Multi-Unit Office and Storage
For Sale
$375,000
160 SW NIGHTINGALE STREET, Keystone Heights, FL 32656
Four remodeled units combine office space and storage, allowing flexible occupancy or leasing across multiple bays.
Property Size2,220 SF
Days on Market108
Property Features for 160 SW NIGHTINGALE STREET
General Information
Standard status
Active
Size
2,220 SF
Property subtype
Commercial
Additional Details
Office Units
2
Taxes and HOA fees
Annual Taxes
$4,335
Building Details
Building Size
2,220 SF
Year Built
1959
Tenancy
Multi
Listing Agency:
CW REALTY
(352) 235-1825
Listed By:
Charnelle Whittemore
(352) 235-1825
Source:
Mbifloridarealty
Added: May 7
Changed: Aug 8
Last Checked: Aug 22 at 2:27PM
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 CW REALTY
Investment Insights
Based on property information with market context.
This for-sale commercial property includes four rentable units with remodeled interiors. The main office suite features a welcoming lobby, conference room, kitchenette, bathroom, and two private offices. The second office suite has a lobby, kitchenette, bathroom, a large open workspace, and a private office, and it is currently under a 1-year lease. Two additional storage units are also included: a 21' x 22' space with built-in cabinets and a mini-split A/C unit, and a 14' x 22' unit that offers versatile storage options.
The property is located at 160 SW Nightingale Street in Keystone Heights, FL 32656. With multiple separate units, it supports a combination approach such as renting all four units or occupying one office suite while leasing the remaining units.
For tenants, buyers, and operators seeking a mixed office-and-storage setup, the layout provides dedicated workspace components alongside dedicated storage areas. The presence of renovated office finishes, bathrooms, and kitchenettes within the office suites can support day-to-day operations, while the storage units add practical capacity for records, inventory, or related use cases depending on how the space is leased or occupied.
The property is located at 160 SW Nightingale Street in Keystone Heights, FL 32656. With multiple separate units, it supports a combination approach such as renting all four units or occupying one office suite while leasing the remaining units.
For tenants, buyers, and operators seeking a mixed office-and-storage setup, the layout provides dedicated workspace components alongside dedicated storage areas. The presence of renovated office finishes, bathrooms, and kitchenettes within the office suites can support day-to-day operations, while the storage units add practical capacity for records, inventory, or related use cases depending on how the space is leased or occupied.
Key Highlights
- Four remodeled units (office suites and storage) offer flexible options to occupy or lease multiple bays.
- Year built: 1959 commercial property with a MAIN OFFICE SUITE featuring a lobby, conference room, kitchenette, bathroom, and two private offices.
- SECOND OFFICE SUITE remodeled to include a lobby, kitchenette, bathroom, large open workspace, and a private office (currently 1‑year lease).
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
$31,089
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
8.29%
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%
$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
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
$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 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%
$621,780
Cap Rate 7%
$444,129
Cap Rate 9%
$345,433
Alternative Uses
Best Use
Office B
$444.1K
$388.6K – $518.2K
NOI $31,089 @ 7.0% cap · market cap 8.29%
Second Best
Self Storage
$294.1K
$257.3K – $343.1K
NOI $20,587 @ 7.0% cap · market cap 5.49%
Theoretical Best
Office A
$592.2K
$518.2K – $690.9K
NOI $41,452 @ 7.0% cap · market cap 11.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
444
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 Office 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?
Office units - Four remodeled units combine office space and storage, allowing flexible occupancy or leasing across multiple bays.
Where is this office units located?
The property is located at 160 SW NIGHTINGALE STREET 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 remodeled units (office suites and storage) offer flexible options to occupy or lease multiple bays.; Year built: 1959 commercial property with a MAIN OFFICE SUITE featuring a lobby, conference room, kitchenette, bathroom, and two private offices.; SECOND OFFICE SUITE remodeled to include a lobby, kitchenette, bathroom, large open workspace, and a private office (currently 1‑year lease).
