Building Details

Year Built 1959

Tenancy Multi

Listing Agency: CW REALTY

Listed By: CHARNELLE WHITTEMORE Show Phone

Source: Onewinningteam

Added: Jul 20 Changed: Sep 15 Last Checked: Oct 7 at 5:17PM

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Investment Insights

Based on property information with market context.

Built in 1959, this flex property contains four separate units arranged across office and storage uses. The remodeled primary office suite includes a reception lobby, conference room, kitchenette, restroom, and two private offices. A second office suite provides its own lobby, kitchenette, restroom, open work area, and private office.

Two additional units provide enclosed storage space. One measures 21' x 22' and has built-in cabinets plus a mini-split A/C system; the other measures 14' x 22'. The second office suite is subject to a 1-year lease. The property is located at 160 SW Nightingale St in Keystone Heights, Florida, and offers a combination of administrative and storage areas within one commercial asset.

Key Highlights

• Four‑unit flex property with two office suites and two storage units
• Remodeled primary office includes lobby, conference room, kitchenette, bathroom, and two private offices
• Second office suite has a 1 year lease

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$31,089

Cap Rate

8.29%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$621,780 $621.8K

Cap Rate 7%

$444,129 $444.1K

Cap Rate 9%

$345,433 $345.4K

Market Conditions

NOI Build-Up for 2,220 SF

Gross rent

$53.3K $24.00/SF

− Vacancy

−$11.8K −$5.33/SF

EGI

$41.5K $18.67/SF

− OpEx

−$10.4K −$4.67/SF

NOI

$31.1K $14.00/SF

Area

Clay County, FL

Vacancy

22.20%

Lease Rate

$24.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$621,780

Cap Rate 7%

$444,129

Cap Rate 9%

$345,433

Alternative Uses

Best Use

Office B

$444.1K

$388.6K – $518.2K (±1% cap)

NOI $31,089 @ 7.0% cap · market cap 8.29%

Second Best

Industrial

$224.1K

$196.1K – $261.4K (±1% cap)

NOI $15,684 @ 7.0% cap · market cap 4.18%

Theoretical Best

Office A

$592.2K

$518.2K – $690.9K (±1% cap)

NOI $41,452 @ 7.0% cap · market cap 11.05%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

CW Realty - Keystone ... Real Estate Agency Steven Milligan, Realtor, ... Real Estate Agency In His Wakes Church Taryn Lewis, Broker ... Real Estate Agency

Suggested Use

Top Pick Building Supply Parking Lot & Garage HVAC Service Dental Office (Bike/Boat/Book/etc) Store Electrical Service

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

2

Office units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

444

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 32656, FL

14,686

Population

6,565

Households

2.2

Avg Household Size

44

Median Age

22%

College-Educated

90%

High-School Grad

70.1 sq mi

ZIP Area

210

Density / Sq Mi

$73,201

Median Household Income

$40,985

Median Earnings

$1,068

Median Rent

$202,900

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

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Flex space - Four-unit commercial property combines office suites with dedicated storage areas and includes a currently leased office suite.

Where is this flex space located?

The property is located at 160 SW Nightingale St Keystone Heights, FL.

What is the asking price?

The asking price for this property is $375,000.

What are key features of this property?

This property features: Four‑unit flex property with two office suites and two storage units; Remodeled primary office includes lobby, conference room, kitchenette, bathroom, and two private offices; Second office suite has a 1 year lease