Flex Property With Office
For Sale
$375,000
160 SW Nightingale St, Keystone Heights, FL 32656
Four-unit commercial property combines office suites with dedicated storage areas and includes a currently leased office suite.
Property Size2,220 SF
Price / SF$168.92
Days on Market41
Property Features for 160 SW Nightingale St
General Information
Standard status
Active
Size
2,220 SF
Additional Details
Office Units
2
Building Details
Year Built
1959
Tenancy
Multi
Listing Agency:
CW REALTY
(904) 964-9222
Listed By:
CHARNELLE WHITTEMORE
Source:
Onewinningteam
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 25 at 5:17AM
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.
Built in 1959, this flex property contains four separate units arranged across office and storage uses. The remodeled primary office suite includes a reception lobby, conference room, kitchenette, restroom, and two private offices. A second office suite provides its own lobby, kitchenette, restroom, open work area, and private office.
Two additional units provide enclosed storage space. One measures 21' x 22' and has built-in cabinets plus a mini-split A/C system; the other measures 14' x 22'. The second office suite is subject to a 1-year lease. The property is located at 160 SW Nightingale St in Keystone Heights, Florida, and offers a combination of administrative and storage areas within one commercial asset.
Two additional units provide enclosed storage space. One measures 21' x 22' and has built-in cabinets plus a mini-split A/C system; the other measures 14' x 22'. The second office suite is subject to a 1-year lease. The property is located at 160 SW Nightingale St in Keystone Heights, Florida, and offers a combination of administrative and storage areas within one commercial asset.
Key Highlights
- Four‑unit flex property with two office suites and two storage units
- Remodeled primary office includes lobby, conference room, kitchenette, bathroom, and two private offices
- Second office suite has a 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
Industrial
$224.1K
$196.1K – $261.4K
NOI $15,684 @ 7.0% cap · market cap 4.18%
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
Under-served
Demand for This Use
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
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Frequently Asked Questions
What type of property is this?
Flex space - Four-unit commercial property combines office suites with dedicated storage areas and includes a currently leased office suite.
Where is this flex space located?
The property is located at 160 SW Nightingale St 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‑unit flex property with two office suites and two storage units; Remodeled primary office includes lobby, conference room, kitchenette, bathroom, and two private offices; Second office suite has a 1 year lease
