Versatile Commercial Property Near
For Sale
$599,999
222 HERNANDEZ AVENUE, Ormond Beach, FL 32174
Well-maintained commercial property with B-5 zoning, ideal for investors.
Property Size1,500 SF
Lot Size0.11 Acres
Price / SF$399
Days on Market679
Property Features for 222 HERNANDEZ AVENUE
General Information
Standard status
Active
Size
1,500 SF
Lot size
0.11 Acres
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$1,698
Building Details
Year Built
1970
Listing Agency:
SIMPLY REAL ESTATE
(386) 804-5562
Listed By:
DEANA FRECHETTE · License #3379314
(386) 804-5562
Source:
Exitrealty
Added: Oct 4, 2024
Changed: Aug 8
Last Checked: Aug 8 at 3:00PM
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 SIMPLY REAL ESTATE
Investment Insights
Based on property information with market context.
This owner-occupied commercial property, zoned Service Commercial (B-5), is available for sale and will be vacated at closing. The property includes a spacious carport suitable for parking, storage, or service needs, and is fully fenced for privacy and security. The block building is in excellent condition and is fully under air and heat. The layout includes a lobby area, multiple offices, kitchen space, and a full bathroom with a shower. Located right off US-1, the property offers the option to install signage viewable from the heavy traffic on US-1, along with easy access and ample parking for employees and customers. The property's B-5 zoning allows for various business types. The property size is 1500 square feet. The property is located at 222 HERNANDEZ AVENUE, ORMOND BEACH, FL 32174.
Key Highlights
- Prime location right off US‑1 with high traffic visibility and signage opportunity.
- B‑5 Service Commercial zoning offers flexibility for various business types.
- Property will be vacated at closing, ensuring a seamless transition for the new owner.
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
$22,478
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
3.75%
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%
$449,560
$449.6K
Cap Rate 7%
$321,114
$321.1K
Cap Rate 9%
$249,756
$249.8K
Market Conditions
NOI Build-Up for 1,500 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
$32.4K $21.60/SF
− Vacancy
−$2.4K −$1.62/SF
EGI
$30.0K $19.98/SF
− OpEx
−$7.5K −$5.00/SF
NOI
$22.5K $14.99/SF
Area
Volusia County, FL
Vacancy
7.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$449,560
Cap Rate 7%
$321,114
Cap Rate 9%
$249,756
Alternative Uses
Best Use
Office B
$321.1K
$281.0K – $374.6K
NOI $22,478 @ 7.0% cap · market cap 3.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$442.3K
$387.0K – $516.0K
NOI $30,960 @ 7.0% cap · market cap 5.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
906
Businesses Nearby
Explore this area
Business Placement
Demographics for 32174, FL
53,097
Population
26,303
Households
2
Avg Household Size
55
Median Age
33%
College-Educated
93%
High-School Grad
125.4 sq mi
ZIP Area
423
Density / Sq Mi
$67,817
Median Household Income
$41,452
Median Earnings
$1,316
Median Rent
$315,100
Median Home Value
Market
Vacancy Rate% for Office 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?
Office units - Well-maintained commercial property with B-5 zoning, ideal for investors.
Where is this office units located?
The property is located at 222 HERNANDEZ AVENUE Ormond Beach, FL.
What is the asking price?
The asking price for this property is $599,999.
What are key features of this property?
This property features: Prime location right off US‑1 with **high traffic visibility and signage opportunity**.; B‑5 Service Commercial zoning offers flexibility for various business types.; Property will be vacated at closing, ensuring a seamless transition for the new owner.
