Building Details

Building Size 25,834 SF

Year Built 2003

Buildings 1

Listed By: Yeneisy Cruz Show Phone

Source: Yourfhrm

Added: Jul 9 Changed: Sep 5 Last Checked: Oct 7 at 9:45AM

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Investment Insights

Based on property information with market context.

This fully leased office building was originally constructed as the sales center for Hammock Beach and Ocean Hammock. The property features an impressive 5,000+ square foot lobby and is currently leased by seven tenants. Operating numbers for 2024 are identified as actual in the seller’s remarks.

Recent exterior and mechanical improvements include a roof replacement completed in 2023/2024 and updated HVAC units throughout the building.

For buyers seeking an operating, leased office asset, this property combines existing tenant occupancy with documented building system updates.

Key Highlights

• Fully leased office building built in 2003 with an impressive 5,000+ SF lobby
• Roof replaced in 2023/24; all HVAC units updated
• Originally constructed as the sales center for Hammock Beach and Ocean Hammock

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$299,235

Cap Rate

6.37%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,984,700 $6.0M

Cap Rate 7%

$4,274,786 $4.3M

Cap Rate 9%

$3,324,833 $3.3M

Market Conditions

NOI Build-Up for 25,834 SF

Gross rent

$511.5K $19.80/SF

− Vacancy

−$112.5K −$4.36/SF

EGI

$399.0K $15.44/SF

− OpEx

−$99.7K −$3.86/SF

NOI

$299.2K $11.58/SF

Area

Flagler County, FL

Vacancy

22.00%

Lease Rate

$19.80 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,984,700

Cap Rate 7%

$4,274,786

Cap Rate 9%

$3,324,833

Alternative Uses

Best Use

Office B

$4.27M

$3.74M – $4.99M (±1% cap)

NOI $299,235 @ 7.0% cap · market cap 6.37%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$6.21M

$5.43M – $7.24M (±1% cap)

NOI $434,569 @ 7.0% cap · market cap 9.25%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

MAY Management Services, ... Property Management Company Darlene Montrose @ Coldwell ... Real Estate Agency Coastal Cloud Business Management Consultant Michael Babcock, Realtor ... Real Estate Agency Andy Kalcounos, REALTOR ... Real Estate Agency

Suggested Use

Top Pick Big Box & Wholesale Store Pharmacy Spa & Massage Center Kitchen & Bath Showroom Gym & Fitness Center Skin Care Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

193

Businesses Nearby

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

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

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What type of property is this? Where is this office buildings located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Office building - Fully leased office building featuring a 5,000+ sf lobby and roof replacement plus updated HVAC equipment.

Where is this office building located?

The property is located at 1 Hammock Beach Parkway PALM COAST Palm Coast, FL.

What is the asking price?

The asking price for this property is $4,700,000.

What are key features of this property?

This property features: Fully leased office building built in 2003 with an impressive 5,000+ SF lobby; Roof replaced in 2023/24; all HVAC units updated; Originally constructed as the sales center for Hammock Beach and Ocean Hammock