Mixed-Use Complex with
For Sale
$1,600,000
703 S State Street, Bunnell, FL 32110
Commercial Sale, Bunnell, FL
Property Size8,500 SF
Lot Size5.72 Acres
Price / SF$76.64
Days on Market305
Property Features for 703 S State Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Bathrooms
9
Full bathrooms
9
Rooms
Bathroom 4, Bathroom 2, Bathroom 7, Bathroom 8, Bathroom 5, Bathroom 9, Bathroom 6, Bathroom 3, Bathroom 1
Parking features
Driveway, RV, Assigned, Parking Lot, Carport
Accessibility
Accessible Approach with Ramp
Lot features
Split Possible
Directions
US 1 & SR 100,Head South to 703 State
Subdivision
60 - Palm Coast
Standard status
Active
APN
10-12-30-0850-02990-0000
Size
20,878 SF
Lot size
5.72 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
TOWN OF BUNNELL BLKS 299 & 300 LYING WEST OF US-1 & 1/2 OF VACANTED SHORT STREET LYING SOUTH OF BLK 299 ALSO 2.+/- AC BUNNELL DEV CO SUBD BLK C PT TR 5 LYING S OF BLK 300 & BETWEEN US-1 & FEC R/R PARCEL HAS 234. ON WLY BOUNDARY US-1 & 301.47' ON ELY BOUND
Tax Annual Amount
13502
Legal Description
TOWN OF BUNNELL BLKS 299 & 300 LYING WEST OF US-1 & 1/2 OF VACANTED SHORT STREET LYING SOUTH OF BLK 299 ALSO 2.+/- AC BUNNELL DEV CO SUBD BLK C PT TR 5 LYING S OF BLK 300 & BETWEEN US-1 & FEC R/R PARCEL HAS 234. ON WLY BOUNDARY US-1 & 301.47' ON ELY BOUND
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Electric (Heating), Hot Water(Heating)
Cooling system
Heat Pump, Central Air, Exhaust Fan (Cooling), Separate Meters, Electric, Multi Units, Varies by Unit, Ceiling Fan(s)
Water source
Public
Amenities
independent electric meters
private entrances
individual HVAC systems
on-site parking
front and side access
Building Details
Year built
2001
Floors in Building
1
Number of units
9
Flooring type
Terrazzo, Carpet, Concrete, Tile
Building materials
Block, Brick, Cement Siding, Concrete
Roof type
Mixed, Shingle
Listing Agency:
Realty Pros Commercial
(386) 253-8565
Listed By:
Terry Sitaram · License #3092297
(386) 237-4444
Added: Oct 31, 2025
Changed: Aug 20
Last Checked: Aug 31 at 12:06AM
MLS# 1219480
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 mixed-use commercial complex contains nine condominium-style units, each approximately 1,200 to 1,400 square feet, along with seven storage units. The units have private entrances, independent electric meters, and individual HVAC systems, supporting office, retail, flex, and light industrial configurations. The property is built with concrete block construction and includes front and side access with on-site parking. A separation agreement governs the jointly owned rear storage area, which includes five units of approximately 250 square feet each and two units of approximately 500 square feet each.
The property is located at 703 S State Street in Bunnell along U.S.-1, with access to I-95 and SR-100. Downtown Bunnell, Palm Coast, and Flagler Beach are minutes away. Public water and public sewer serve the property, and the building dates to 2001. Zoning is I-B, identified as Industrial/Business.
The property is located at 703 S State Street in Bunnell along U.S.-1, with access to I-95 and SR-100. Downtown Bunnell, Palm Coast, and Flagler Beach are minutes away. Public water and public sewer serve the property, and the building dates to 2001. Zoning is I-B, identified as Industrial/Business.
Key Highlights
- Nine condominium‑style commercial units, each approximately 1,200–1,400 SF
- Seven rear storage units: five at approximately 250 SF and two at approximately 500 SF
- I‑B (Industrial/Business) zoning
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
$125,612
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
7.85%
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%
$2,512,240
$2.5M
Cap Rate 7%
$1,794,457
$1.8M
Cap Rate 9%
$1,395,689
$1.4M
Market Conditions
NOI Build-Up for 20,878 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
$187.9K $9.00/SF
− Vacancy
−$8.5K −$0.41/SF
EGI
$179.4K $8.59/SF
− OpEx
−$53.8K −$2.58/SF
NOI
$125.6K $6.02/SF
Area
Flagler County, FL
Vacancy
4.50%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,512,240
Cap Rate 7%
$1,794,457
Cap Rate 9%
$1,395,689
Alternative Uses
Best Use
Flex RnD
$3.39M
$2.97M – $3.95M
NOI $237,231 @ 7.0% cap · market cap 14.83%
Second Best
Mixed Use
$3.02M
$2.64M – $3.52M
NOI $211,390 @ 7.0% cap · market cap 13.21%
Theoretical Best
Office A
$5.02M
$4.39M – $5.85M
NOI $351,201 @ 7.0% cap · market cap 21.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
364
Businesses Nearby
Explore this area
Business Placement
Demographics for 32110, FL
8,776
Population
4,102
Households
2.1
Avg Household Size
45
Median Age
12%
College-Educated
90%
High-School Grad
296.2 sq mi
ZIP Area
30
Density / Sq Mi
$56,277
Median Household Income
$31,600
Median Earnings
$1,213
Median Rent
$221,200
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Concrete block commercial property with separate entrances, individual meters, HVAC systems, and flexible unit configurations.
Where is this mixed-use property located?
The property is located at 703 S State Street Bunnell, FL.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Nine condominium‑style commercial units, each approximately 1,200–1,400 SF; Seven rear storage units: five at approximately 250 SF and two at approximately 500 SF; I‑B (Industrial/Business) zoning
