Listing Agency: Ciminelli Real Estate Services - Proctor & Long Group Show Phone

Listed By: J. R. Long, CCIM Show Phone

Source: Moodyscre

Added: Aug 25, 2025 Changed: Sep 12 Last Checked: Sep 14 at 12:19PM

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Investment Insights

Based on property information with market context.

This fully air-conditioned retail/warehouse (flex) building is available for purchase in the 10/90 Industrial Park. The property is set up to function as five separate suites, or it can be occupied as a single tenant. The building’s retail-warehouse design provides flexible layout options for an owner-user seeking on-site operational convenience.

Located just off the interchange of Highway 90 and I-10 on Commerce Blvd, the building is positioned for visibility and accessibility. Neighboring businesses include Peterbilt, Bobcat, Sunbelt Rentals, Signs Now, Comfort Inn & Suites, and Baymont by Wyndham. Downtown Tallahassee is only a 20-minute drive.

With the current business relocating, the offering presents a retail use within the industrial park, supported by the property’s direct access to the area’s interstate network.

Key Highlights

• Fully air‑conditioned retail/warehouse (flex) building
• Configured for five separate suites or single‑tenant occupancy
• 10/90 Industrial Park retail presence within the park

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

$189,530

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

6.42%

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%

$3,790,600 $3.8M

Cap Rate 7%

$2,707,571 $2.7M

Cap Rate 9%

$2,105,889 $2.1M

Market Conditions

NOI Build-Up for 19,514 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

$292.7K $15.00/SF

− Vacancy

−$22.0K −$1.13/SF

EGI

$270.8K $13.88/SF

− OpEx

−$81.2K −$4.16/SF

NOI

$189.5K $9.71/SF

Area

Gadsden County, FL

Vacancy

7.50%

Lease Rate

$15.00 /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%

$3,790,600

Cap Rate 7%

$2,707,571

Cap Rate 9%

$2,105,889

Alternative Uses

Best Use

Retail

$2.71M

$2.37M – $3.16M (±1% cap)

NOI $189,530 @ 7.0% cap · market cap 6.42%

Second Best

Warehouse

$2.17M

$1.90M – $2.53M (±1% cap)

NOI $152,069 @ 7.0% cap · market cap 5.15%

Theoretical Best

Office A

$4.78M

$4.19M – $5.58M (±1% cap)

NOI $334,879 @ 7.0% cap · market cap 11.35%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Coastal Protective Products (Bike/Boat/Book/etc) Store Talon Tactical Outfitters (Bike/Boat/Book/etc) Store Talon Security, Inc. Security Service Reel Repair by ... Corporate Office Talon Holsters (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick HVAC Service Locksmith Garden Center Kitchen & Bath Showroom Cafe & Coffee Shop Barber Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

129

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 32343, FL

3,621

Population

1,308

Households

2.8

Avg Household Size

36

Median Age

25%

College-Educated

91%

High-School Grad

26.8 sq mi

ZIP Area

135

Density / Sq Mi

$60,735

Median Household Income

$42,308

Median Earnings

$1,002

Median Rent

$207,500

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Flex space - Fully air-conditioned flex building can operate as five suites or as a single tenant setup in an industrial park.

Where is this flex space located?

The property is located at 301 Commerce Blvd Midway, FL.

What is the asking price?

The asking price for this property is $2,950,000.

What are key features of this property?

This property features: Fully air‑conditioned retail/warehouse (flex) building; Configured for five separate suites or single‑tenant occupancy; 10/90 Industrial Park retail presence within the park