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    328 N Ridgewood Ave Edgewater, FL 32132

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    For Sale
    $1,200,000

    Office/warehouse space in growing Edgewater, suitable for investors or owner-users.

    Lot size:
    0.53 Acres

    Property Features for 328 N Ridgewood Ave

    General Information

    Standard status
    Active
    Lot size
    0.53 Acres

    Building Details

    Year built
    1982

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    Listing Contact
    Carl Lentz
    Carl Lentz
    Source: Exitrealty

    Listing Agency: SVN Alliance Commercial Real Estate Advisors Listing Agent: Carl Lentz

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Edgewater Office/Warehouse Investment Opportunity

    Located in the rapidly developing city of Edgewater, this office and warehouse space presents an opportunity for both investors and owner-users. The property is situated on a 0.53-acre parcel along the busy US-1 corridor and includes a 7800-square-foot warehouse and office building. The current owner is transitioning renewing tenants to NNN leases. Optimizing rents, leasing the owner-occupied warehouse and office space, and converting additional tenants to NNN leases could yield an 8.5% cap rate in the second year. An owner-user could benefit from 6000 square feet of office space and a small bay warehouse at the rear of the building, with the option to sublet unused space to office tenants. The property features over 20 parking spaces and a three-bay warehouse comprising 1,800 square feet, which is currently vacant and available for rent. Recent upgrades include a 2023 HVAC system, gutters, and soffits, along with a 2016 roof. The property is zoned B-3 Highway Commercial in Edgewater. An adjacent 1.3-acre parcel with prime road frontage on US-1 may be available separately and can be developed.
    Location Intelligence

    Current Use by Public Records

    Pilot Aviation English, ... Language School Massage Therapy with ... Alternative Medicine Practice Workers Comp Inc Insurance Agency Walk-in Clinic New ... Physician Accent America Staff ... Employment Agency

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Park Center Storage, Barracuda Boat & RV Storage Edgewater, Convenient Toy Storage, Park Place Boat & RV Storage, CubeSmart Self Storage

    Location Insight

    • Map
    • Local Demand
    City
    Edgewater
    County
    Volusia
    State
    Florida
    Longitude
    -80.912138
    Latitude
    28.997513

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    FAQs

    What type of property is this?
    Warehouse - Office/warehouse space in growing Edgewater, suitable for investors or owner-users.
    Where is this warehouse located?
    The property is located at 328 N Ridgewood Ave Edgewater, FL.
    What is the asking price?
    The asking price for this property is $1,200,000.
    What are key features of this property?
    This property features: - 8.5% Pro Forma Cap Rate: High potential return on investment.; - Prime Location on US-1 in rapidly growing Edgewater: High visibility and accessibility.; - Owner/User Opportunity with Sublet Potential: Benefit from office and warehouse space, with income potential.
    (386) 310-7900
    Request Owner's contact information
    328 N Ridgewood Ave Edgewater, FL 32132
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    Edgewater, FL 32132
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    328 N Ridgewood Ave Edgewater, FL 32132
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    Listing Contact
    Carl Lentz
    Carl Lentz
    Real Estate License ID: 3068067
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