Two-Unit Storefront
For Sale
$285,000
320 Cherry Street, Monticello, FL 32344
Two separate units offer individual bathrooms, central air, and shared paved driveway access.
Property Size1,890 SF
Price / SF$150.79
Days on Market52
Property Features for 320 Cherry Street
General Information
Standard status
Active
Size
1,890 SF
Property subtype
Retail
Amenities
Central Air
Shared Driveway, Paved Driveway.
Level
Paved Road, Level.
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Kelly & Kelly Properties, Inc
(850) 510-4220
Listed By:
Barry Kelly · License #308602
(850) 510-4220
Source:
Xome
Added: Jun 20
Changed: Aug 9
Last Checked: Aug 10 at 3:14AM
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 Kelly & Kelly Properties, Inc
Investment Insights
Based on property information with market context.
This 1,890-square-foot storefront property is configured as a duplex with two separate units, each including its own bathroom. Central air serves the building, while a shared paved driveway provides access. The site is level and fronts a paved road.
Renovation work is underway, with a new roof completed in 2025, new front windows, and vinyl plank flooring installed throughout most of the building. The two-unit layout supports separate occupancy within a single commercial property.
Renovation work is underway, with a new roof completed in 2025, new front windows, and vinyl plank flooring installed throughout most of the building. The two-unit layout supports separate occupancy within a single commercial property.
Key Highlights
- 1,890‑square‑foot storefront property configured as a two‑unit duplex
- Each unit includes a bathroom
- New roof completed 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
$18,357
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
6.44%
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%
$367,140
$367.1K
Cap Rate 7%
$262,243
$262.2K
Cap Rate 9%
$203,967
$204.0K
Market Conditions
NOI Build-Up for 1,890 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
$28.4K $15.00/SF
− Vacancy
−$2.1K −$1.13/SF
EGI
$26.2K $13.88/SF
− OpEx
−$7.9K −$4.16/SF
NOI
$18.4K $9.71/SF
Area
Jefferson 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%
$367,140
Cap Rate 7%
$262,243
Cap Rate 9%
$203,967
Alternative Uses
Best Use
Retail
$262.2K
$229.5K – $306.0K
NOI $18,357 @ 7.0% cap · market cap 6.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$463.3K
$405.4K – $540.6K
NOI $32,434 @ 7.0% cap · market cap 11.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
222
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32344, FL
12,705
Population
5,988
Households
2.1
Avg Household Size
49
Median Age
21%
College-Educated
87%
High-School Grad
444.6 sq mi
ZIP Area
29
Density / Sq Mi
$52,222
Median Household Income
$37,131
Median Earnings
$776
Median Rent
$208,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Gelling’s Florist — 190 E Dogwood St, Monticello, FL 32344
Frequently Asked Questions
What type of property is this?
Storefront property - Two separate units offer individual bathrooms, central air, and shared paved driveway access.
Where is this storefront property located?
The property is located at 320 Cherry Street Monticello, FL.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: 1,890‑square‑foot storefront property configured as a two‑unit duplex; Each unit includes a bathroom; New roof completed in 2025
