Warehouse Property with Metal
For Sale
$99,500
5620 LASSEN St, Keystone Heights, FL 32656
1+ acre lot featuring a 20' x 35' metal building with high-bay door and utilities plus a hard-packed driveway.
Property Size700 SF
Price / SF$142.14
Days on Market30
Property Features for 5620 LASSEN St
General Information
Standard status
Active
Size
700 SF
Property subtype
Land
Additional Details
Utilities to Site
Yes
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$849
Building Details
Construction
metal building
Listing Agency:
Trevor Waters Realty, Inc
(352) 222-2888
Listed By:
Branden Waters · License #3349536
Source:
Elliman
Added: Jul 25
Changed: Aug 8
Last Checked: Jul 25 at 4:18AM
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 Trevor Waters Realty, Inc
Investment Insights
Based on property information with market context.
This 1+ acre property includes a 20' x 35' metal building on a concrete slab with a high-bay door, electricity, and water. The site is already equipped with power, a private well, and septic, along with a hard-packed circular driveway for convenient access around the property. Cleared land and mature trees provide a mix of open space and privacy.
The property is located just minutes from Keystone Heights, with convenient access to shopping and restaurants. Outdoor recreation in the nearby area includes lakes, boating, fishing, kayaking, and Gold Head Branch State Park.
For buyers looking for space to build now or use immediately, the combination of improved utilities, driveway, and enclosed storage/workshop building supports a range of practical uses.
The property is located just minutes from Keystone Heights, with convenient access to shopping and restaurants. Outdoor recreation in the nearby area includes lakes, boating, fishing, kayaking, and Gold Head Branch State Park.
For buyers looking for space to build now or use immediately, the combination of improved utilities, driveway, and enclosed storage/workshop building supports a range of practical uses.
Key Highlights
- 1+ acre property with power, private well, septic, and a hard‑packed circular driveway already in place
- 20' x 35' metal building on a concrete slab with a high‑bay door, electricity, and water
- Building can serve as a workshop, garage, or storage for an RV and toys
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
$6,005
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
6.04%
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%
$120,100
$120.1K
Cap Rate 7%
$85,786
$85.8K
Cap Rate 9%
$66,722
$66.7K
Market Conditions
NOI Build-Up for 700 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
$7.5K $10.68/SF
− Vacancy
−$411 −$0.59/SF
EGI
$7.1K $10.09/SF
− OpEx
−$1.1K −$1.51/SF
NOI
$6.0K $8.58/SF
Area
Clay County, FL
Vacancy
5.50%
Lease Rate
$10.68 /SF/Yr
Expense Ratio
15.00%
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%
$120,100
Cap Rate 7%
$85,786
Cap Rate 9%
$66,722
Alternative Uses
Best Use
Warehouse
$85.8K
$75.1K – $100.1K
NOI $6,005 @ 7.0% cap · market cap 6.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$186.7K
$163.4K – $217.8K
NOI $13,070 @ 7.0% cap · market cap 13.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
9
Businesses Nearby
Explore this area
Business Placement
Demographics for 32656, FL
14,686
Population
6,565
Households
2.2
Avg Household Size
44
Median Age
22%
College-Educated
90%
High-School Grad
70.1 sq mi
ZIP Area
210
Density / Sq Mi
$73,201
Median Household Income
$40,985
Median Earnings
$1,068
Median Rent
$202,900
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential land & home lot - 1+ acre lot featuring a 20' x 35' metal building with high-bay door and utilities plus a hard-packed driveway.
Where is this residential land & home lot located?
The property is located at 5620 LASSEN St Keystone Heights, FL.
What is the asking price?
The asking price for this property is $99,500.
What are key features of this property?
This property features: 1+ acre property with power, private well, septic, and a hard‑packed circular driveway already in place; 20' x 35' metal building on a concrete slab with a high‑bay door, electricity, and water; Building can serve as a workshop, garage, or storage for an RV and toys
