Flex Space with
For Sale
$385,000
702 W Park Avenue, Edgewater, FL 32132
Commercial Sale, Edgewater, FL
Property Size2,800 SF
Lot Size0.01 Acres
Price / SF$240.63
Days on Market178
Property Features for 702 W Park Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Parking features
Driveway
Directions
From Canal St., Florida 32168 --> Head toward S Myrtle Ave --> Turn right onto S Dixie Fwy -> Pass by Beef 'O' Brady's-New Smyrna Beach (on the right in 1.3 mi) -- >Continue onto N Ridgewood Ave --> Turn right onto E Park Ave --> Turn left --> Destination will be on the left 702 W Park Ave Edgewater, FL 32132
Subdivision
80 - Edgewater
Standard status
Active
APN
7452-19-02-00A1
Size
1,600 SF
Lot size
0.01 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
UNIT A1 BLDG 702 ATLANTIC INDUSTRIALS PROPERTIES CONDO PER OR 3214 PG 1213 PER OR 4789 PG 1362 PER OR 5732 PGS 0105-0107 INC PER OR 5732 PGS 0111-0113 INC PER OR 5748 PGS 4040-4042 INC PER OR 5903 PG 4592 PER OR 8106 PG 3266 PER OR 8106 PG 3270
Tax Annual Amount
1875
Legal Description
UNIT A1 BLDG 702 ATLANTIC INDUSTRIALS PROPERTIES CONDO PER OR 3214 PG 1213 PER OR 4789 PG 1362 PER OR 5732 PGS 0105-0107 INC PER OR 5732 PGS 0111-0113 INC PER OR 5748 PGS 4040-4042 INC PER OR 5903 PG 4592 PER OR 8106 PG 3266 PER OR 8106 PG 3270
Building Details
Year built
1985
Floors in Building
2
Listing Agency:
White Whale Real Estate
(386) 689-5171
Listed By:
Chris Schwarz
(388) 689-5171
Added: Mar 17
Changed: Aug 20
Last Checked: Sep 10 at 8:06PM
MLS# 1224211
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.
Investment Insights
Based on property information with market context.
This flex-space property combines office and warehouse functions in a building constructed in 1985. The office component includes two private offices and two separate restrooms, while the warehouse area provides high ceilings and a built-in mezzanine for storage. An upstairs area is used for administrative space, creating a varied layout within the building.
The property is located on W Park Avenue in Edgewater, near I-95 and US-1. Edgewater Airport, also known as Massey Ranch, and a major industrial park are nearby. Driveway parking is provided. Automotive, painting, and furniture-related businesses are not permitted.
The property is located on W Park Avenue in Edgewater, near I-95 and US-1. Edgewater Airport, also known as Massey Ranch, and a major industrial park are nearby. Driveway parking is provided. Automotive, painting, and furniture-related businesses are not permitted.
Key Highlights
- Flex‑space layout combining office, warehouse, and administrative areas
- Two private offices and two separate restrooms
- Warehouse area features high ceilings and a built‑in mezzanine
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
$23,976
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
6.23%
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%
$479,520
$479.5K
Cap Rate 7%
$342,514
$342.5K
Cap Rate 9%
$266,400
$266.4K
Market Conditions
NOI Build-Up for 1,600 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
$34.6K $21.60/SF
− Vacancy
−$2.6K −$1.62/SF
EGI
$32.0K $19.98/SF
− OpEx
−$8.0K −$5.00/SF
NOI
$24.0K $14.99/SF
Area
Volusia County, FL
Vacancy
7.50%
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%
$479,520
Cap Rate 7%
$342,514
Cap Rate 9%
$266,400
Alternative Uses
Best Use
Office B
$342.5K
$299.7K – $399.6K
NOI $23,976 @ 7.0% cap · market cap 6.23%
Second Best
Flex RnD
$257.7K
$225.5K – $300.7K
NOI $18,042 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$471.8K
$412.8K – $550.4K
NOI $33,024 @ 7.0% cap · market cap 8.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
301
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32132, FL
8,189
Population
4,266
Households
1.9
Avg Household Size
52
Median Age
19%
College-Educated
93%
High-School Grad
7.0 sq mi
ZIP Area
1,170
Density / Sq Mi
$53,860
Median Household Income
$34,816
Median Earnings
$1,316
Median Rent
$234,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Office and warehouse configuration with private offices, restrooms, high ceilings, and added mezzanine storage.
Where is this flex space located?
The property is located at 702 W Park Avenue Edgewater, FL.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Flex‑space layout combining office, warehouse, and administrative areas; Two private offices and two separate restrooms; Warehouse area features high ceilings and a built‑in mezzanine
