End-Cap Flex
For Sale
Contact for pricing
200 Sterling Plaza Drive Unit 201-203, Ponte Vedra, FL 32081
Three adjoining units combine climate-controlled showroom and office areas with sprinklered warehouse space.
Property Size7,200 SF
Price / SF$350
Days on Market215
Property Features for 200 Sterling Plaza Drive Unit 201-203
General Information
Standard status
Active
Size
7,200 SF
Property subtype
Retail, Office, Industrial, Mixed Use
Zoning
PUD
Listing Agency:
Property Theater, LLC
(904) 886-7364
Listed By:
Justin Clark
Source:
Crexi
Added: Jan 29
Changed: Aug 30
Last Checked: Aug 30 at 9:47PM
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 Property Theater, LLC
Investment Insights
Based on property information with market context.
Units 201–203 at Sterling Plaza Phase I provide 7,200 SF of flex space in a triple-unit condominium configuration. The interior includes 1,974 SF of climate-controlled showroom and office area with bathrooms, plus 5,226 SF of sprinklered warehouse space. Clear heights range from approximately 17 feet to 28 feet. A 90-by-80-foot footprint includes a front customer entrance and three rear roll-up doors measuring 12 by 14 feet each.
The property has direct access and frontage from Phillips Highway, including 90 feet along the main road. A shared loading dock is positioned immediately behind the units. PUD zoning in St. Johns County supports retail, office, showroom, warehouse, recreational, and light industrial uses. The space may be reconfigured to increase conditioned area or warehouse capacity.
The property has direct access and frontage from Phillips Highway, including 90 feet along the main road. A shared loading dock is positioned immediately behind the units. PUD zoning in St. Johns County supports retail, office, showroom, warehouse, recreational, and light industrial uses. The space may be reconfigured to increase conditioned area or warehouse capacity.
Key Highlights
- 7,200 SF across Units 201–203 in a triple‑unit flex condominium
- 1,974 SF climate‑controlled showroom and office area with bathrooms
- 5,226 SF sprinklered warehouse with approximately 17–28‑foot clear heights
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
$100,829
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
4.00%
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%
$2,016,580
$2.0M
Cap Rate 7%
$1,440,414
$1.4M
Cap Rate 9%
$1,120,322
$1.1M
Market Conditions
NOI Build-Up for 7,200 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
$172.8K $24.00/SF
− Vacancy
−$38.4K −$5.33/SF
EGI
$134.4K $18.67/SF
− OpEx
−$33.6K −$4.67/SF
NOI
$100.8K $14.00/SF
Area
St. Johns County, FL
Vacancy
22.20%
Lease Rate
$24.00 /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%
$2,016,580
Cap Rate 7%
$1,440,414
Cap Rate 9%
$1,120,322
Alternative Uses
Best Use
Office B
$1.44M
$1.26M – $1.68M
NOI $100,829 @ 7.0% cap · market cap 4.00%
Second Best
Retail
$1.16M
$1.02M – $1.36M
NOI $81,376 @ 7.0% cap · market cap 3.23%
Theoretical Best
Office A
$1.92M
$1.68M – $2.24M
NOI $134,438 @ 7.0% cap · market cap 5.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
170
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32081, FL
24,672
Population
10,125
Households
2.4
Avg Household Size
42
Median Age
69%
College-Educated
98%
High-School Grad
35.3 sq mi
ZIP Area
699
Density / Sq Mi
$128,316
Median Household Income
$71,581
Median Earnings
$3,444
Median Rent
$590,200
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?
Flex space - Three adjoining units combine climate-controlled showroom and office areas with sprinklered warehouse space.
Where is this flex space located?
The property is located at 200 Sterling Plaza Drive Unit 201-203 Ponte Vedra, FL.
What is the asking price?
The asking price for this property is $2,520,000.
What are key features of this property?
This property features: 7,200 SF across Units 201–203 in a triple‑unit flex condominium; 1,974 SF climate‑controlled showroom and office area with bathrooms; 5,226 SF sprinklered warehouse with approximately 17–28‑foot clear heights
