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    Historic Building Near Canal Street Title is generated by Realmo AI

    208 Magnolia Street, New Smyrna Beach, FL 32168

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    For Sale
    $1,299,000

    1934 historic building suitable for various businesses.

    Type:Commercial/Industrial
    Added:
    Feb 13, 2025
    Days on Market:
    471
    Last Refresh:
    May 27 at 7:44 pm

    Property Features for 208 Magnolia Street

    General Information

    Standard status
    Active
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    1934

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    Listing Contact
    Amy Almester

    Listing agent Amy Almester License #3244893

    Listing office ENGEL & VOLKERS NEW SMYRNA

    Listing date Feb 13, 2025

    Source Exitrealty

    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 ENGEL & VOLKERS NEW SMYRNA

    HighLights

    • Prime location: One block from Canal Street and steps from Riverside Park, offering high visibility and foot traffic.
    • Versatile MU zoning: Suitable for various business types, including restaurant, deli, or bar.
    • Historic charm: Unique 1934 building with vintage gas pumps and metal canopies.
    • Two bathrooms with showers: Provides added convenience for staff and customers.
    • Proximity to cultural attractions: Close to The Hub on Canal, a vibrant community arts center.
    • Safe and modern: Gas tanks removed in 2006.

    Overview

    This historic building, constructed in 1934, is located at 208 Magnolia St., New Smyrna Beach, FL. The property's MU zoning allows for various business ventures, including a wine bar, deli, restaurant, or martini bar. The building retains vintage features, such as three old-fashioned gas pumps and metal canopied work areas. The gas tanks were removed in 2006. The interior includes two bathrooms, each equipped with showers. Situated one block from Canal Street and near Riverside Park, the location benefits from proximity to The Hub on Canal, a community arts center. The property is near local establishments such as Yellow Dog Eats Kitchen & Bar and the New Smyrna Beach Brewing Company, and benefits from vehicle and pedestrian traffic.
    Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

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

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

    Similar Places Nearby

    • The Grand 721 Wedding Venue — 721 Palmetto St, New Smyrna Beach, FL 32168

    Location Insight

    • Map
    • Local Demand
    City
    New Smyrna Beach
    County
    Volusia
    State
    Florida
    Longitude
    -80.9218368
    Latitude
    29.0238411

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    FAQs

    What type of property is this?
    Storefront property - 1934 historic building suitable for various businesses.
    Where is this storefront property located?
    The property is located at 208 Magnolia Street New Smyrna Beach, FL.
    What is the asking price?
    The asking price for this property is $1,299,000.
    What are key features of this property?
    This property features: Prime location: One block from Canal Street and steps from Riverside Park, offering high visibility and foot traffic.; Versatile MU zoning: Suitable for various business types, including restaurant, deli, or bar.; Historic charm: Unique 1934 building with vintage gas pumps and metal canopies.
    (386) 314-4732
    We can help!
    Listing Contact
    Amy Almester
    Real Estate License ID: 3244893
    Learn More
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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.

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