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    8744 State Rd 21 Melrose, FL 32666-8809
    Property profile & analytics

    8744 State Rd 21, Melrose, FL 32666-8809

    View on Map
    • Banks
    • 3,412 SF
    • 0.34 lot acres
    Off-Market
    Last Sale Aug 12, 2022
    $245,000
    Property ID
    US18-3157480
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • CrossPoint Church / Church
    • Magic Imports / Car Dealership
    • U-Haul Neighborhood Dealer / Car Rental Facility

    Property Details for 8744 State Rd 21

    Year built
    1973
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.34 lot acres
    Zone code
    BA
    Property type
    Banks
    APN
    07-09-23-005464-000-00
    APU
    7092300546400000

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Aug 12, 2022 — Hamid Tajalli Hamid Tajalli Intrafamily Transfer · related —
    Sep 22, 2020 $245,000 Hamid Tajalli James G Walker Warranty Deed $417k · Campus USA Cu
    Mar 18, 2020 — James G Walker — Deed · related $150k · Capital City Bank
    Dec 4, 2019 — James G Walker Nrpg Investments LLC Deed In Lieu Of Foreclosure —
    Aug 8, 2017 $150,000 James G Walker Perkins,john K Warranty Deed —
    Jan 12, 2017 $220,000 John K Perkins Meca Services INC Warranty Deed · related $219k · Meca Services INC
    Oct 25, 2001 $185,000 Meca Services INC Compass Bank Grant Deed $104k · Southtrust Bank NA

    Description

    This exceptional 3,412 square foot commercial property, situated on 1.32 acres at 8744 State Road 21 in Melrose, Florida, presents a remarkable investment opportunity. Its prime location on a busy thoroughfare, just blocks from Lake Santa Fe, ensures high visibility and substantial foot traffic. The property comprises three parcels and features a robust, solid block building ideally suited for a variety of commercial uses. A significant portion of the property is designed as a car lot, offering ample space for vehicle display and showcasing inventory to passing motorists. The building itself is intelligently divided into three distinct sections, providing flexibility for diverse business needs. These sections could easily be configured as sales offices, customer service areas, or maintenance/detailing bays, allowing for a customized layout to meet specific operational requirements. A key advantage is the existing, established U-Haul rental operation, generating a consistent and reliable income stream. This turnkey operation offers a unique blend of functionality, versatility, and profitability, making it an attractive proposition for discerning entrepreneurs seeking a well-established and income-producing commercial property in a desirable location. The asking price is $499,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Melrose
    County
    Clay
    State
    Florida
    Longitude
    -82.0471
    Latitude
    29.7249
    CBSA code
    27260
    CBSA name
    JACKSONVILLE, 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
    $2,355
    $17,000
    $138,109
    $155,109
    -
    $17,000
    $138,109
    $155,109

    Comparable in this City

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    • Value Estimation by Request
      400 SF

      892 Sr 21

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      892 Sr 21, Melrose, FL 32666
      View Details
    • Value Estimation
      $3,215,000
      33,258 SF

      3212 State Rd 21

      GROCERY, SUPERMARKET
      3212 State Rd 21, Melrose, FL 32666-5333
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    • Value Estimation by Request
      410 SF

      892 State Rd 21

      RETAIL STORES (PERSONAL SERVICES)
      892 State Rd 21, Melrose, FL 32666-3953
      View Details
    • Value Estimation
      $745,000
      3,195 SF

      400 State Rd 26

      RETAIL STORES (PERSONAL SERVICES)
      400 State Rd 26, Melrose, FL 32666-3909
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    • Value Estimation by Request
      1,080 SF

      210 Brantley Rd

      RETAIL STORES (PERSONAL SERVICES)
      210 Brantley Rd, Melrose, FL 32666
      View Details

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    Melrose, FL 32666-8809
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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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