Two-Unit Medical Office
New
For Sale
$435,000
1 FLORIDA PARK DRIVE, Palm Coast, FL 32137
Commercial condominium with adaptable layouts and association-managed building and common-area services.
Property Size2,500 SF
Price / SF$174
Days on Market4
Property Features for 1 FLORIDA PARK DRIVE
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Medical Office
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
2
Amenities
0.21 acres
Public Sewer
Additional parcels description:, Parcel Number: 0711317002ORPA21090, Public Survey Range: 31, Public Survey Section: 07, Annual Amount: $2,818, Tax Book Number: 933, Legal Description: Sunrise plaza condominium unity 109 and 110 Percentage interest in common elements or 933 pg 949 or 1189+ pg 1609, Lot: 3, Year: 2025, Zoning: X
Central Air
Listing ID: MFRFC319986, Standard Status: Active, MLS Status: Active, Property Subtype: Medical Office, On market as of 2026-08-16, Special Conditions: None
Built in 1991, Living area units: Square Feet, Construction Materials: Stucco
MLS Area (Major): 32137 - Palm Coast, County/Parish: Flagler
Public, Water Source: Public
Slab
Allowed: Yes - See Condo Docs
Frontage Type: City Street, Road Surface: Asphalt
Building Details
Year Built
1991
Listing Agency:
WATSON REALTY-ST. AUG BEACH
(904) 461-9066
Listed By:
Sheila Clark · License #611886
Source:
Miharaandassociates
Added: Aug 16
Changed: Aug 18
Last Checked: Aug 19 at 6:53AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of WATSON REALTY-ST. AUG BEACH
Investment Insights
Based on property information with market context.
Units 109 and 110 comprise a 2,500-square-foot commercial condominium at Sunrise Plaza, a professionally maintained complex built in 1991. The two spaces have supported different business formats, including retail, barber services, medical practices, and physical therapy, providing a documented range of commercial configurations. Flexible commercial zoning is also identified for the property.
The property is located at 1 Florida Park Drive in Palm Coast, immediately off Palm Coast Parkway with access to I-95. Neighboring businesses and professional services contribute to an established commercial setting. The condominium association handles exterior building maintenance, common-area maintenance, landscaping and irrigation, pest control, trash removal, property management administration, and water and sewer services.
The property is located at 1 Florida Park Drive in Palm Coast, immediately off Palm Coast Parkway with access to I-95. Neighboring businesses and professional services contribute to an established commercial setting. The condominium association handles exterior building maintenance, common-area maintenance, landscaping and irrigation, pest control, trash removal, property management administration, and water and sewer services.
Key Highlights
- Units 109 and 110 total 2,500 SF
- Commercial condominium in Sunrise Plaza, built in 1991
- Prior occupancy includes medical practices and a physical therapy office
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
$34,959
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
8.04%
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%
$699,180
$699.2K
Cap Rate 7%
$499,414
$499.4K
Cap Rate 9%
$388,433
$388.4K
Market Conditions
NOI Build-Up for 2,500 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
$65.1K $26.04/SF
− Vacancy
−$6.8K −$2.73/SF
EGI
$58.3K $23.31/SF
− OpEx
−$23.3K −$9.32/SF
NOI
$35.0K $13.98/SF
Area
Flagler County, FL
Vacancy
10.50%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
40.00%
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%
$699,180
Cap Rate 7%
$499,414
Cap Rate 9%
$388,433
Alternative Uses
Best Use
Healthcare Medical
$499.4K
$437.0K – $582.7K
NOI $34,959 @ 7.0% cap · market cap 8.04%
Second Best
Office B
$413.7K
$362.0K – $482.6K
NOI $28,958 @ 7.0% cap · market cap 6.66%
Theoretical Best
Office A
$600.8K
$525.7K – $700.9K
NOI $42,054 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,016
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32137, FL
46,258
Population
24,717
Households
1.9
Avg Household Size
57
Median Age
37%
College-Educated
95%
High-School Grad
62.4 sq mi
ZIP Area
741
Density / Sq Mi
$78,731
Median Household Income
$42,249
Median Earnings
$1,790
Median Rent
$360,600
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.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Commercial condominium with adaptable layouts and association-managed building and common-area services.
Where is this medical office space located?
The property is located at 1 FLORIDA PARK DRIVE Palm Coast, FL.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: Units 109 and 110 total 2,500 SF; Commercial condominium in Sunrise Plaza, built in 1991; Prior occupancy includes medical practices and a physical therapy office
