Industrial Flex Condo With
For Sale
$399,999
1761 Dobbs Road #22 Saint, Saint Augustine, FL 32084
Concrete block flex space with CW zoning, upstairs storage, and access to US-1 and SR-207.
Property Size1,806 SF
Days on Market8
Property Features for 1761 Dobbs Road #22 Saint
General Information
Standard status
Active
Size
1,806 SF
Property subtype
Industrial
Zoning
CW
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
1,806 SF
Year Built
2008
Construction
concrete block
Listing Agency:
Coldwell Banker Premier Properties
(904) 827-1717
Listed By:
Bob Buckmaster
(904) 827-1717
Source:
Thebrokerlist
Added: Aug 1
Changed: Aug 8
Last Checked: Aug 8 at 2:37AM
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 Coldwell Banker Premier Properties
Investment Insights
Based on property information with market context.
Built in 2008, this concrete block flex condominium provides a practical industrial setting for warehousing, light manufacturing, distribution, or service-based operations. The unit includes an additional 266 square feet of upstairs storage and carries CW zoning, designated for Commercial, Warehouse use. Its configuration can support either an owner-user operation or continued leased occupancy.
The property is located at 1761 Dobbs Road #22 in Saint Augustine, between State Roads 207 and 312. Connectivity to US-1 and SR-207 provides access across Northeast Florida. A tenant currently occupies the unit under year two of a five-year lease, with the tenant willing to vacate upon 60 days’ notice for an owner-operator.
The property is located at 1761 Dobbs Road #22 in Saint Augustine, between State Roads 207 and 312. Connectivity to US-1 and SR-207 provides access across Northeast Florida. A tenant currently occupies the unit under year two of a five-year lease, with the tenant willing to vacate upon 60 days’ notice for an owner-operator.
Key Highlights
- Concrete block flex condominium built in 2008
- Additional 266 square feet of upstairs storage
- CW zoning: Commercial, Warehouse
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
$15,493
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
3.87%
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%
$309,860
$309.9K
Cap Rate 7%
$221,329
$221.3K
Cap Rate 9%
$172,144
$172.1K
Market Conditions
NOI Build-Up for 1,806 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
$19.3K $10.68/SF
− Vacancy
−$1.1K −$0.59/SF
EGI
$18.2K $10.09/SF
− OpEx
−$2.7K −$1.51/SF
NOI
$15.5K $8.58/SF
Area
St. Johns County, FL
Vacancy
5.50%
Lease Rate
$10.68 /SF/Yr
Expense Ratio
15.00%
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%
$309,860
Cap Rate 7%
$221,329
Cap Rate 9%
$172,144
Alternative Uses
Best Use
Warehouse
$221.3K
$193.7K – $258.2K
NOI $15,493 @ 7.0% cap · market cap 3.87%
Second Best
Industrial
$182.3K
$159.5K – $212.7K
NOI $12,759 @ 7.0% cap · market cap 3.19%
Theoretical Best
Office A
$481.7K
$421.5K – $562.0K
NOI $33,722 @ 7.0% cap · market cap 8.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
25
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32084, FL
34,526
Population
17,839
Households
1.9
Avg Household Size
45
Median Age
32%
College-Educated
91%
High-School Grad
45.1 sq mi
ZIP Area
766
Density / Sq Mi
$72,965
Median Household Income
$38,611
Median Earnings
$1,534
Median Rent
$295,000
Median Home Value
Market
Vacancy Rate% for Industrial 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 - Concrete block flex space with CW zoning, upstairs storage, and access to US-1 and SR-207.
Where is this flex space located?
The property is located at 1761 Dobbs Road #22 Saint Saint Augustine, FL.
What is the asking price?
The asking price for this property is $399,999.
What are key features of this property?
This property features: Concrete block flex condominium built in 2008; Additional 266 square feet of upstairs storage; CW zoning: Commercial, Warehouse
