Freestanding Retail Building with
For Sale
Contact for pricing
704 Fl Ga Hwy, Havana, FL 32333
Turn-key retail building with drive-through, built in 2009.
Property Size2,405 SF
Price / SF$270.27
Days on Market107
Property Features for 704 Fl Ga Hwy
General Information
Standard status
Active
Size
2,405 SF
Property subtype
RETAIL
Listing Agency:
NAI TALCOR | Tallahassee
(850) 251-5504
Listed By:
John W. McNeill, SIOR · License ##SL3173254
(850) 251-5504
Source:
Moodyscre
Added: May 15
Changed: Jul 10
Last Checked: Aug 29 at 9:06AM
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 NAI TALCOR | Tallahassee
Investment Insights
Based on property information with market context.
This freestanding retail building, constructed in 2009, offers a turn-key retail facility with excellent visibility and signage. Originally built for Buy-Rite Drugs, the property features 2,405 square feet and includes double drive-through lanes. The property is a single-tenant freestanding building.
Key Highlights
- Excellent visibility for your business.
- Double drive throughs in place, ready for immediate use.
- Turn key retail facility, start operating right away.
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
$27,468
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
4.23%
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%
$549,360
$549.4K
Cap Rate 7%
$392,400
$392.4K
Cap Rate 9%
$305,200
$305.2K
Market Conditions
NOI Build-Up for 2,405 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
$39.0K $16.20/SF
− Vacancy
−$2.3K −$0.97/SF
EGI
$36.6K $15.23/SF
− OpEx
−$9.2K −$3.81/SF
NOI
$27.5K $11.42/SF
Area
Gadsden County, FL
Vacancy
6.00%
Lease Rate
$16.20 /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%
$549,360
Cap Rate 7%
$392,400
Cap Rate 9%
$305,200
Alternative Uses
Best Use
Specialty Retail
$392.4K
$343.4K – $457.8K
NOI $27,468 @ 7.0% cap · market cap 4.23%
Second Best
Retail
$333.7K
$292.0K – $389.3K
NOI $23,359 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$589.6K
$515.9K – $687.9K
NOI $41,272 @ 7.0% cap · market cap 6.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
183
Businesses Nearby
13k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 91%
Dining 9%
Dollar General
Shops & Services
7,031 visits/mo
0.2 miles
Exxon
Shops & Services
3,432 visits/mo
0.3 miles
Pizza Hut
Dining
1,149 visits/mo
0.2 miles
Havana Ford
Shops & Services
938 visits/mo
0.3 miles
Demographics for 32333, FL
11,499
Population
5,162
Households
2.2
Avg Household Size
50
Median Age
33%
College-Educated
88%
High-School Grad
105.6 sq mi
ZIP Area
109
Density / Sq Mi
$56,968
Median Household Income
$39,092
Median Earnings
$917
Median Rent
$211,000
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Turn-key retail building with drive-through, built in 2009.
Where is this retail space located?
The property is located at 704 Fl Ga Hwy Havana, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Excellent visibility for your business.; Double drive throughs in place, ready for immediate use.; Turn key retail facility, start operating right away.
