Renovated Manufacturing
For Sale
$2,919,000
200 NE Commercial Cir, Keystone Heights, FL 32656
Multi-unit industrial property with IL zoning and updated improvements for manufacturing operations.
Property Size16,969 SF
Price / SF$172.02
Days on Market67
Property Features for 200 NE Commercial Cir
General Information
Standard status
Active
Size
16,969 SF
Property subtype
Industrial
Zoning
IL
Building Details
Building Size
16,969 SF
Year Built
2001
Year Renovated
2025
Buildings
1
Listing Agency:
Bosshardt Realty Services
(352) 502-5407
Listed By:
Marlon Bruce · License #FL #SL3625253
Source:
Bosscommercial
Added: Jun 25
Changed: Aug 29
Last Checked: Aug 29 at 9:14PM
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 Bosshardt Realty Services
Investment Insights
Based on property information with market context.
This manufacturing property comprises a 16,969-square-foot commercial building configured into three units. Constructed in 2001 and renovated in 2025, the facility offers an updated physical platform for industrial and manufacturing operations. IL zoning supports the property's industrial classification and provides a defined framework for these uses.
The property is located at 200 NE Commercial Cir in Keystone Heights, Florida, within the North Central Florida area. Its multi-unit configuration allows the building to accommodate separate operational areas within one commercial asset.
The property is located at 200 NE Commercial Cir in Keystone Heights, Florida, within the North Central Florida area. Its multi-unit configuration allows the building to accommodate separate operational areas within one commercial asset.
Key Highlights
- 16,969 SF manufacturing building
- Three‑unit configuration supports separate operational areas
- Renovated in 2025
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
$119,883
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
4.11%
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%
$2,397,660
$2.4M
Cap Rate 7%
$1,712,614
$1.7M
Cap Rate 9%
$1,332,033
$1.3M
Market Conditions
NOI Build-Up for 16,969 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
$181.2K $10.68/SF
− Vacancy
−$10.0K −$0.59/SF
EGI
$171.3K $10.09/SF
− OpEx
−$51.4K −$3.03/SF
NOI
$119.9K $7.06/SF
Area
Clay County, FL
Vacancy
5.50%
Lease Rate
$10.68 /SF/Yr
Expense Ratio
30.00%
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%
$2,397,660
Cap Rate 7%
$1,712,614
Cap Rate 9%
$1,332,033
Alternative Uses
Best Use
Industrial
$1.71M
$1.50M – $2.00M
NOI $119,883 @ 7.0% cap · market cap 4.11%
Second Best
Flex RnD
$1.59M
$1.39M – $1.86M
NOI $111,320 @ 7.0% cap · market cap 3.81%
Theoretical Best
Office A
$4.53M
$3.96M – $5.28M
NOI $316,845 @ 7.0% cap · market cap 10.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
401
Businesses Nearby
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 Industrial 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?
Manufacturing property - Multi-unit industrial property with IL zoning and updated improvements for manufacturing operations.
Where is this manufacturing property located?
The property is located at 200 NE Commercial Cir Keystone Heights, FL.
What is the asking price?
The asking price for this property is $2,919,000.
What are key features of this property?
This property features: 16,969 SF manufacturing building; Three‑unit configuration supports separate operational areas; Renovated in 2025
