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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    602 Main St Gainesville, FL 32601-6718

    • Office buildings
    • 17,666 SF
    • 0.69 lot acres
    OFF-MARKET
    Last Sale
    Apr 15, 2022
    $2,300,000
    Value Estimations
    $2,035,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-0238367
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • VEEM Technology / Computer Consultant
    • Premier Event Co / Party Planner / Entertainment Agency
    • Cyberspace IT - IT Support Gainsville / Computer Support And Services
    • Altisuite / Software Company / E Commerce Agency
    • Saturn Asset Management / Financial Planner

    Property Details for 602 Main St

    Year built
    1900
    Construction
    WOOD
    Lot size
    0.69 lot acres
    Property size
    17,666 SF
    Zone code
    U6
    Property type
    Office buildings
    APN
    13009-000-000
    APU
    13009000000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,865,000
      ML approach
      $1,675,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,543,000
      Market price range: $1.44M - $2.93M
      AI Estimate
      $2,128,000
      Market price range: $1.14M - $2.57M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,190,000
      Current use
      MEDICAL BUILDING
      $2,590,000
      Change: +18% Conversion: Easy
      WAREHOUSE, STORAGE
      $2,220,000
      Change: +1% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Gainesville
    County
    Alachua
    State
    Florida
    Longitude
    -82.3254
    Latitude
    29.6462
    CBSA code
    23540
    CBSA name
    GAINESVILLE, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $42,549
    $650,056
    $1,172,235
    $1,822,291
    -
    $650,056
    $1,172,235
    $1,822,291

    Comparable in this City

    • Value Estimation
      $210,000
      0.09 Acres

      1025 Main St

      OFFICE BUILDING • 0.09 Acres
      1025 Main St, Gainesville, FL 32601-2348
      View Details
    • Value Estimation
      $230,000
      1,029 SF

      505 11th Ave

      OFFICE BUILDING (MULTI-STORY) • 1,029 SF
      505 11th Ave, Gainesville, FL 32601-8078
      View Details
    • Value Estimation
      $850,000
      31,040 SF

      34 13th Rd

      OFFICE BUILDING (MULTI-STORY) • 31,040 SF
      34 13th Rd, Gainesville, FL 32601-2021
      View Details
    • Value Estimation
      $615,000
      4,676 SF

      1212 12th Ave

      OFFICE BUILDING (MULTI-STORY) • 4,676 SF
      1212 12th Ave, Gainesville, FL 32601-3032
      View Details
    • Value Estimation
      $960,000
      1,193 SF

      409 8th St

      OFFICE BUILDING • 1,193 SF
      409 8th St, Gainesville, FL 32601-6418
      View Details
    • Value Estimation
      $325,000
      2,390 SF

      226 2nd St

      OFFICE BUILDING (MULTI-STORY) • 2,390 SF
      226 2nd St, Gainesville, FL 32601-6576
      View Details

    Similar Nearby for Sale

    • $950,000
      5,881 SF

      Gainesville Office Investment Opportunity

      Office investment property located near the University of Florida.
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      Gainesville Office Building Assemblage

      Four buildings, 17,706 SF, prime location.
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    • $850,000
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      Mixed-Use Development Site For Sale

      Mixed-use development site near Depot Park, suitable for various businesses.
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      3,572 SF

      Gainesville Office Building - Daycare Ready

      Prime location, spacious office, daycare setup.
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      1,849 SF

      Gainesville Professional Office Space

      Professional office near University of Florida with flexible space.
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    • $990,000
      2,037 SF

      Gainesville Office Building - High Visibility

      Prime Office Space, High Traffic Area
      1008 13Th St, Gainesville, FL 32601
      View Details

    Similar Nearby for Lease

    • $1,650 /Mo
      1,127 SF

      Free-Standing Office Building For Rent

      Office building for rent with high visibility and ample parking.
      4114 NW 13Th St, Gainesville, FL 32601
      View Details
    • $10 SF/Yr
      1,150 SF

      Second Floor Office Suite

      Second floor office suite available for lease.
      1409 NW 6Th St, Gainesville, FL 32601
      View Details
    • $900 /Mo

      Gainesville Office Space For Rent

      Office space in central Gainesville, ideal for startups.
      502 NW 16Th Ave, Gainesville, FL 32601
      View Details
    • $12 SF/Yr
      1,055 SF

      Downtown Gainesville Office Space Available

      Professionally maintained office suite in a high-visibility downtown location.
      204 W University Ave, Gainesville, FL 32601
      View Details
    • $12 SF/Yr
      1,525 SF

      Downtown Gainesville Third-Floor Office Suite

      Professionally maintained office suite in a high-visibility, walkable downtown location.
      204 W University Ave, Gainesville, FL 32601
      View Details
    • Contact for pricing
      55,000 SF

      Gainesville Executive Office Suites

      Class A Office Space Available Now
      800 2Nd Ave, Gainesville, FL 32601
      View Details
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    602 Main St
    Gainesville, FL 32601-6718
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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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