Mixed-Use Center with
For Sale
$949,000
307/309 STATE ROAD 26, Melrose, FL 32666
Commercial Sale, MELROSE, FL
Property Size5,664 SF
Lot Size0.76 Acres
Price / SF$167.55
Days on Market895
Property Features for 307/309 STATE ROAD 26
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C2
Subdivision
MELROSE
Lot features
Central Business District
Directions
Property is located on the Right, directly on SR 26- before the intersection of SR 26 and SR 21 in downtown Melrose.
Standard status
Active
APN
18-09-23-5670-0000-0610
Size
5,664 SF
Lot size
0.76 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
MELROSE MB2 P54 LOTS 61 & 63 (EX BK38 P221) & PT OF GOVT LOT 15 OR192 P389 (MAP SHEET 13/18A)
Tax Annual Amount
5848
Legal Description
MELROSE MB2 P54 LOTS 61 & 63 (EX BK38 P221) & PT OF GOVT LOT 15 OR192 P389 (MAP SHEET 13/18A)
Utilities
Cooling system
Central Air
Amenities
inside stage
outside stage
art gallery
Visit Florida Welcome Center
Building Details
Year built
2011
Floors in Building
2
Building materials
Block, Frame
Roof type
Metal
Listing Agency:
COLDWELL BANKER M.M. PARRISH R · Coldwell Banker Real Estate
(352) 335-4999
Listed By:
Perry Pursell · License #BK518980
(352) 665-9731
Added: Mar 11, 2024
Changed: Aug 20
Last Checked: Aug 22 at 7:06PM
MLS# GC520243
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5,664-square-foot mixed-use property includes two buildings on 0.76 acres. The front structure contains 11 office spaces used by healthcare providers, artists, and a gallery operation. The property also supports a licensed 50-seat full-service restaurant with indoor and outdoor dining, an upgraded kitchen renovated in 2021, and performance areas located both inside and outside. A hall provides additional space for art displays and events.
Positioned along State Road 26 in Melrose, the property is located between I-75 and I-95 and records reported daily traffic of 8,000–10,000 cars. The site is certified by Visit Florida as a Welcome and Information Center serving the broader Lake Area Region. Improvements include block and frame construction, central air, a metal roof, and a 2011 build year. C2 zoning supports the property’s commercial setting.
Positioned along State Road 26 in Melrose, the property is located between I-75 and I-95 and records reported daily traffic of 8,000–10,000 cars. The site is certified by Visit Florida as a Welcome and Information Center serving the broader Lake Area Region. Improvements include block and frame construction, central air, a metal roof, and a 2011 build year. C2 zoning supports the property’s commercial setting.
Key Highlights
- 5,664‑square‑foot mixed‑use property on 0.76 acres
- 11 office spaces within the front building
- Licensed 50‑seat full‑service restaurant with indoor and outdoor dining
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
$73,696
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
7.77%
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%
$1,473,920
$1.5M
Cap Rate 7%
$1,052,800
$1.1M
Cap Rate 9%
$818,844
$818.8K
Market Conditions
NOI Build-Up for 5,664 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
$124.4K $21.96/SF
− Vacancy
−$26.1K −$4.61/SF
EGI
$98.3K $17.35/SF
− OpEx
−$24.6K −$4.34/SF
NOI
$73.7K $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%
$1,473,920
Cap Rate 7%
$1,052,800
Cap Rate 9%
$818,844
Alternative Uses
Best Use
Office B
$1.05M
$921.2K – $1.23M
NOI $73,696 @ 7.0% cap · market cap 7.77%
Second Best
Specialty Retail
$897.5K
$785.3K – $1.05M
NOI $62,823 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$1.48M
$1.29M – $1.72M
NOI $103,254 @ 7.0% cap · market cap 10.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Office units
10,000 VPD
Traffic count
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
173
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - C2-zoned center combines office suites, restaurant service, and indoor and outdoor gathering areas.
Where is this mixed-use property located?
The property is located at 307/309 STATE ROAD 26 Melrose, FL.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: 5,664‑square‑foot mixed‑use property on 0.76 acres; 11 office spaces within the front building; Licensed 50‑seat full‑service restaurant with indoor and outdoor dining
