Building Details

Year Built 1989

Listing Agency: Morgan Whitney Inc j***@morganwhitney.com Show Phone

Listed By: Jackeline Londono · License #0661728

Source: Crexi

Added: Sep 2, 2025 Changed: Aug 8 Last Checked: Aug 8 at 3:20PM

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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 Morgan Whitney Inc

Investment Insights

Based on property information with market context.

The property is a 10,822-square-foot office and retail bank branch building situated in downtown Dade City, Florida. Constructed in 1982, the two-story building is primarily utilized for commercial banking, personal banking, and general office purposes. It includes an attached drive-thru teller structure. Located on 0.668 acres, the property occupies the signalized hard corner of Meridian Avenue and 7th Street/ US-301, the area’s preeminent artery. The first floor is currently occupied by Wells Fargo. The property is located directly across from the Historic Pasco County Courthouse.

Key Highlights

• Located in the center of historic downtown Dade City, Florida.
• Anchored by Wells Fargo bank branch.
• Located directly across from the Historic Pasco County Courthouse.

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

$132,948

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

8.87%

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%

$2,658,960 $2.7M

Cap Rate 7%

$1,899,257 $1.9M

Cap Rate 9%

$1,477,200 $1.5M

Market Conditions

NOI Build-Up for 10,822 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

$227.3K $21.00/SF

− Vacancy

−$50.0K −$4.62/SF

EGI

$177.3K $16.38/SF

− OpEx

−$44.3K −$4.10/SF

NOI

$132.9K $12.29/SF

Area

Tallahassee, FL

Vacancy

22.00%

Lease Rate

$21.00 /SF/Yr

Expense Ratio

25.00%

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%

$2,658,960

Cap Rate 7%

$1,899,257

Cap Rate 9%

$1,477,200

Alternative Uses

Best Use

Office B

$1.90M

$1.66M – $2.22M (±1% cap)

NOI $132,948 @ 7.0% cap · market cap 8.87%

Second Best

Specialty Retail

$1.77M

$1.54M – $2.06M (±1% cap)

NOI $123,598 @ 7.0% cap · market cap 8.25%

Theoretical Best

Office A

$2.65M

$2.32M – $3.10M (±1% cap)

NOI $185,716 @ 7.0% cap · market cap 12.39%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Banks

Suggested Use

Top Pick Real Estate Agency Dental Office Restaurant Gym & Fitness Center Grocery & Convenience Store (Bike/Boat/Book/etc) 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.

Location Intelligence

Trade Area within ½ mile

407

Businesses Nearby

Explore this area Business Placement

Demographics for 33523, FL

18,540

Population

8,132

Households

2.3

Avg Household Size

42

Median Age

21%

College-Educated

83%

High-School Grad

105.4 sq mi

ZIP Area

176

Density / Sq Mi

$60,897

Median Household Income

$35,283

Median Earnings

$1,020

Median Rent

$231,700

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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Frequently Asked Questions

What type of property is this?

Bank - 10,822 SF office and retail building in downtown Dade City.

Where is this bank located?

The property is located at 14210 7th Other City - In The State Of Florida, FL.

What is the asking price?

The asking price for this property is $1,499,000.

What are key features of this property?

This property features: Located in the center of historic downtown Dade City, Florida.; Anchored by Wells Fargo bank branch.; Located directly across from the Historic Pasco County Courthouse.