Upgraded Retail
For Sale
$450,000
2219 County Road 220 Unit 311, Middleburg, FL 32068
Retail/office condominium space with recent restroom, HVAC, and electrical improvements in an established commercial association.
Property Size1,474 SF
Price / SF$305.29
Days on Market289
Property Features for 2219 County Road 220 Unit 311
General Information
Standard status
Active
Size
1,474 SF
Property subtype
General Commercial
Amenities
County Road.
Building Details
Year Built
2007
Listing Agency:
KINKADE COMMERCIAL REAL ESTATE
(904) 801-3885
Listed By:
CAMERON MESH · License #SL3619703
Source:
Xome
Added: Nov 14, 2025
Changed: Aug 30
Last Checked: Aug 30 at 7:48AM
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 KINKADE COMMERCIAL REAL ESTATE
Investment Insights
Based on property information with market context.
Unit 311 is a 1,474 +/- SF retail condominium within The Silo Shoppes of Heritage Farm. The space is suited to retail or office use and has recently received a new restroom, HVAC, and electric improvements. The property is part of an established association and fronts County Road 220 in Middleburg. Its location places the condominium close to Fleming Island, providing a defined commercial setting for an owner-user or retail-oriented business.
Key Highlights
- 1,474 +/- SF retail condominium space
- Recent upgrades include a new restroom, HVAC, and electric
- Located within The Silo Shoppes of Heritage Farm
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
$20,642
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
4.59%
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%
$412,840
$412.8K
Cap Rate 7%
$294,886
$294.9K
Cap Rate 9%
$229,356
$229.4K
Market Conditions
NOI Build-Up for 1,474 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
$35.4K $24.00/SF
− Vacancy
−$7.9K −$5.33/SF
EGI
$27.5K $18.67/SF
− OpEx
−$6.9K −$4.67/SF
NOI
$20.6K $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%
$412,840
Cap Rate 7%
$294,886
Cap Rate 9%
$229,356
Alternative Uses
Best Use
Office B
$294.9K
$258.0K – $344.0K
NOI $20,642 @ 7.0% cap · market cap 4.59%
Second Best
Retail
$238.0K
$208.2K – $277.7K
NOI $16,659 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$393.2K
$344.0K – $458.7K
NOI $27,523 @ 7.0% cap · market cap 6.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
173
Businesses Nearby
Explore this area
Business Placement
Demographics for 32068, FL
57,458
Population
21,830
Households
2.6
Avg Household Size
39
Median Age
22%
College-Educated
93%
High-School Grad
115.5 sq mi
ZIP Area
497
Density / Sq Mi
$82,410
Median Household Income
$42,615
Median Earnings
$1,411
Median Rent
$264,300
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?
Retail space - Retail/office condominium space with recent restroom, HVAC, and electrical improvements in an established commercial association.
Where is this retail space located?
The property is located at 2219 County Road 220 Unit 311 Middleburg, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 1,474 +/- SF retail condominium space; Recent upgrades include a new restroom, HVAC, and electric; Located within The Silo Shoppes of Heritage Farm
