Veterinary Clinic Conversion
For Sale
$665,000
1104 S Nova Road, Ormond Beach, FL 32174
Medical office building configured with a waiting/reception area, exam rooms, x-ray room, and multiple private offices.
Property Size3,540 SF
Price / SF$187.85
Days on Market69
Property Features for 1104 S Nova Road
General Information
Standard status
Active
Size
3,540 SF
Property subtype
Commercial
Building Details
Year Built
1978
Listing Agency:
NSB REALTY TEAM INC
(407) 342-7999
Listed By:
Kate Rosenberg · License #3243080
Source:
Realtygroupfl
Added: Jun 16
Changed: Aug 23
Last Checked: Aug 22 at 8:04AM
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 NSB REALTY TEAM INC
Investment Insights
Based on property information with market context.
This commercial building is currently operated as a veterinary clinic and offers an office-ready layout suitable for conversion or continued use. The front portion includes a spacious waiting area and an open reception workspace. A half bathroom is located just off the waiting room for client use. Along the main hallway are three private exam rooms that can be used as offices or treatment rooms, along with a dedicated x-ray room that could serve specialized work or storage.
The interior also includes a private office and two additional flexible common areas that can be adapted for administrative space or consultation-type use. Two kitchen areas provide functional staff support, including one kitchen with a sink, cabinetry, and refrigerator, plus a second kitchen area with additional sink and cabinetry. There is also a half bath used for employees.
The property has a paved and marked front parking lot, with additional rear parking for staff or overflow vehicles. A covered carport area provides extra utility, including a dedicated washer/dryer space and storage for equipment, supplies, or maintenance needs. The building is positioned directly off S Nova Road in Holly Hill, with prominent signage opportunities in two locations.
The interior also includes a private office and two additional flexible common areas that can be adapted for administrative space or consultation-type use. Two kitchen areas provide functional staff support, including one kitchen with a sink, cabinetry, and refrigerator, plus a second kitchen area with additional sink and cabinetry. There is also a half bath used for employees.
The property has a paved and marked front parking lot, with additional rear parking for staff or overflow vehicles. A covered carport area provides extra utility, including a dedicated washer/dryer space and storage for equipment, supplies, or maintenance needs. The building is positioned directly off S Nova Road in Holly Hill, with prominent signage opportunities in two locations.
Key Highlights
- Commercial building built in 1978, currently operating as a veterinary clinic with medical‑office style layout.
- Front reception and waiting area with open reception workspace and a half bathroom for client use.
- Includes three private exam rooms, a dedicated x‑ray room, plus a private office and two flexible common areas.
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
$53,047
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
7.98%
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%
$1,060,940
$1.1M
Cap Rate 7%
$757,814
$757.8K
Cap Rate 9%
$589,411
$589.4K
Market Conditions
NOI Build-Up for 3,540 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
$76.5K $21.60/SF
− Vacancy
−$5.7K −$1.62/SF
EGI
$70.7K $19.98/SF
− OpEx
−$17.7K −$5.00/SF
NOI
$53.0K $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%
$1,060,940
Cap Rate 7%
$757,814
Cap Rate 9%
$589,411
Alternative Uses
Best Use
Office B
$757.8K
$663.1K – $884.1K
NOI $53,047 @ 7.0% cap · market cap 7.98%
Second Best
Healthcare Medical
$735.7K
$643.7K – $858.3K
NOI $51,499 @ 7.0% cap · market cap 7.74%
Theoretical Best
Office A
$1.04M
$913.3K – $1.22M
NOI $73,066 @ 7.0% cap · market cap 10.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
415
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32174, FL
53,097
Population
26,303
Households
2
Avg Household Size
55
Median Age
33%
College-Educated
93%
High-School Grad
125.4 sq mi
ZIP Area
423
Density / Sq Mi
$67,817
Median Household Income
$41,452
Median Earnings
$1,316
Median Rent
$315,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Similar Off Market Nearby
- VCA Ormond Beach Animal Hospital — 1104 S Nova Rd, Ormond Beach, FL 32174
- Tomoka Pines Veterinary Hospital — 750 S Nova Rd, Ormond Beach, FL 32174
Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office building configured with a waiting/reception area, exam rooms, x-ray room, and multiple private offices.
Where is this medical office space located?
The property is located at 1104 S Nova Road Ormond Beach, FL.
What is the asking price?
The asking price for this property is $665,000.
What are key features of this property?
This property features: Commercial building built in 1978, currently operating as a veterinary clinic with medical‑office style layout.; Front reception and waiting area with open reception workspace and a half bathroom for client use.; Includes three private exam rooms, a dedicated x‑ray room, plus a private office and two flexible common areas.
