Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    850 N State Road 21 Melrose, FL 32666

    • Commercial land
    • 3,600 SF
    • 0.31 lot acres
    For Sale
    View listing
    $155,000
    Last Sale
    Aug 11, 2023
    $92,500
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-3387302
    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

    • Commercial land

    Property Details for 850 N State Road 21

    Year built
    1969
    Lot size
    0.31 lot acres
    Property size
    3,600 SF
    Property type
    Commercial land
    APN
    18-09-23-0000-087.1-000.0
    APU
    180923000008710000

    Description

    This exceptional 0.31-acre commercial lot, situated at 850 N State Road 21 in Melrose, Florida, presents a remarkable opportunity for entrepreneurs seeking high visibility. Located just one block from the intersection of SR 21 and SR 26, this property boasts over 100 feet of frontage on SR 21, ensuring significant exposure to the daily traffic volume exceeding 9,500 vehicles. The C-2 zoning allows for a diverse range of retail and service businesses. The lot itself is flat and easily developable, featuring readily available city water. This is more than just a location

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Melrose
    County
    Putnam
    State
    Florida
    Longitude
    -82.0439
    Latitude
    29.7114
    CBSA code
    37260
    CBSA name
    PALATKA, FL MICROPOLITAN 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
    $867
    $0.00
    $0.00
    $53,030
    -
    $53,030
    $0.00
    $53,030

    Comparable in this City

    • Value Estimation by Request
      0.23 Acres

      Melrose, FL 32666

      VACANT COMMERCIAL LAND • 0.23 Acres
      Melrose, FL 32666
      View Details
    • Value Estimation by Request
      1.56 Acres

      Melrose, FL 32666

      VACANT COMMERCIAL LAND • 1.56 Acres
      Melrose, FL 32666
      View Details
    • Value Estimation by Request
      0.44 Acres

      Honeydew Cir

      VACANT COMMERCIAL LAND • 0.44 Acres
      Honeydew Cir, Melrose, FL 32666
      View Details
    • Value Estimation by Request
      0.65 Acres

      314 State Rd 26

      VACANT COMMERCIAL LAND • 672 SF
      314 State Rd 26, Melrose, FL 32666-3902
      View Details
    • Value Estimation by Request
      0.26 Acres

      1322 State Rd 100

      VACANT COMMERCIAL LAND • 0.26 Acres
      1322 State Rd 100, Melrose, FL 32666-3701
      View Details
    • Value Estimation by Request
      0.34 Acres

      8792 State Rd 21

      VACANT COMMERCIAL LAND • 0.34 Acres
      8792 State Rd 21, Melrose, FL 32666-8966
      View Details

    Similar Nearby for Sale

    • $155,000
      0.31 Acres

      Commercial Land in Melrose, Florida

      Commercial land in the heart of Melrose, ready to build.
      850 N State Road 21, Melrose, FL 32666
      View Details
    • Contact for pricing
      1.60 Acres

      Melrose, FL Unimproved Land

      1.6 acre agricultural residential land in Melrose, Florida.
      Lake Everett Dr, Melrose, FL 32666
      View Details
    • $435,000

      Melrose Land with Large Pole Barn

      12.5-acre parcel with pole barn near downtown Melrose, Florida.
      5065 NE 219A Rd, Melrose, FL 32666
      View Details
    • $140,000
      2.97 Acres

      2.97 Acre Residential Homesite

      2.97 acre residential homesite on SR 100 in Melrose, FL.
      1551 State Road 100, Melrose, FL 32666
      View Details
    • $39,999

      Land For Sale

      Land available for sale in Melrose, Florida.
      000 Stardust Ln, Melrose, FL 32666
      View Details
    • Contact for pricing
      2.14 Acres

      Vacant Residential Lot in Melrose

      2.14 acre wooded residential lot with easement access.
      SE 10Th Ln, 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.
    850 N State Road 21
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!