High Springs Commercial
For Sale
$349,900
18573 NW 246TH STREET, High Springs, FL 32643
Two-building commercial property with fenced yard and flexible zoning.
Property Size1,860 SF
Lot Size0.34 Acres
Price / SF$115.25
Days on Market161
Property Features for 18573 NW 246TH STREET
General Information
Standard status
Active
Size
1,860 SF
Lot size
0.34 Acres
Property subtype
Commercial
Zoning
C2
Taxes and HOA fees
Annual Taxes
$3,890
Building Details
Building Size
1,860 SF
Year Built
1987
Listing Agency:
JACK KELLER INC
(727) 586-1497
Listed By:
John Keller, III · License #127800
(727) 586-1497
Source:
Mbifloridarealty
Added: Mar 17
Changed: Aug 23
Last Checked: Jul 28 at 12:39PM
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 JACK KELLER INC
Investment Insights
Based on property information with market context.
Located at 18573 NW 246th Street in High Springs, this commercial property offers an expansive .34-acre lot with two concrete block buildings totaling over 3,036 square feet. The property features a 120 square foot finished office, an oversized front customer parking area, and an expansive fenced-in yard with an asphalt parking area. The main building includes central AC and multiple air compressors, as well as a full-sized paint booth. Zoned C2, the property presents opportunities for various businesses, having been previously used as an autobody repair shop and more recently as a warehouse. The two buildings have separate electrical meters and street addresses, providing flexibility. A brand-new metal roof is planned for both buildings in 2025. A recent land survey is available. The property has a walk score of 23, indicating car-dependence, and a bike score of 36, indicating it is somewhat bikeable.
Key Highlights
- Two concrete block buildings totaling over 3,036 sq ft with separate street addresses and electrical meters offer maximum flexibility.
- C2 zoning allows for a multitude of different business uses.
- Brand‑new metal roof on both buildings (installed 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
$22,180
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
6.34%
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%
$443,600
$443.6K
Cap Rate 7%
$316,857
$316.9K
Cap Rate 9%
$246,444
$246.4K
Market Conditions
NOI Build-Up for 3,036 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
$27.3K $9.00/SF
− Vacancy
−$1.2K −$0.41/SF
EGI
$26.1K $8.59/SF
− OpEx
−$3.9K −$1.29/SF
NOI
$22.2K $7.31/SF
Area
Alachua County, FL
Vacancy
4.50%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$443,600
Cap Rate 7%
$316,857
Cap Rate 9%
$246,444
Alternative Uses
Best Use
Retail
$473.4K
$414.2K – $552.3K
NOI $33,135 @ 7.0% cap · market cap 9.47%
Second Best
Warehouse
$316.9K
$277.3K – $369.7K
NOI $22,180 @ 7.0% cap · market cap 6.34%
Theoretical Best
Office A
$765.4K
$669.7K – $893.0K
NOI $53,577 @ 7.0% cap · market cap 15.31%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Auto shop - Two-building commercial property with fenced yard and flexible zoning.
Where is this auto shop located?
The property is located at 18573 NW 246TH STREET 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 totaling over 3,036 sq ft with separate street addresses and electrical meters offer maximum flexibility.; C2 zoning allows for a multitude of different business uses.; Brand‑new metal roof on both buildings (installed in 2025).
