Mixed-Use Property with
For Sale
$949,000
307/309 STATE ROAD 26, Melrose, FL 32666
Office suites, food service, dining areas, and art and music venues share the center.
Property Size5,664 SF
Price / SF$167.55
Days on Market958
Property Features for 307/309 STATE ROAD 26
General Information
Standard status
Active
Size
5,664 SF
Property subtype
Mixed Use
Site & Location
Traffic Count
10,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Restaurant
Seating Capacity
50
Patio
Yes
Additional Details
Office Units
11
Taxes and HOA fees
Annual Taxes
$5,847
Amenities
indoor stage
outdoor stage
art gallery
Visit Florida certified Welcome Center
Building Details
Building Size
5,664 SF
Year Built
2011
Year Renovated
2021
Buildings
2
Construction
Victorian
Listing Agency:
COLDWELL BANKER M.M. PARRISH REALTORS
Listed By:
Perry Pursell · License #0518980
(352) 335-4999
Source:
Ansonproperties
Added: Mar 15, 2024
Changed: Oct 26
Last Checked: Oct 26 at 2:39PM
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 COLDWELL BANKER M.M. PARRISH REALTORS
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Investment Insights
Based on property information with market context.
The Melrose Center is a 5,664-square-foot mixed-use property built in 2011. Its front building contains 11 offices used by health care providers and artists, along with a multi-room art gallery. The center is licensed for a 50-seat full-service restaurant with indoor and outdoor dining. The kitchen was renovated in 2021, and equipment was upgraded. Indoor and outdoor stages host weekly musicians, while the interior hall displays work by local artists.
The property faces State Road 26 and sits between I-75 and I-95. The site is reported to see 8,000–10,000 cars daily. It also serves as a Visit Florida-certified welcome and information center for the Lake Area Region, with an affiliation to statewide welcome centers.
The property faces State Road 26 and sits between I-75 and I-95. The site is reported to see 8,000–10,000 cars daily. It also serves as a Visit Florida-certified welcome and information center for the Lake Area Region, with an affiliation to statewide welcome centers.
Key Highlights
- 5,664‑square‑foot mixed‑use center built in 2011
- 11 offices, including spaces used by health care providers and artists, plus a multi‑room gallery
- Restaurant licensed for 50 seats, with indoor and outdoor dining
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$73,696
Cap Rate
7.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,473,920
$1.5M
Cap Rate 7%
$1,052,800
$1.1M
Cap Rate 9%
$818,844
$818.8K
Market Conditions
NOI Build-Up for 5,664 SF
Gross rent
$124.4K $21.96/SF
− Vacancy
−$26.1K −$4.61/SF
EGI
$98.3K $17.35/SF
− OpEx
−$24.6K −$4.34/SF
NOI
$73.7K $13.01/SF
Area
Putnam County, FL
Vacancy
21.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,473,920
Cap Rate 7%
$1,052,800
Cap Rate 9%
$818,844
Alternative Uses
Best Use
Office B
$1.05M
$921.2K – $1.23M
NOI $73,696 @ 7.0% cap · market cap 7.77%
Second Best
Specialty Retail
$897.5K
$785.3K – $1.05M
NOI $62,823 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$1.48M
$1.29M – $1.72M
NOI $103,254 @ 7.0% cap · market cap 10.88%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
11
Office units
10,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
173
Businesses Nearby
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Business Placement
Demographics for 32666, FL
5,961
Population
3,398
Households
1.8
Avg Household Size
51
Median Age
30%
College-Educated
97%
High-School Grad
56.8 sq mi
ZIP Area
105
Density / Sq Mi
$66,540
Median Household Income
$35,669
Median Earnings
$519
Median Rent
$206,000
Median Home Value
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Office suites, food service, dining areas, and art and music venues share the center.
Where is this mixed-use property located?
The property is located at 307/309 STATE ROAD 26 Melrose, FL.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: 5,664‑square‑foot mixed‑use center built in 2011; 11 offices, including spaces used by health care providers and artists, plus a multi‑room gallery; Restaurant licensed for 50 seats, with indoor and outdoor dining
