use

Top Pick Real Estate Agency (Bike/Boat/Book/etc) Store Auto Repair Shop Law Firm Department Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

25

Businesses Nearby

Explore this area Business Placement

Demographics for 32333, FL

11,499

Population

5,162

Households

2.2

Avg Household Size

50

Median Age

33%

College-Educated

88%

High-School Grad

105.6 sq mi

ZIP Area

109

Density / Sq Mi

$56,968

Median Household Income

$39,092

Median Earnings

$917

Median Rent

$211,000

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Similar For Sale Nearby

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103 W 7TH Avenue, Havana, FL 32333

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0.06 Acres

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Downtown Storefront

307 N Main Street, Havana, FL 32333

$189,900

0.05 Acres

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Church Facility with Conference Room

Havana, FL 32333

$215,000

0.16 Acres

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Frequently Asked Questions

What type of property is this?

Office building - Florida portfolio combining leased land, industrial space, and an office building across three properties.

Where is this office building located?

The property is located at 1055 Scotland Road Havana, FL.

What is the asking price?

The asking price for this property is $2,123,000.

What are key features of this property?

This property features: 111 acres of commercial/agricultural land in Havana, FL; Four buildings totaling approximately 18,400 sf on the Havana property; 4,504 sf industrial building on 0.32 acres in Jacksonville, FL