Self Storage
For Sale
Contact for pricing
115 MICHIGAN AVE, Daytona Beach, FL 32114
Industrial property spanning three parcels within the Daytona Beach area CBD.
Property Size2,757 SF
Price / SF$307.94
Days on Market11
Property Features for 115 MICHIGAN AVE
General Information
Standard status
Active
Size
2,757 SF
Class
D
Property subtype
Self Storage, Mixed Use, Land
Zoning
RDD4
Investment Type
Owner/User
Additional Details
Land Use
industrial
Building Details
Year Built
1927
Buildings
115
Stories
1
Units
1
Listing Agency:
Salty City Realty
(386) 295-9299
Listed By:
PETE KLIRONOMOS · License #BK3410351
Source:
Crexi
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 28 at 7:08PM
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 2,757-square-foot commercial property was built in 1927 and is situated across three parcels. The asset is identified as a self storage facility and carries RDD4 zoning.
Located at 115 Michigan Ave in Daytona Beach, the property is within the area CBD. The site’s industrial classification and multi-parcel configuration provide the primary physical and land-use details for evaluation.
Located at 115 Michigan Ave in Daytona Beach, the property is within the area CBD. The site’s industrial classification and multi-parcel configuration provide the primary physical and land-use details for evaluation.
Key Highlights
- 2,757 SF commercial property
- Three parcels included
- Built in 1927
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
$34,056
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
4.01%
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%
$681,120
$681.1K
Cap Rate 7%
$486,514
$486.5K
Cap Rate 9%
$378,400
$378.4K
Market Conditions
NOI Build-Up for 2,757 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
$59.6K $21.60/SF
− Vacancy
−$5.1K −$1.84/SF
EGI
$54.5K $19.76/SF
− OpEx
−$20.4K −$7.41/SF
NOI
$34.1K $12.35/SF
Area
Volusia County, FL
Vacancy
8.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$681,120
Cap Rate 7%
$486,514
Cap Rate 9%
$378,400
Alternative Uses
Best Use
Mixed Use
$486.5K
$425.7K – $567.6K
NOI $34,056 @ 7.0% cap · market cap 4.01%
Second Best
Self Storage
$388.7K
$340.2K – $453.5K
NOI $27,212 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$812.9K
$711.3K – $948.4K
NOI $56,904 @ 7.0% cap · market cap 6.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,047
Businesses Nearby
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?
Self storage facility - Industrial property spanning three parcels within the Daytona Beach area CBD.
Where is this self storage facility located?
The property is located at 115 MICHIGAN AVE 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: 2,757 SF commercial property; Three parcels included; Built in 1927
