Building Details

Year Built 2002

Buildings 1

Stories 1

Units 11

Listing Agency: Matthews d***@matthews.com Show Phone

Listed By: Daniel Gonzalez · License #SL3463209 (FL)

Source: Crexi

Added: Feb 17 Changed: Aug 8 Last Checked: Aug 11 at 10:30AM

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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 Matthews

Investment Insights

Based on property information with market context.

This commercial property in Pace, Florida, is a neighborhood center with a total area of 25,700 square feet. The property is currently 79.77% occupied and is being offered for sale. The property is shadow-anchored by Publix.

Key Highlights

• Publix Shadow Center provides great exposure.
• Currently 79.77% Occupied.
• 5.65% Cap Rate.

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

$276,542

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

5.28%

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%

$5,530,840 $5.5M

Cap Rate 7%

$3,950,600 $4.0M

Cap Rate 9%

$3,072,689 $3.1M

Market Conditions

NOI Build-Up for 25,700 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

$431.8K $16.80/SF

− Vacancy

−$36.7K −$1.43/SF

EGI

$395.1K $15.37/SF

− OpEx

−$118.5K −$4.61/SF

NOI

$276.5K $10.76/SF

Area

Santa Rosa County, FL

Vacancy

8.50%

Lease Rate

$16.80 /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%

$5,530,840

Cap Rate 7%

$3,950,600

Cap Rate 9%

$3,072,689

Alternative Uses

Best Use

Retail

$3.95M

$3.46M – $4.61M (±1% cap)

NOI $276,542 @ 7.0% cap · market cap 5.28%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$6.33M

$5.54M – $7.38M (±1% cap)

NOI $442,986 @ 7.0% cap · market cap 8.45%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Shopping centers

Suggested Use

Top Pick Auto Repair Shop Electrical Service Pharmacy Plumbing Service Hair Salon Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

43

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 32571, FL

38,885

Population

15,041

Households

2.6

Avg Household Size

39

Median Age

33%

College-Educated

93%

High-School Grad

112.6 sq mi

ZIP Area

345

Density / Sq Mi

$89,137

Median Household Income

$46,400

Median Earnings

$1,186

Median Rent

$281,600

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Shopping center - 25,700 SF neighborhood center in Pace, Florida.

Where is this shopping center located?

The property is located at 5624 Woodbine Rd Pace, FL.

What is the asking price?

The asking price for this property is $5,240,000.

What are key features of this property?

This property features: Publix Shadow Center provides great exposure.; Currently 79.77% Occupied.; 5.65% Cap Rate.