Turnkey Office Condo with
For Sale
$349,900
1607 S STATE ROAD 15A 11, Deland, FL 32720
Fully renovated office condo offers ADA access and assigned parking within a four-unit professional plaza.
Property Size1,700 SF
Price / SF$205.82
Days on Market82
Property Features for 1607 S STATE ROAD 15A 11
General Information
Standard status
Active
Size
1,700 SF
Property subtype
Commercial
Building Details
Year Built
2006
Listing Agency:
AMERICAN PREMIER REALTY LLC
(386) 337-2383
Listed By:
Rick Hains
(386) 337-2383
Source:
Elliman
Added: Jun 3
Changed: Jul 10
Last Checked: Aug 22 at 10:07AM
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 AMERICAN PREMIER REALTY LLC
Investment Insights
Based on property information with market context.
This turnkey 1,700 SF professional office condo is located within a well-maintained four-unit professional shopping plaza and was built in 2006. The space has been fully renovated and is ready for immediate occupancy, including freshly painted interior and exterior finishes. Improvements include brand new front LED signage, luxury vinyl flooring, and commercial carpet throughout. The layout features a spacious reception and waiting area, a kitchen area with ample storage, and a separate network and storage area. Additional rooms include 2 to 3 private offices or conference rooms, along with a wide open work space that can be configured to fit a variety of office users.
The property is positioned along SR 15A with high visibility, supported by access from both directions on the corridor. Assigned parking is included, and the condo association fees cover water, outside maintenance, landscaping, exterior property liability insurance, trash collection, and other related services.
Designed for professional teams that need a move-in-ready setting, this condo supports standard office operations with dedicated reception space, private rooms for meetings or offices, and a flexible open work area. The available build-out also makes it well-suited for users seeking convenience without additional renovation work.
The property is positioned along SR 15A with high visibility, supported by access from both directions on the corridor. Assigned parking is included, and the condo association fees cover water, outside maintenance, landscaping, exterior property liability insurance, trash collection, and other related services.
Designed for professional teams that need a move-in-ready setting, this condo supports standard office operations with dedicated reception space, private rooms for meetings or offices, and a flexible open work area. The available build-out also makes it well-suited for users seeking convenience without additional renovation work.
Key Highlights
- 1,700 SF professional office condo built in 2006, located within a four‑unit professional shopping plaza in DeLand
- ADA accessible; freshly painted inside & out and updated finishes including luxury vinyl and commercial carpet
- Fully built out with spacious reception and waiting area, plus 2–3 private offices or conference rooms and wide open work space
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
$25,475
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
7.28%
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%
$509,500
$509.5K
Cap Rate 7%
$363,929
$363.9K
Cap Rate 9%
$283,056
$283.1K
Market Conditions
NOI Build-Up for 1,700 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
$36.7K $21.60/SF
− Vacancy
−$2.8K −$1.62/SF
EGI
$34.0K $19.98/SF
− OpEx
−$8.5K −$5.00/SF
NOI
$25.5K $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%
$509,500
Cap Rate 7%
$363,929
Cap Rate 9%
$283,056
Alternative Uses
Best Use
Office B
$363.9K
$318.4K – $424.6K
NOI $25,475 @ 7.0% cap · market cap 7.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$501.3K
$438.6K – $584.8K
NOI $35,088 @ 7.0% cap · market cap 10.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
21
Businesses Nearby
Explore this area
Business Placement
Demographics for 32720, FL
33,568
Population
13,962
Households
2.4
Avg Household Size
45
Median Age
24%
College-Educated
88%
High-School Grad
66.3 sq mi
ZIP Area
506
Density / Sq Mi
$67,512
Median Household Income
$39,159
Median Earnings
$1,177
Median Rent
$280,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Fully renovated office condo offers ADA access and assigned parking within a four-unit professional plaza.
Where is this office units located?
The property is located at 1607 S STATE ROAD 15A 11 Deland, FL.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: 1,700 SF professional office condo built in 2006, located within a four‑unit professional shopping plaza in DeLand; ADA accessible; freshly painted inside & out and updated finishes including luxury vinyl and commercial carpet; Fully built out with spacious reception and waiting area, plus 2–3 private offices or conference rooms and wide open work space
