Building Details

Year Built 1927

Listing Agency: SALTY CITY REALTY Show Phone

Listed By: Pete Klironomos · License #3410351 Show Phone

Source: Endlesssummerrealty

Added: Aug 17 Changed: Oct 13 Last Checked: Oct 12 at 7:12PM

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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.

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 / Yr

$27,966

Cap Rate

3.29%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $27,966 @ 7.0% cap · market cap 3.29%

Second Best

Warehouse

$284.9K

$249.3K – $332.4K (±1% cap)

NOI $19,946 @ 7.0% cap · market cap 2.35%

Theoretical Best

Office A

$731.2K

$639.8K – $853.1K (±1% cap)

NOI $51,187 @ 7.0% cap · market cap 6.03%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Dental Office Garden Center Catering Service Pet Grooming Service Locksmith Pet Store & Service

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

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

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space 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?

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