Corner Office
For Sale
$479,499
430 PASEO REYES Drive, St Augustine, FL 32095
Commercial Sale, St. Augustine, FL
Property Size1,152 SF
Price / SF$416.23
Days on Market147
Property Features for 430 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
Assigned, Parking Lot
Subdivision
Palencia
Lot features
Corner Lot
Directions
From Philips Hwy (US-1 S) head south for about 7.9 miles. Turn left onto Regalo Rd. Make a left into the parking lot of Paseo Reyes Drive. The unit is on the northeast corner of the property.
Standard status
Active
APN
0724241501
Size
1,152 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5840
HOA Fee
$345 Monthly
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2023
Floors in Building
1
Number of units
1
Flooring type
Carpet, Tile, Laminate
Roof type
Barrel
Listing Agency:
ENDLESS SUMMER REALTY
(904) 461-8878
Listed By:
KURT BOGART
(904) 947-0040
Added: Apr 17
Changed: Sep 2
Last Checked: Sep 10 at 7:06PM
MLS# 2140637
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 1152-square-foot office condominium is configured as a corner unit with five private offices, a reception area, a private bathroom, and a kitchenette. Laminate, tile, and carpet flooring support a practical interior, while central heating and central air provide building-wide climate systems. The property was built in 2023 and features Spanish-style architecture with a barrel roof.
Located at 430 PASEO REYES Drive in St. Augustine, the property includes parking-lot access with assigned parking. Public water and public sewer serve the office, providing established utility infrastructure for the existing commercial use.
Located at 430 PASEO REYES Drive in St. Augustine, the property includes parking-lot access with assigned parking. Public water and public sewer serve the office, providing established utility infrastructure for the existing commercial use.
Key Highlights
- 1152 square feet in a corner office condominium
- Five private offices plus reception, kitchenette, and private bathroom
- Built in 2023 with Spanish‑style architecture and a barrel roof
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
$16,133
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
3.36%
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%
$322,660
$322.7K
Cap Rate 7%
$230,471
$230.5K
Cap Rate 9%
$179,256
$179.3K
Market Conditions
NOI Build-Up for 1,152 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
$27.6K $24.00/SF
− Vacancy
−$6.1K −$5.33/SF
EGI
$21.5K $18.67/SF
− OpEx
−$5.4K −$4.67/SF
NOI
$16.1K $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%
$322,660
Cap Rate 7%
$230,471
Cap Rate 9%
$179,256
Alternative Uses
Best Use
Office B
$230.5K
$201.7K – $268.9K
NOI $16,133 @ 7.0% cap · market cap 3.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$307.3K
$268.9K – $358.5K
NOI $21,510 @ 7.0% cap · market cap 4.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
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
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Frequently Asked Questions
What type of property is this?
Office units - Five private offices, reception, kitchenette, and a dedicated bathroom support an efficient professional layout.
Where is this office units located?
The property is located at 430 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: 1152 square feet in a corner office condominium; Five private offices plus reception, kitchenette, and private bathroom; Built in 2023 with Spanish‑style architecture and a barrel roof
