Office Building with Drive-Through
For Sale
$949,000
350 SUMMIT Street, Crescent City, FL 32112
Former bank property with private offices, a secure vault, and commercial zoning in downtown Crescent City.
Property Size3,200 SF
Lot Size0.67 Acres
Price / SF$296.56
Days on Market261
Property Features for 350 SUMMIT Street
General Information
Standard status
Active
Size
3,200 SF
Lot size
0.67 Acres
Property subtype
Office
Zoning
GC-1
Site & Location
Road Access
Yes
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$24,778
Amenities
3
Corner Lot.
Corner.
Building Details
Year Built
1986
Buildings
1
Listing Agency:
COLDWELL BANKER BEN BATES INC
(386) 385-4404
Listed By:
CHRISTOPHER BARNES · License #3442369
(386) 385-4404
Source:
Xome
Added: Nov 29, 2025
Changed: Aug 17
Last Checked: Aug 17 at 4:19AM
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 COLDWELL BANKER BEN BATES INC
Investment Insights
Based on property information with market context.
Built in 1986, this former bank building offers 3,200+ square feet on approximately .67 acres. The interior includes a lobby and teller area, multiple private offices, and a secure built-in vault. Two drive-through lanes and access from two entrances support the property's original banking configuration, while the office layout provides a range of commercial workspace options.
The property occupies a corner lot in downtown Crescent City and is zoned GC-1 (General Commercial). City water and sewer serve the site, with natural gas available. The building's combination of office areas, customer-facing space, drive-through infrastructure, and secure storage creates a distinctive commercial configuration.
The property occupies a corner lot in downtown Crescent City and is zoned GC-1 (General Commercial). City water and sewer serve the site, with natural gas available. The building's combination of office areas, customer-facing space, drive-through infrastructure, and secure storage creates a distinctive commercial configuration.
Key Highlights
- 3,200+ sq ft former bank building on approximately .67 acres
- GC‑1 (General Commercial) zoning in downtown Crescent City
- Two drive‑through lanes and access from two entrances
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
$41,636
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
4.39%
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%
$832,720
$832.7K
Cap Rate 7%
$594,800
$594.8K
Cap Rate 9%
$462,622
$462.6K
Market Conditions
NOI Build-Up for 3,200 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
$70.3K $21.96/SF
− Vacancy
−$14.8K −$4.61/SF
EGI
$55.5K $17.35/SF
− OpEx
−$13.9K −$4.34/SF
NOI
$41.6K $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%
$832,720
Cap Rate 7%
$594,800
Cap Rate 9%
$462,622
Alternative Uses
Best Use
Office B
$594.8K
$520.5K – $693.9K
NOI $41,636 @ 7.0% cap · market cap 4.39%
Second Best
Specialty Retail
$507.0K
$443.7K – $591.6K
NOI $35,493 @ 7.0% cap · market cap 3.74%
Theoretical Best
Office A
$833.4K
$729.2K – $972.3K
NOI $58,336 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
159
Businesses Nearby
Explore this area
Business Placement
Demographics for 32112, FL
7,460
Population
3,866
Households
1.9
Avg Household Size
45
Median Age
10%
College-Educated
69%
High-School Grad
51.5 sq mi
ZIP Area
145
Density / Sq Mi
$39,247
Median Household Income
$27,238
Median Earnings
$743
Median Rent
$150,000
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?
Office building - Former bank property with private offices, a secure vault, and commercial zoning in downtown Crescent City.
Where is this office building located?
The property is located at 350 SUMMIT Street Crescent City, 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: 3,200+ sq ft former bank building on approximately .67 acres; GC‑1 (General Commercial) zoning in downtown Crescent City; Two drive‑through lanes and access from two entrances
