Palm Coast Industrial Investment
For Sale
$5,036,000
Pending
32 HARGROVE GRADE, Palm Coast, FL 32137
48,754 SF building on 5 acres, leased to manufacturer.
Property Size48,754 SF
Lot Size5.00 Acres
Days on Market152
Property Features for 32 HARGROVE GRADE
General Information
Standard status
Pending
Size
48,754 SF
Lot size
5.00 Acres
Property subtype
Industrial
Taxes and HOA fees
Annual Taxes
$21,742
Building Details
Building Size
48,754 SF
Year Built
1987
Stories
1
Listing Agency:
ONE SOTHEBYS INTERNATIONAL
(386) 931-9256
Listed By:
Cornelia Downing Manfre · License #3008604
(386) 931-9256
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 8 at 2:02PM
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 ONE SOTHEBYS INTERNATIONAL
Investment Insights
Based on property information with market context.
Located in Palm Coast, Florida, 32 Hargrove Grade is a 5-acre parcel within the Hargrove Industrial Park. The property features a 48,754 square foot building currently leased to AMRAD Manufacturing, a manufacturer of motor run capacitors. The tenant is in a 5-year lease and will renew for an additional five-year term. The tenant is responsible for all maintenance, real estate taxes, and insurance. The location provides convenient access to US Highway 1, Interstate 95, and Palm Coast Parkway, facilitating efficient transportation and connectivity. The Hargrove Industrial Park includes multiple buildings designed for industrial use. Nearby properties like 24 Hargrove Grade feature steel construction with 14-foot high roll-up doors, office spaces, and restrooms, tailored to accommodate various industrial and commercial operations. Palm Coast is a rapidly growing city along Florida's Atlantic coast with an estimated population of approximately 106,000 residents as of 2024. The median age is around 50.3 years. Key employment sectors include healthcare, retail trade, accommodation, and food services. Palm Coast is located approximately 60 miles south of Jacksonville and about 90 miles northeast of Orlando, providing businesses with access to a highly educated and skilled workforce.
Key Highlights
- Tenant in place with a lease renewal option, providing immediate income.
- Tenant is responsible for all maintenance, real estate taxes, and insurance.
- 48,754 sf building on a 5‑acre parcel.
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
$293,328
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
5.82%
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%
$5,866,560
$5.9M
Cap Rate 7%
$4,190,400
$4.2M
Cap Rate 9%
$3,259,200
$3.3M
Market Conditions
NOI Build-Up for 48,754 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
$438.8K $9.00/SF
− Vacancy
−$19.7K −$0.41/SF
EGI
$419.0K $8.59/SF
− OpEx
−$125.7K −$2.58/SF
NOI
$293.3K $6.02/SF
Area
Flagler County, FL
Vacancy
4.50%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$5,866,560
Cap Rate 7%
$4,190,400
Cap Rate 9%
$3,259,200
Alternative Uses
Best Use
Industrial
$4.19M
$3.67M – $4.89M
NOI $293,328 @ 7.0% cap · market cap 5.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.72M
$10.25M – $13.67M
NOI $820,120 @ 7.0% cap · market cap 16.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
224
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 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?
Manufacturing property - 48,754 SF building on 5 acres, leased to manufacturer.
Where is this manufacturing property located?
The property is located at 32 HARGROVE GRADE Palm Coast, FL.
What is the asking price?
The asking price for this property is $5,036,000.
What are key features of this property?
This property features: Tenant in place with a lease renewal option, providing immediate income.; Tenant is responsible for all maintenance, real estate taxes, and insurance.; 48,754 sf building on a 5‑acre parcel.
