Secure Facility with High-End
For Sale
$1,350,000
974 S NOVA Rd, Ormond Beach, FL 32174
Versatile property with vault, secure yard, and premium finishes.
Property Size5,650 SF
Lot Size1.00 Acre
Price / SF$238.94
Days on Market112
Property Features for 974 S NOVA Rd
General Information
Standard status
Active
Size
5,650 SF
Lot size
1.00 Acre
Property subtype
Commercial
Building Details
Year Built
1976
Listing Agency:
Adams, Cameron & Co. REALTORS
(386) 290-5146
Listed By:
Toni Wright
(386) 290-5146
Source:
Elliman
Added: Apr 24
Changed: Jul 10
Last Checked: Aug 12 at 9:37AM
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 Adams, Cameron & Co. REALTORS
Investment Insights
Based on property information with market context.
This concrete block property, suitable for businesses ready to scale or expand, offers a combination of security and aesthetic appeal. Situated on nearly an acre, the site features exceptional construction and a strategic footprint. Originally commissioned as a high-security federal cash depository and armored car hub in 1976, the facility has an appraiser-rated effective age of 1985. A 10' x 10' freestanding walk-in vault provides protection for high-value assets or sensitive inventory. The entryway leads into customer-facing areas with woodworking and custom craftsmanship. This premium finish extends throughout the building, including the employee breakroom and the second-story executive area. The interior is outfitted with structural framing for additional private offices. The layout features drive-through accessibility with two entry points via Nova Road and Arroyo Parkway. Behind the building is a 20,000-square-foot secure yard, fully cleared and fenced, suitable for high-capacity distribution, boat storage, or RV parking. The building area of approximately 5,650 square feet is split between 3,350 square feet of high-clearance warehouse and 2,300 square feet of climate-controlled office space. The property is wrapped in landscaping and offers exposure due to its roadside position on a highly-traveled road. The property is located at 974 S NOVA Rd, Ormond Beach, FL 32174. The zoning uses are available in the documents tab.
Key Highlights
- Massive 10' x 10' freestanding walk‑in vault provides unparalleled security.
- 20,000‑square‑foot secure, fenced yard suitable for high‑capacity distribution, boat storage, or RV parking.
- Seamless 'drive‑through' accessibility with two separate entry points.
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
$84,665
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
6.27%
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%
$1,693,300
$1.7M
Cap Rate 7%
$1,209,500
$1.2M
Cap Rate 9%
$940,722
$940.7K
Market Conditions
NOI Build-Up for 5,650 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
$122.0K $21.60/SF
− Vacancy
−$9.2K −$1.62/SF
EGI
$112.9K $19.98/SF
− OpEx
−$28.2K −$5.00/SF
NOI
$84.7K $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%
$1,693,300
Cap Rate 7%
$1,209,500
Cap Rate 9%
$940,722
Alternative Uses
Best Use
Office B
$1.21M
$1.06M – $1.41M
NOI $84,665 @ 7.0% cap · market cap 6.27%
Second Best
Flex RnD
$910.2K
$796.4K – $1.06M
NOI $63,712 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$1.67M
$1.46M – $1.94M
NOI $116,616 @ 7.0% cap · market cap 8.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
522
Businesses Nearby
Under-served
Demand for This Use
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?
Flex space - Versatile property with vault, secure yard, and premium finishes.
Where is this flex space located?
The property is located at 974 S NOVA Rd Ormond Beach, FL.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Massive 10' x 10' freestanding walk‑in vault provides unparalleled security.; 20,000‑square‑foot secure, fenced yard suitable for high‑capacity distribution, boat storage, or RV parking.; Seamless 'drive‑through' accessibility with two separate entry points.
