Remodeled Office
New
For Sale
$1,200,000
701 MARKET Street, St Augustine, FL 32095
SINGLE_FAMILY - St. Augustine, FL
Property Size3,255 SF
Price / SF$368.66
Days on Market2
Property Features for 701 MARKET Street
General Information
Property type
Residential
Property subtype
Office
Parking features
On Street, Gated, Garage
Security features
Security System
Lot features
Corner Lot
Directions
I-95 to International Golf to Palencia Drive to Market Street
Subdivision
312-Palencia Area
Standard status
Active
APN
0720801110
Size
3,255 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5068
Building Details
Year built
2007
Listing Agency:
EXIT MAGNOLIA POINT REALTY
(904) 269-4600
Listed By:
DOUGLAS SENECAL · License #3539193
(478) 390-3531
Added: Aug 18
Last Checked: Aug 19 at 7:06AM
MLS# 2160660
Copyright © 2026 realMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,255-square-foot office building was constructed in 2007 and has been fully remodeled. Existing leases are in place with scheduled escalations, providing an established occupancy structure for the property. The building is located at 701 Market Street in St. Augustine, Florida, and offers on-street, gated, and garage parking options. The property is classified within the office buildings category.
Key Highlights
- 3,255‑square‑foot office building
- Fully remodeled building constructed in 2007
- Existing leases include scheduled escalations
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
$45,583
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
3.80%
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%
$911,660
$911.7K
Cap Rate 7%
$651,186
$651.2K
Cap Rate 9%
$506,478
$506.5K
Market Conditions
NOI Build-Up for 3,255 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
$78.1K $24.00/SF
− Vacancy
−$17.3K −$5.33/SF
EGI
$60.8K $18.67/SF
− OpEx
−$15.2K −$4.67/SF
NOI
$45.6K $14.00/SF
Area
St. Johns County, FL
Vacancy
22.20%
Lease Rate
$24.00 /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%
$911,660
Cap Rate 7%
$651,186
Cap Rate 9%
$506,478
Alternative Uses
Best Use
Office B
$651.2K
$569.8K – $759.7K
NOI $45,583 @ 7.0% cap · market cap 3.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$868.2K
$759.7K – $1.01M
NOI $60,777 @ 7.0% cap · market cap 5.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
192
Businesses Nearby
Explore this area
Business Placement
Demographics for 32095, FL
16,607
Population
6,997
Households
2.4
Avg Household Size
42
Median Age
53%
College-Educated
96%
High-School Grad
57.4 sq mi
ZIP Area
289
Density / Sq Mi
$124,556
Median Household Income
$51,986
Median Earnings
$1,576
Median Rent
$485,700
Median Home Value
Market
Vacancy Rate% for Office 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?
Office building - Remodeled office property with an in-place tenancy and multiple parking options.
Where is this office building located?
The property is located at 701 MARKET Street St Augustine, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 3,255‑square‑foot office building; Fully remodeled building constructed in 2007; Existing leases include scheduled escalations
