Commercial Land with
New
For Sale
$549,000
1981 ALICE Dr, Astor, FL 32102
Existing warehouse improvements accompany a redevelopment site currently zoned 01RR (Rural Residential).
Property Size3,141 SF
Days on Market7
Property Features for 1981 ALICE Dr
General Information
Standard status
Active
Size
3,141 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$2,722
Building Details
Building Size
3,141 SF
Year Built
1971
Stories
1
Listing Agency:
LPT REALTY LLC
(407) 455-1400
Listed By:
Armando Rodriguez · License #3337048
(407) 455-1400
Source:
Elliman
Added: Aug 5
Changed: Aug 10
Last Checked: Aug 10 at 3:37AM
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 LPT REALTY LLC
Investment Insights
Based on property information with market context.
This approximately 1.68-acre property includes approximately 4,709 square feet of existing warehouse space, according to public records. The improvements date to 1971, providing an existing structure on a larger landholding rather than a vacant parcel. The current zoning is 01RR (Rural Residential), and any commercial redevelopment, rezoning, or special land-use application would be subject to Volusia County approval and verification.
Located at 1981 ALICE Dr in Astor, the property offers access to major travel corridors and is minutes from the St. Johns River. Its setting also places it within an area associated with recreational tourism, boating, outdoor activities, and nearby residential growth. Buyers should independently confirm zoning, land use, permitted uses, and applicable county requirements.
Located at 1981 ALICE Dr in Astor, the property offers access to major travel corridors and is minutes from the St. Johns River. Its setting also places it within an area associated with recreational tourism, boating, outdoor activities, and nearby residential growth. Buyers should independently confirm zoning, land use, permitted uses, and applicable county requirements.
Key Highlights
- Approximately 1.68‑acre commercial land parcel
- Approximately 4,709 square feet of existing warehouse space
- Currently zoned 01RR (Rural Residential)
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
$21,306
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
3.88%
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%
$426,120
$426.1K
Cap Rate 7%
$304,371
$304.4K
Cap Rate 9%
$236,733
$236.7K
Market Conditions
NOI Build-Up for 3,141 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
$27.5K $8.76/SF
− Vacancy
−$2.4K −$0.78/SF
EGI
$25.1K $7.98/SF
− OpEx
−$3.8K −$1.20/SF
NOI
$21.3K $6.78/SF
Area
Lake County, FL
Vacancy
8.90%
Lease Rate
$8.76 /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%
$426,120
Cap Rate 7%
$304,371
Cap Rate 9%
$236,733
Alternative Uses
Best Use
Warehouse
$304.4K
$266.3K – $355.1K
NOI $21,306 @ 7.0% cap · market cap 3.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$893.8K
$782.1K – $1.04M
NOI $62,569 @ 7.0% cap · market cap 11.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
86
Businesses Nearby
Explore this area
Business Placement
Demographics for 32102, FL
2,768
Population
1,789
Households
1.5
Avg Household Size
56
Median Age
8%
College-Educated
80%
High-School Grad
62.4 sq mi
ZIP Area
44
Density / Sq Mi
$56,598
Median Household Income
$36,880
Median Earnings
$142,500
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?
Commercial land - Existing warehouse improvements accompany a redevelopment site currently zoned 01RR (Rural Residential).
Where is this commercial land located?
The property is located at 1981 ALICE Dr Astor, FL.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Approximately 1.68‑acre commercial land parcel; Approximately 4,709 square feet of existing warehouse space; Currently zoned 01RR (Rural Residential)
