New Industrial Building
For Sale
$3,890,000
Pending
24 HARGROVE GRADE, Palm Coast, FL 32137
Newly constructed, fully leased industrial building in Palm Coast, Florida.
Property Size20,000 SF
Lot Size3.00 Acres
Days on Market589
Property Features for 24 HARGROVE GRADE
General Information
Standard status
Pending
Size
20,000 SF
Lot size
3.00 Acres
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$3,171
Building Details
Year Built
2024
Listing Agency:
ONE SOTHEBYS INTERNATIONAL
(386) 931-9256
Listed By:
Cornelia Downing Manfre · License #3008604
(386) 931-9256
Source:
Exitrealty
Added: Dec 28, 2024
Changed: Aug 8
Last Checked: Aug 9 at 8:01AM
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 at 24 Hargrove Grade in Palm Coast, Florida, this newly constructed 20,000 square foot industrial building presents an investment opportunity. Completed in 2024, the property features all necessary utilities and infrastructure. The building is configured with eight individual units. Each unit includes a 14-foot high roll-up door, an office area, a restroom, and warehouse space. The property is fully leased, with annual increases to the base rate. Tenants are responsible for covering the annual operating expenses, including common area maintenance, taxes, and property insurance. A cross parking easement is in place with 26 Hargrove. The property's location provides convenient access to US Highway 1, Interstate 95, and Palm Coast Parkway. Palm Coast, situated in Flagler County, has experienced significant growth in recent years. As of 2024, the city's population is estimated at 106,237. The median age in Palm Coast is 50.3 years, indicating a mature population. The city's strategic location along Florida's east coast, combined with its growing population and economic indicators, makes it an attractive area for industrial and commercial investments. Property financials will be made available to qualified buyers upon submission of a Non Disclosure.
Key Highlights
- Newly constructed (2024) 20,000 sq ft industrial building.
- Fully leased with annual increases to the base rate.
- Tenants pay operating expenses (CAM, taxes, insurance).
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
$227,255
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
5.84%
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%
$4,545,100
$4.5M
Cap Rate 7%
$3,246,500
$3.2M
Cap Rate 9%
$2,525,056
$2.5M
Market Conditions
NOI Build-Up for 20,000 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
$379.2K $18.96/SF
− Vacancy
−$29.6K −$1.48/SF
EGI
$349.6K $17.48/SF
− OpEx
−$122.4K −$6.12/SF
NOI
$227.3K $11.36/SF
Area
Flagler County, FL
Vacancy
7.80%
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%
$4,545,100
Cap Rate 7%
$3,246,500
Cap Rate 9%
$2,525,056
Alternative Uses
Best Use
Flex RnD
$3.25M
$2.84M – $3.79M
NOI $227,255 @ 7.0% cap · market cap 5.84%
Second Best
Warehouse
$2.30M
$2.01M – $2.68M
NOI $160,854 @ 7.0% cap · market cap 4.14%
Theoretical Best
Office A
$4.81M
$4.21M – $5.61M
NOI $336,432 @ 7.0% cap · market cap 8.65%
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
Well-served
Demand for This Use
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?
Flex space - Newly constructed, fully leased industrial building in Palm Coast, Florida.
Where is this flex space located?
The property is located at 24 HARGROVE GRADE Palm Coast, FL.
What is the asking price?
The asking price for this property is $3,890,000.
What are key features of this property?
This property features: Newly constructed (2024) 20,000 sq ft industrial building.; Fully leased with annual increases to the base rate.; Tenants pay operating expenses (CAM, taxes, insurance).
