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    1010 S Nova Road Ormond Beach, FL 32174

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    Claim this Listing
    For Sale
    Under Contract
    $999,000

    COMMERCIAL - Ormond Beach, FL

    Property size:
    5,000 SF
    Lot size:
    0.74 Acres
    Added:
    Feb 4, 2025
    Days on Market:
    438
    Last Refresh:
    Apr 18 at 11:06 am

    Property Features for 1010 S Nova Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    RV
    Standard status
    Active Under Contract
    APN
    424204200140
    Size
    5,000 SF
    Lot size
    0.74 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    N 135 FT OF LOT 14 EXC E PART IN HWY & EXC CORNER FOR NEW R/W MEAS 21.94 FT ON N/L BLK 20 FLEMING FITCH GRANT MB 1 PG 1 PER OR 2060 PG 0126 PER OR 6022 PG 3124 PER OR 7542 PG 4329
    Tax Annual Amount
    6759

    Utilities

    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1980
    Flooring type
    Concrete
    Building materials
    Steel Siding
    Roof type
    Metal

    We can help!

    Listing Contact
    David Galt

    Listing agent David Galt

    Listing office Coldwell Banker Commercial Benchmark 570 Memorial Cir Suite 300, Ormond Beach, FL

    Listing date Feb 4, 2025

    MLS# 1209051

    Copyright © 2026 Daytona Beach Area Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Ormond Beach Flex Property

    This multi-purpose flex property is located at the southwest corner of Arroyo Parkway and Nova Road. It features a gated and fenced area of approximately 19,000 square feet, currently utilized for boat, RV, trailer, and U-Haul storage and parking, accessible from both Arroyo Parkway and Nova Road. The 5,000-square-foot building includes approximately 2,500 square feet of warehouse or shop space with a roll-up door in the back. The front of the building offers an 1,800+ square-foot showroom or retail area, along with two offices of 130+ square feet each, and a break room with two restrooms. Utilities include Phase 3 electric and Daytona City Water. The county zoning is Light Industrial with an Ormond Beach address. The lot size is 0.74 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    U-Haul Neighborhood Dealer Car Rental Facility Tow Boat Us Storage Facility

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ormond Beach
    County
    Volusia
    State
    Florida
    Longitude
    -81.073662
    Latitude
    29.256212

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    FAQs

    What type of property is this?
    Flex space - Multi-purpose flex property with storage, showroom, and warehouse space.
    Where is this flex space located?
    The property is located at 1010 S Nova Road Ormond Beach, FL.
    What is the asking price?
    The asking price for this property is $999,000.
    What are key features of this property?
    This property features: +\/-19,000 SF gated and fenced area suitable for Boat/RV/Trailer & U‑Haul Storage & Parking.; 5,000 SF building with +\/-2,500 SF warehouse/shop space and a roll‑up door.; High‑visibility location at the SW corner of Arroyo Pkwy and Nova Rd.
    (386) 882-3230
    We can help!
    Listing Contact
    David Galt
    Learn More
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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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