Building Details

Flooring type Concrete

Listing Agency: Bluewater Realty Group Show Phone

Listed By: Shadrach Hines · License #3562957 Show Phone

Added: Aug 6 Changed: Aug 7 Last Checked: Aug 8 at 7:06AM

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MLS# 403368

Copyright © 2026 Tallahassee Board of Realtors. 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 restaurant-oriented commercial property at 785 Port Leon Drive offers just under 5,000 square feet of heated and cooled space on 1.15 acres. The interior includes a full-size commercial kitchen, dining and retail areas, an ice cream bar, and a separate bar room. The bar has direct tap access connected to the walk-in cooler and freezer. Concrete flooring, central heating, central air, and ceiling fans are in place, with public water serving the property.

The property is located near historic downtown St. Marks in Wakulla County, within a waterfront community known for boating, fishing, tourism, outdoor recreation, marinas, and access to the St. Marks National Wildlife Refuge. Its existing restaurant configuration also includes features that support consideration of brewery, event, or retail uses, subject to applicable requirements.

Key Highlights

• Just under 5,000 square feet of heated and cooled space on 1.15 acres
• Full‑size commercial kitchen with dining and retail areas
• Separate bar room with taps connected to the walk‑in cooler and freezer

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

$33,915

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

7.89%

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%

$678,300 $678.3K

Cap Rate 7%

$484,500 $484.5K

Cap Rate 9%

$376,833 $376.8K

Market Conditions

NOI Build-Up for 5,000 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

$51.0K $10.20/SF

− Vacancy

−$2.6K −$0.51/SF

EGI

$48.5K $9.69/SF

− OpEx

−$14.5K −$2.91/SF

NOI

$33.9K $6.78/SF

Area

Wakulla County, FL

Vacancy

5.00%

Lease Rate

$10.20 /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%

$678,300

Cap Rate 7%

$484,500

Cap Rate 9%

$376,833

Alternative Uses

Best Use

Specialty Retail

$815.8K

$713.8K – $951.8K (±1% cap)

NOI $57,105 @ 7.0% cap · market cap 13.28%

Second Best

Retail

$693.8K

$607.0K – $809.4K (±1% cap)

NOI $48,563 @ 7.0% cap · market cap 11.29%

Theoretical Best

Office A

$1.23M

$1.07M – $1.43M (±1% cap)

NOI $85,805 @ 7.0% cap · market cap 19.95%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Conventional restaurants

Suggested Use

Top Pick HVAC Service Storage Facility Grocery & Convenience Store Big Box & Wholesale Store Hair Salon Nail Salon

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

11

Businesses Nearby

Explore this area Business Placement

Demographics for 32355, FL

284

Population

228

Households

1.2

Avg Household Size

55

Median Age

3%

College-Educated

90%

High-School Grad

2.8 sq mi

ZIP Area

101

Density / Sq Mi

$57,083

Median Household Income

$34,167

Median Earnings

$980

Median Rent

$270,800

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this conventional restaurants located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Conventional restaurant - Commercial facility includes a full kitchen, dining and retail areas, an ice cream bar, and separate bar space.

Where is this conventional restaurant located?

The property is located at 785 Port Leon Drive Saint Marks, FL.

What is the asking price?

The asking price for this property is $430,000.

What are key features of this property?

This property features: Just under 5,000 square feet of heated and cooled space on 1.15 acres; Full‑size commercial kitchen with dining and retail areas; Separate bar room with taps connected to the walk‑in cooler and freezer