Office Unit with Private
For Sale
$479,499
414 PASEO REYES Drive, St Augustine, FL 32095
Commercial Sale, St. Augustine, FL
Property Size1,139 SF
Price / SF$420.98
Days on Market87
Property Features for 414 PASEO REYES Drive
General Information
Property type
Residential
Property subtype
Office
Zoning description
Professional/Office
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking features
Parking Lot, Assigned
Directions
Take I-95 South toward Saint Augustine and get off at Exit 323 for International Golf Parkway/World Golf Village. Turn left onto International Golf Parkway and continue east toward Palencia. From there, turn right onto U.S. 1 South, then turn left onto Palencia Village Drive. Continue into the Palencia Commons area and turn onto Paseo Reyes Drive. The Prof Center at Palencia Commons Condo #414.
Subdivision
312-Palencia Area
Standard status
Active
APN
0724241303
Size
1,139 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5571
HOA Fee
$345 Monthly
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2024
Floors in Building
1
Number of units
1
Roof type
Barrel
Listing Agency:
ENDLESS SUMMER REALTY
(904) 461-8878
Listed By:
KURT BOGART
(904) 947-0040
Added: Jun 16
Changed: Sep 2
Last Checked: Sep 10 at 5:06PM
MLS# 2150913
Copyright © 2026 realMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,139-square-foot office unit at 414 Paseo Reyes Drive provides a practical professional layout with five private offices, a reception area, a private restroom, and a kitchenette. Constructed in 2024, the space includes central heating and central air, supporting year-round office operations.
Parking is provided through assigned spaces and a shared parking lot. The property is served by public water and public sewer and features a barrel roof. Its Palencia Commons setting offers access to nearby residential communities, established commercial activity, U.S. 1, and International Golf Parkway.
Parking is provided through assigned spaces and a shared parking lot. The property is served by public water and public sewer and features a barrel roof. Its Palencia Commons setting offers access to nearby residential communities, established commercial activity, U.S. 1, and International Golf Parkway.
Key Highlights
- 1,139 SF office unit at 414 Paseo Reyes Drive
- Five private offices plus reception area
- Private restroom and functional kitchenette
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$15,951
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.33%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$319,020
$319.0K
Cap Rate 7%
$227,871
$227.9K
Cap Rate 9%
$177,233
$177.2K
Market Conditions
NOI Build-Up for 1,139 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$27.3K $24.00/SF
− Vacancy
−$6.1K −$5.33/SF
EGI
$21.3K $18.67/SF
− OpEx
−$5.3K −$4.67/SF
NOI
$16.0K $14.00/SF
Area
St. Johns County, FL
Vacancy
22.20%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$319,020
Cap Rate 7%
$227,871
Cap Rate 9%
$177,233
Alternative Uses
Best Use
Office B
$227.9K
$199.4K – $265.9K
NOI $15,951 @ 7.0% cap · market cap 3.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$303.8K
$265.8K – $354.5K
NOI $21,267 @ 7.0% cap · market cap 4.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
289
Businesses Nearby
Explore this area
Business Placement
Demographics for 32095, FL
16,607
Population
6,997
Households
2.4
Avg Household Size
42
Median Age
53%
College-Educated
96%
High-School Grad
57.4 sq mi
ZIP Area
289
Density / Sq Mi
$124,556
Median Household Income
$51,986
Median Earnings
$1,576
Median Rent
$485,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Professional office configuration with reception, kitchenette, private restroom, assigned parking, and central HVAC.
Where is this office units located?
The property is located at 414 PASEO REYES Drive St Augustine, FL.
What is the asking price?
The asking price for this property is $479,499.
What are key features of this property?
This property features: 1,139 SF office unit at 414 Paseo Reyes Drive; Five private offices plus reception area; Private restroom and functional kitchenette
