5-Unit Office
New
For Sale
$425,000
180 S Cherry St, Monticello, FL 32344
Individual office suites offer window air conditioning and access to street parking plus a city parking lot.
Property Size4,214 SF
Price / SF$100.85
Days on Market1
Property Features for 180 S Cherry St
General Information
Standard status
Active
Size
4,214 SF
Additional Details
Gross Income
$20,400
Office Units
5
Amenities
breezeway
common bathrooms
private bath
window unit ac
Building Details
Tenancy
Multi
Owner Occupied
Yes
Listing Agency:
Kelly & Kelly Properties, Inc
Listed By:
Barry Kelly · License #308602
(850) 510-4220
Source:
Hopegainesrealestate
Added: Sep 21
Last Checked: Sep 21 at 7:19AM
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 Kelly & Kelly Properties, Inc
Investment Insights
Based on property information with market context.
Located at 180 S Cherry St in Monticello, this 4214-square-foot office property contains five individual spaces connected by a breezeway. Each space has a window unit air conditioner, while restroom facilities include two shared bathrooms and one private bathroom serving a single unit.
Three spaces are currently rented, and the owner occupies the remaining two. Parking is available along the street, with additional spaces in the city parking lot. The configuration provides a mix of private office areas, shared circulation, and flexible restroom access within an established office setting.
Three spaces are currently rented, and the owner occupies the remaining two. Parking is available along the street, with additional spaces in the city parking lot. The configuration provides a mix of private office areas, shared circulation, and flexible restroom access within an established office setting.
Key Highlights
- 4214‑square‑foot office property with 5 individual spaces
- Breezeway connects the office spaces
- 2 common bathrooms plus 1 private bathroom
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
$38,381
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
9.03%
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%
$767,620
$767.6K
Cap Rate 7%
$548,300
$548.3K
Cap Rate 9%
$426,456
$426.5K
Market Conditions
NOI Build-Up for 4,214 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
$75.9K $18.00/SF
− Vacancy
−$6.1K −$1.44/SF
EGI
$69.8K $16.56/SF
− OpEx
−$31.4K −$7.45/SF
NOI
$38.4K $9.11/SF
Area
Jefferson County, FL
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$767,620
Cap Rate 7%
$548,300
Cap Rate 9%
$426,456
Alternative Uses
Best Use
Office B
$739.6K
$647.1K – $862.8K
NOI $51,769 @ 7.0% cap · market cap 12.18%
Second Best
Apartment 5plus
$548.3K
$479.8K – $639.7K
NOI $38,381 @ 7.0% cap · market cap 9.03%
Theoretical Best
Office A
$1.03M
$904.0K – $1.21M
NOI $72,316 @ 7.0% cap · market cap 17.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
407
Businesses Nearby
Explore this area
Business Placement
Demographics for 32344, FL
12,705
Population
5,988
Households
2.1
Avg Household Size
49
Median Age
21%
College-Educated
87%
High-School Grad
444.6 sq mi
ZIP Area
29
Density / Sq Mi
$52,222
Median Household Income
$37,131
Median Earnings
$776
Median Rent
$208,600
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office units - Individual office suites offer window air conditioning and access to street parking plus a city parking lot.
Where is this office units located?
The property is located at 180 S Cherry St Monticello, FL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 4214‑square‑foot office property with 5 individual spaces; Breezeway connects the office spaces; 2 common bathrooms plus 1 private bathroom
