Flex Space with Garage
For Sale
$450,000
517 PAUL MORRIS Drive, Englewood, FL 34223
COMMERCIAL - ENGLEWOOD, FL
Property Size2,414 SF
Lot Size1.91 Acres
Price / SF$186.41
Days on Market10
Property Features for 517 PAUL MORRIS Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
PID
Subdivision
BRIGHTSTAR INDUST
Lot features
Industrial Condo, Industrial Park, Landscaped, Paved
Directions
From the intersection of Winchester Rd and S River Rd, drive west on River Rd, turn left onto Paul Morris Drive, and continue to 517 Paul Morris Drive, Unit C-4 on your right.
Standard status
Active
APN
0849161012
Size
2,414 SF
Lot size
1.91 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
UNIT C-2 and C-4 BRIGHTSTAR INDUSTRIAL
Tax Annual Amount
1937
Legal Description
UNIT C-2 and C-4 BRIGHTSTAR INDUSTRIAL
Utilities
Utilities
Electricity Available
Sewer type
Septic Tank
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1985
Floors in Building
2
Number of units
2
Flooring type
Tile, Carpet, Concrete
Building materials
Metal Siding, Stucco
Roof type
Metal
Listing Agency:
RE/MAX ALLIANCE GROUP · RE/MAX International
(941) 473-8484
Listed By:
Carla Stiver, PA · License #3039882
(941) 270-1460
Added: Jul 30
Changed: Aug 7
Last Checked: Aug 8 at 9:06PM
MLS# D6148261
Copyright © 2026 Stellar MLS. 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 2,414-square-foot flex property includes two commercial condominium units within Paul Morris Industrial Park. Unit C-4 contains a foyer, reception area, private offices, meeting or work areas, a shared bathroom, and unfinished upper-level storage. Unit C-2 adds an open work area, private office, shelving and counters, plus a garage bay with an approximately 10-foot-wide by 8-foot-tall roll-up door. Central HVAC serves the office areas. The property also has three-phase electric service, concrete, carpet, and tile flooring, smoke detectors, gutters and downspouts, and a metal roof.
The 1.9081-acre property is zoned PID and has public water, septic service, and electricity available. Located on Paul Morris Drive just off River Road, it provides access to SR-776, US-41, and Interstate 75. The property is positioned near Englewood, Venice, North Port, Port Charlotte, and Wellen Park, with the surrounding area adding shopping, restaurants, medical offices, and businesses.
The 1.9081-acre property is zoned PID and has public water, septic service, and electricity available. Located on Paul Morris Drive just off River Road, it provides access to SR-776, US-41, and Interstate 75. The property is positioned near Englewood, Venice, North Port, Port Charlotte, and Wellen Park, with the surrounding area adding shopping, restaurants, medical offices, and businesses.
Key Highlights
- 2,414 SF flex property comprising two commercial condominium units
- Unit C‑2 includes an approximately 10‑foot‑wide by 8‑foot‑tall roll‑up garage door
- 1.9081‑acre site zoned PID
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
$29,878
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
6.64%
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%
$597,560
$597.6K
Cap Rate 7%
$426,829
$426.8K
Cap Rate 9%
$331,978
$332.0K
Market Conditions
NOI Build-Up for 2,414 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
$52.1K $21.60/SF
− Vacancy
−$12.3K −$5.10/SF
EGI
$39.8K $16.50/SF
− OpEx
−$10.0K −$4.13/SF
NOI
$29.9K $12.38/SF
Area
Charlotte County, FL
Vacancy
23.60%
Lease Rate
$21.60 /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%
$597,560
Cap Rate 7%
$426,829
Cap Rate 9%
$331,978
Alternative Uses
Best Use
Office B
$426.8K
$373.5K – $498.0K
NOI $29,878 @ 7.0% cap · market cap 6.64%
Second Best
Warehouse
$323.6K
$283.2K – $377.6K
NOI $22,653 @ 7.0% cap · market cap 5.03%
Theoretical Best
Office A
$790.4K
$691.6K – $922.2K
NOI $55,329 @ 7.0% cap · market cap 12.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
2
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
71
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34223, FL
19,118
Population
14,484
Households
1.3
Avg Household Size
66
Median Age
39%
College-Educated
96%
High-School Grad
41.9 sq mi
ZIP Area
456
Density / Sq Mi
$70,155
Median Household Income
$39,486
Median Earnings
$1,288
Median Rent
$358,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Two commercial condominium units combine office, warehouse, storage, and workspace with three-phase electrical service.
Where is this flex space located?
The property is located at 517 PAUL MORRIS Drive Englewood, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 2,414 SF flex property comprising two commercial condominium units; Unit C‑2 includes an approximately 10‑foot‑wide by 8‑foot‑tall roll‑up garage door; 1.9081‑acre site zoned PID
