Flex Space with Fenced
For Sale
$349,900
18573 NW 246th St, High Springs, FL 32643
Two concrete block buildings offer adaptable commercial space, parking, equipment, and C2 zoning in High Springs.
Property Size1,860 SF
Price / SF$188.12
Days on Market42
Property Features for 18573 NW 246th St
General Information
Standard status
Active
Size
1,860 SF
Building Details
Year Built
1987
Listing Agency:
JACK KELLER INC
(727) 586-1497
Listed By:
John Keller, III · License #3063732
Source:
Whitneyperkinsteam
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 25 at 5:51AM
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 JACK KELLER INC
Investment Insights
Based on property information with market context.
Located at 18573 NW 246th St in High Springs, this C2-zoned flex property includes two concrete block buildings with over 3,036 square feet of combined space. The improvements include a 120-square-foot finished office, central AC in the main building, multiple air compressors, and a full-sized paint booth. Both structures received new metal roofs in 2025.
The property occupies .34 acres with an oversized customer parking area at the front, additional asphalt parking, and a fenced yard. Separate electrical meters and street addresses for the two buildings provide operational flexibility. The buildings were constructed in 1987 and have been used as an autobody repair shop and warehouse.
The property occupies .34 acres with an oversized customer parking area at the front, additional asphalt parking, and a fenced yard. Separate electrical meters and street addresses for the two buildings provide operational flexibility. The buildings were constructed in 1987 and have been used as an autobody repair shop and warehouse.
Key Highlights
- Two concrete block buildings with over 3,036 square feet of space
- .34‑acre C2‑zoned commercial property in High Springs
- New metal roofs installed on both buildings in 2025
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
$20,300
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
5.80%
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%
$406,000
$406.0K
Cap Rate 7%
$290,000
$290.0K
Cap Rate 9%
$225,556
$225.6K
Market Conditions
NOI Build-Up for 1,860 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
$31.7K $17.04/SF
− Vacancy
−$2.7K −$1.45/SF
EGI
$29.0K $15.59/SF
− OpEx
−$8.7K −$4.68/SF
NOI
$20.3K $10.91/SF
Area
Alachua County, FL
Vacancy
8.50%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
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%
$406,000
Cap Rate 7%
$290,000
Cap Rate 9%
$225,556
Alternative Uses
Best Use
Retail
$290.0K
$253.8K – $338.3K
NOI $20,300 @ 7.0% cap · market cap 5.80%
Second Best
Flex RnD
$249.2K
$218.1K – $290.8K
NOI $17,446 @ 7.0% cap · market cap 4.99%
Theoretical Best
Office A
$468.9K
$410.3K – $547.1K
NOI $32,824 @ 7.0% cap · market cap 9.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
17
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32643, FL
12,549
Population
4,487
Households
2.8
Avg Household Size
44
Median Age
25%
College-Educated
90%
High-School Grad
112.1 sq mi
ZIP Area
112
Density / Sq Mi
$69,871
Median Household Income
$40,458
Median Earnings
$1,515
Median Rent
$254,900
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two concrete block buildings offer adaptable commercial space, parking, equipment, and C2 zoning in High Springs.
Where is this flex space located?
The property is located at 18573 NW 246th St High Springs, FL.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Two concrete block buildings with over 3,036 square feet of space; .34‑acre C2‑zoned commercial property in High Springs; New metal roofs installed on both buildings in 2025
