Renovated Retail Building with
For Sale
$425,000
5022 HWY 22, Callaway, FL 32404
Charming, renovated retail building with multiple entrances and parking.
Property Size3,430 SF
Lot Size0.47 Acres
Price / SF$123.91
Days on Market356
Property Features for 5022 HWY 22
General Information
Standard status
Active
Size
3,430 SF
Lot size
0.47 Acres
Property subtype
Commercial
Amenities
Carpet Flooring
Concrete Flooring
Paved
Building Details
Year Built
1965
Listing Agency:
INVESTORS ADVANTAGE RE
(850) 896-4137
Listed By:
BARB J HOYT
Source:
Corcoran
Added: Sep 6, 2025
Changed: Aug 27
Last Checked: Aug 26 at 8:30AM
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 INVESTORS ADVANTAGE RE
Investment Insights
Based on property information with market context.
The building, having undergone significant renovation, retains its rustic charm and includes a total of 4 bathrooms. The property could be divided to accommodate 2-3 additional businesses, as it features 3 separate entrances. The lot includes a large area at the rear, suitable for parking large vehicles. The roof was replaced following Hurricane Michael. The building is equipped with 3 mini-split heat/air units. The property size is 3,430 square feet. This listing pertains to the real estate only.
Key Highlights
- Three separate entrances allow for easy division into multiple business spaces.
- Large lot area at the back of the property provides ample parking, suitable for trucks or numerous vehicles.
- Four total bathrooms.
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
$37,558
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
8.84%
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%
$751,160
$751.2K
Cap Rate 7%
$536,543
$536.5K
Cap Rate 9%
$417,311
$417.3K
Market Conditions
NOI Build-Up for 3,430 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
$58.4K $17.04/SF
− Vacancy
−$4.8K −$1.40/SF
EGI
$53.7K $15.64/SF
− OpEx
−$16.1K −$4.69/SF
NOI
$37.6K $10.95/SF
Area
Bay County, FL
Vacancy
8.20%
Lease Rate
$17.04 /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%
$751,160
Cap Rate 7%
$536,543
Cap Rate 9%
$417,311
Alternative Uses
Best Use
Retail
$536.5K
$469.5K – $626.0K
NOI $37,558 @ 7.0% cap · market cap 8.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$999.4K
$874.5K – $1.17M
NOI $69,957 @ 7.0% cap · market cap 16.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1
Businesses Nearby
Explore this area
Business Placement
Demographics for 32404, FL
38,186
Population
18,053
Households
2.1
Avg Household Size
40
Median Age
21%
College-Educated
87%
High-School Grad
135.1 sq mi
ZIP Area
283
Density / Sq Mi
$72,208
Median Household Income
$38,701
Median Earnings
$1,355
Median Rent
$239,700
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.
Frequently Asked Questions
What type of property is this?
Retail space - Charming, renovated retail building with multiple entrances and parking.
Where is this retail space located?
The property is located at 5022 HWY 22 Callaway, FL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Three separate entrances allow for easy division into multiple business spaces.; Large lot area at the back of the property provides ample parking, suitable for trucks or numerous vehicles.; Four total bathrooms.
