Industrial Condo with Mezzanine
For Sale
$220,000
Pending
2323 N STATE St 77, Bunnell, FL 32110
1,000 SF industrial condo with office and warehouse space.
Property Size1,600 SF
Days on Market91
Property Features for 2323 N STATE St 77
General Information
Standard status
Pending
Size
1,600 SF
Property subtype
Industrial
Taxes and HOA fees
Annual Taxes
$3,027
Building Details
Building Size
1,600 SF
Year Built
2006
Listing Agency:
Watson Realty Corp
(386) 290-0613
Listed By:
Carol Carroll · License #3530074
(386) 290-0613
Source:
Elliman
Added: May 14
Changed: Aug 8
Last Checked: Jul 23 at 7:02AM
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 Watson Realty Corp
Investment Insights
Based on property information with market context.
This industrial condominium, Unit 77, features a glass front and entry door, along with a 10-foot wide roll-up door. The 1,000 square foot unit includes a 200 square foot office area and an 800 square foot warehouse space. Additionally, there is a 400 square foot mezzanine office on the second floor. The unit is equipped with high ceilings, an ADA restroom, and full air conditioning. The condo association dues are $135 per month, covering building insurance, common area maintenance, parking lot lighting, and landscaping. The property is centrally located in Flagler County, just west of Palm Coast, and is situated minutes from SR 100 and Palm Coast Parkway via US-1. This location is suitable for office, retail, building trades, showroom, warehouse, distribution, and personal storage purposes. Automotive services are restricted under condominium rules, although owners and tenants can service their own vehicles within the units. Two adjacent units are also available for purchase, offering a potential contiguous space of 3,200 to 5,400 square feet.
Key Highlights
- Centrally located in Flagler County, minutes from major roadways.
- Versatile 1000 SF industrial condo suitable for office, retail, warehouse, showroom, distribution, or personal storage.
- Features a 200 SF office, 800 SF warehouse space, and a 400 SF mezzanine office.
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
$15,908
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
7.23%
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%
$318,160
$318.2K
Cap Rate 7%
$227,257
$227.3K
Cap Rate 9%
$176,756
$176.8K
Market Conditions
NOI Build-Up for 1,400 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
$26.5K $18.96/SF
− Vacancy
−$2.1K −$1.48/SF
EGI
$24.5K $17.48/SF
− OpEx
−$8.6K −$6.12/SF
NOI
$15.9K $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%
$318,160
Cap Rate 7%
$227,257
Cap Rate 9%
$176,756
Alternative Uses
Best Use
Flex RnD
$227.3K
$198.9K – $265.1K
NOI $15,908 @ 7.0% cap · market cap 7.23%
Second Best
Warehouse
$160.9K
$140.8K – $187.7K
NOI $11,260 @ 7.0% cap · market cap 5.12%
Theoretical Best
Office A
$336.4K
$294.4K – $392.5K
NOI $23,550 @ 7.0% cap · market cap 10.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
142
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32110, FL
8,776
Population
4,102
Households
2.1
Avg Household Size
45
Median Age
12%
College-Educated
90%
High-School Grad
296.2 sq mi
ZIP Area
30
Density / Sq Mi
$56,277
Median Household Income
$31,600
Median Earnings
$1,213
Median Rent
$221,200
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 1,000 SF industrial condo with office and warehouse space.
Where is this flex space located?
The property is located at 2323 N STATE St 77 Bunnell, FL.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Centrally located in Flagler County, minutes from major roadways.; Versatile 1000 SF industrial condo suitable for office, retail, warehouse, showroom, distribution, or personal storage.; Features a 200 SF office, 800 SF warehouse space, and a **400 SF mezzanine office**.
