Historic Live-Work
For Sale
$320,000
25415 State Road 26, Melrose, FL 32666
Originally built in 1885 with numerous updates, offering flexible rooms suited to office, retail, or live-work use.
Property Size1,401 SF
Price / SF$228.41
Days on Market127
Property Features for 25415 State Road 26
General Information
Standard status
Active
Size
1,401 SF
Property subtype
Mixed Use
Zoning
Rural Cluster
Taxes and HOA fees
Annual Taxes
$2,426
Amenities
Window/Wall Unit
3
Building Details
Year Built
1885
Listing Agency:
CENTURY 21 LAKESIDE REALTY
(352) 475-1269
Listed By:
Teri Sapp
Source:
Xome
Added: Apr 23
Changed: Aug 25
Last Checked: Aug 26 at 6:37AM
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 CENTURY 21 LAKESIDE REALTY
Investment Insights
Based on property information with market context.
This historic property was originally built in 1885 and features a number of updates while retaining classic architectural character. The interior is thoughtfully updated and offers a flexible room layout that can support professional office configurations, meeting and client-facing spaces, or a live/work setup.
The home is located on the town’s main thoroughfare in Melrose, with visibility and accessibility described as strong for commercial uses. Directions provided indicate it is reached by taking SR 26 east to Melrose and the property is on the right as you enter town.
According to the remarks, the property is currently zoned residential, but it is located in the Melrose Rural Cluster, which the seller notes may allow rezoning for business uses. The Rural Cluster is described as more flexible than typical zoning and intended to support small-scale, low-impact businesses that fit the rural character of the area.
The home is located on the town’s main thoroughfare in Melrose, with visibility and accessibility described as strong for commercial uses. Directions provided indicate it is reached by taking SR 26 east to Melrose and the property is on the right as you enter town.
According to the remarks, the property is currently zoned residential, but it is located in the Melrose Rural Cluster, which the seller notes may allow rezoning for business uses. The Rural Cluster is described as more flexible than typical zoning and intended to support small-scale, low-impact businesses that fit the rural character of the area.
Key Highlights
- House originally built in 1885 with numerous updates.
- Flexible interior layout that can be configured for office space, boutique retail, or a live/work setup.
- Generous rooms suitable for private offices, meeting areas, or client‑facing spaces.
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
$18,229
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
5.70%
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%
$364,580
$364.6K
Cap Rate 7%
$260,414
$260.4K
Cap Rate 9%
$202,544
$202.5K
Market Conditions
NOI Build-Up for 1,401 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
$30.8K $21.96/SF
− Vacancy
−$6.5K −$4.61/SF
EGI
$24.3K $17.35/SF
− OpEx
−$6.1K −$4.34/SF
NOI
$18.2K $13.01/SF
Area
Putnam County, FL
Vacancy
21.00%
Lease Rate
$21.96 /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%
$364,580
Cap Rate 7%
$260,414
Cap Rate 9%
$202,544
Alternative Uses
Best Use
Office B
$260.4K
$227.9K – $303.8K
NOI $18,229 @ 7.0% cap · market cap 5.70%
Second Best
Mixed Use
$175.6K
$153.7K – $204.9K
NOI $12,294 @ 7.0% cap · market cap 3.84%
Theoretical Best
Office A
$364.9K
$319.3K – $425.7K
NOI $25,540 @ 7.0% cap · market cap 7.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
174
Businesses Nearby
Explore this area
Business Placement
Demographics for 32666, FL
5,961
Population
3,398
Households
1.8
Avg Household Size
51
Median Age
30%
College-Educated
97%
High-School Grad
56.8 sq mi
ZIP Area
105
Density / Sq Mi
$66,540
Median Household Income
$35,669
Median Earnings
$519
Median Rent
$206,000
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?
Live-work space - Originally built in 1885 with numerous updates, offering flexible rooms suited to office, retail, or live-work use.
Where is this live-work space located?
The property is located at 25415 State Road 26 Melrose, FL.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: House originally built in 1885 with numerous updates.; Flexible interior layout that can be configured for office space, boutique retail, or a live/work setup.; Generous rooms suitable for private offices, meeting areas, or client‑facing spaces.
