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    307/309 State Road 26 Melrose, FL 32666

    • Mixed-use properties
    • 6,006 SF
    • 0.76 lot acres
    For Sale
    View listing
    $999,999
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Mixed-use properties

    Property Details for 307/309 State Road 26

    Year built
    2011
    Lot size
    0.76 lot acres
    Property size
    6,006 SF
    Property type
    Mixed-use properties

    Description

    This exceptional mixed-use property, located at 307/309 State Road 26 in Melrose, Florida, presents a unique investment opportunity. The 6,006 square foot Melrose Center sits on a 0.76-acre lot and boasts two attractive buildings facing the major thoroughfare of Highway 26, connecting Gainesville and Putnam Hall. The main building, known as "The Studios of Melrose," features eleven mixed-use offices currently occupied by a diverse range of tenants, including healthcare providers, artist studios, and a multi-room art gallery. This building showcases the historic Victorian four-square architectural style prevalent in Melrose. The property is also licensed as a full-service restaurant with a seating capacity of fifty, offering both indoor and outdoor dining areas. The kitchen underwent a complete renovation in 2021, with significant upgrades to its equipment. The Melrose Center further distinguishes itself with both indoor and outdoor performance stages, regularly hosting musicians and showcasing local artists' work. This vibrant space serves as a unique combination of restaurant, art house, and community hub, offering a rare opportunity to acquire a property where food and art seamlessly converge. Priced at $999,999, this property represents a compelling investment in a thriving community.

    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
    -82.0072
    Latitude
    29.729

    Comparable in this City

    • Value Estimation by Request
      1,301 SF

      898 State Rd 21

      STORE/OFFICE (MIXED USE) • 1,301 SF
      898 State Rd 21, Melrose, FL 32666-3953
      View Details
    • Value Estimation by Request
      2,654 SF

      307 State Rd 26

      STORE/OFFICE (MIXED USE) • 2,654 SF
      307 State Rd 26, Melrose, FL 32666-3906
      View Details
    • Value Estimation by Request
      1,139 SF

      698 State Rd 21

      STORE/OFFICE (MIXED USE) • 1,139 SF
      698 State Rd 21, Melrose, FL 32666-4421
      View Details
    • Value Estimation by Request
      3,244 SF

      303 State Rd 26

      STORE/OFFICE (MIXED USE) • 3,244 SF
      303 State Rd 26, Melrose, FL 32666-3903
      View Details
    • Value Estimation by Request
      2,138 SF

      802 State Rd 26

      STORE/OFFICE (MIXED USE) • 2,138 SF
      802 State Rd 26, Melrose, FL 32666-3137
      View Details
    • Value Estimation
      $90,000
      672 SF

      101 Ashley Lk Blvd

      STORE/OFFICE (MIXED USE) • 672 SF
      101 Ashley Lk Blvd, Melrose, FL 32666-4360
      View Details

    Similar Nearby for Sale

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      Melrose Center: Mixed-Use Gem

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    • $949,000
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      Melrose Mixed-Use Commercial Center

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    Melrose, FL 32666
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    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
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