Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    307/309 State Road 26 Melrose, FL 32666
    Property profile & analytics

    307/309 State Road 26, Melrose, FL 32666

    View on Map
    • Land
    • 5,664 SF
    • 0.76 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 307/309 State Road 26

    Lot size
    0.76 lot acres
    Property type
    Land
    Property subtype
    Hospitality properties

    Description

    This exceptional commercial property, listed at $999,999, presents a unique investment opportunity in Melrose, Florida. The property encompasses two attractive buildings totaling 5,664 square feet on a 0.76-acre lot, situated directly on Highway 26, a major thoroughfare connecting Gainesville and Putnam Hall. The main building, "The Studios of Melrose," features eleven mixed-use offices currently occupied by a diverse range of tenants, including healthcare providers and artists. This building showcases a historic Victorian four-square design, characteristic of Melrose's architecture. The property also includes a fully licensed, fifty-seat restaurant with both indoor and outdoor dining areas. The kitchen underwent a complete renovation in 2021, boasting largely brand-new equipment. The property further boasts both indoor and outdoor stages, regularly hosting musical performances and showcasing local artists' work. This versatile space functions as a restaurant, art gallery, and community hub, offering a unique blend of commercial uses. The property is zoned for mixed use and has an occupancy date of April 9, 2024. The APN is 18-09-23-5670-0000-0610. This is a rare chance to acquire a thriving, established business with significant potential for growth in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Melrose
    County
    Putnam
    State
    Florida
    Longitude
    -82.0472
    Latitude
    29.709

    Comparable in this City

    • Value Estimation by Request
      28.49 Acres

      24672 Fl-26

      Land
      24672 Fl-26, Melrose, FL 32666
      View Details
    • Value Estimation by Request
      0.31 Acres

      850 Sr 21

      Land
      850 Sr 21, Melrose, FL 32666
      View Details
    • Value Estimation by Request
      0.23 Acres

      1341 State Rte

      Land
      1341 State Rte, Melrose, FL 32666
      View Details
    • Value Estimation by Request

      Melrose, FL 32666

      Land
      Melrose, FL 32666
      View Details
    • Value Estimation by Request
      4.85 Acres

      Sr 21

      Commercial real estate
      Sr 21, Melrose, FL 32666
      View Details
    • Value Estimation by Request
      0.26 Acres

      1322 State Rd 100

      VACANT COMMERCIAL LAND
      1322 State Rd 100, Melrose, FL 32666-3701
      View Details

    Similar Nearby for Sale

    • $184,500
      975 SF

      Land for Sale

      Land available for purchase.
      5430 Lone Pine Trl, Melrose, FL 32666
      View Details
    • Contact for pricing
      18,730 SF

      Wooded Land Parcel For Sale

      Two contiguous wooded lots totaling 0.61 acres.
      160 Putnam Loop Rd, Melrose, FL 32666
      View Details
    • $48,999

      Land for Sale in Melrose

      Land available on State Road 100, Melrose, Florida.
      8329 State Road 100, Melrose, FL 32666
      View Details
    • Contact for pricing

      Land For Sale Melrose, FL

      Land available for sale in Melrose, Florida.
      8290 Melrose Rd, Melrose, FL 32666
      View Details
    • $199,000

      22 Acres of Mature Timber

      Land with mature trees, near Keystone Heights and Gainesville.
      0000 Lone Pine Trl, Melrose, FL 32666
      View Details
    • $85,000
      0.34 Acres

      Melrose Commercial Lot - High Visibility

      Prime Clay County location, high traffic, great visibility.
      8778 State Road 21, Melrose, FL 32666
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    307/309 State Road 26
    Melrose, FL 32666
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    307/309 State Road 26, Melrose, FL, 32666
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!