Flex Space With
For Sale
$849,000
115-119 MICHIGAN AVENUE, Daytona Beach, FL 32114
Three parcels with RDD4 zoning and multiple existing structures support storage, office, retail-shop, and workshop applications.
Property Size2,480 SF
Price / SF$342.34
Days on Market8
Property Features for 115-119 MICHIGAN AVENUE
General Information
Standard status
Active
Size
2,480 SF
Property subtype
Warehouse
Zoning
RDD4
Property Condition
Severity
Major Repairs Needed
Evidence
CONDEMNED
Additional Details
Outdoor Storage
Yes
Building Details
Year Built
1927
Listing Agency:
SALTY CITY REALTY
(386) 295-9299
Listed By:
Pete Klironomos · License #3410351
Source:
Endlesssummerrealty
Added: Aug 17
Changed: Aug 24
Last Checked: Aug 24 at 5:13AM
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 SALTY CITY REALTY
Investment Insights
Based on property information with market context.
This three-parcel property includes a 2,480-square-foot warehouse at 115 Michigan Avenue, suitable for repair-oriented operations, workshop or studio use, and distribution functions. The 119 Michigan Avenue parcel contains a 900-square-foot structure and additional storage within the parcel boundaries. The 117 Michigan Avenue structure, formerly used as an apartment and service shop, has been condemned by the City of Daytona Beach and is identified for removal to create parking serving the 115 parcel.
RDD4 zoning allows mixed-use applications that include business storage facilities, office use, and retail-shop uses. The property is located on Michigan Avenue in Daytona Beach, Florida, and has a 1927 year built designation.
RDD4 zoning allows mixed-use applications that include business storage facilities, office use, and retail-shop uses. The property is located on Michigan Avenue in Daytona Beach, Florida, and has a 1927 year built designation.
Key Highlights
- Three parcels included in the offering
- RDD4 zoning allows mixed‑use applications, including business storage, office, and retail‑shop uses
- 2,480 SF warehouse at 115 Michigan Avenue
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
$27,966
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
3.29%
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%
$559,320
$559.3K
Cap Rate 7%
$399,514
$399.5K
Cap Rate 9%
$310,733
$310.7K
Market Conditions
NOI Build-Up for 2,480 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
$47.0K $18.96/SF
− Vacancy
−$4.0K −$1.61/SF
EGI
$43.0K $17.35/SF
− OpEx
−$15.1K −$6.07/SF
NOI
$28.0K $11.28/SF
Area
Volusia County, FL
Vacancy
8.50%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
35.00%
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%
$559,320
Cap Rate 7%
$399,514
Cap Rate 9%
$310,733
Alternative Uses
Best Use
Flex RnD
$399.5K
$349.6K – $466.1K
NOI $27,966 @ 7.0% cap · market cap 3.29%
Second Best
Warehouse
$284.9K
$249.3K – $332.4K
NOI $19,946 @ 7.0% cap · market cap 2.35%
Theoretical Best
Office A
$731.2K
$639.8K – $853.1K
NOI $51,187 @ 7.0% cap · market cap 6.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,047
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32114, FL
34,943
Population
17,118
Households
2
Avg Household Size
33
Median Age
19%
College-Educated
89%
High-School Grad
16.0 sq mi
ZIP Area
2,184
Density / Sq Mi
$39,906
Median Household Income
$31,220
Median Earnings
$1,171
Median Rent
$174,900
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Three parcels with RDD4 zoning and multiple existing structures support storage, office, retail-shop, and workshop applications.
Where is this flex space located?
The property is located at 115-119 MICHIGAN AVENUE Daytona Beach, FL.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Three parcels included in the offering; RDD4 zoning allows mixed‑use applications, including business storage, office, and retail‑shop uses; 2,480 SF warehouse at 115 Michigan Avenue
