Two-Bay Warehouse Under
For Sale
$759,000
2224 HIBISCUS Drive, Edgewater, FL 32141
Commercial Sale, EDGEWATER, FL
Property Size4,380 SF
Lot Size0.31 Acres
Price / SF$173.29
Days on Market204
Property Features for 2224 HIBISCUS Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning
B2
Window features
Aluminum Frames
Accessibility
Accessible Approach with Ramp
Subdivision
FLORIDA SHORES
Lot features
Central Business District, City Limits, Street Lights, Paved
Directions
US 1 South to SR 442 or Indian River Blvd. Head West to Hibiscus, turn left go South to 2224 property on the right.
Standard status
Active
APN
840201068680
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 6868 & 6869 BLK 225 FLORIDA SHORES NO 7 REVISED PLAT MB 23 PG 131 PER OR 5219 PG 2074 PER OR 6689 PG 1236 PER OR 74 14 PGS 4668-4669 PER OR 8723 PG 2655
Tax Annual Amount
736
Legal Description
LOTS 6868 & 6869 BLK 225 FLORIDA SHORES NO 7 REVISED PLAT MB 23 PG 131 PER OR 5219 PG 2074 PER OR 6689 PG 1236 PER OR 74 14 PGS 4668-4669 PER OR 8723 PG 2655
Utilities
Utilities
Phone Available
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
2026
Floors in Building
1
Number of units
1
Flooring type
Concrete
Building materials
Metal Frame
Roof type
Metal
Listing Agency:
COLLADO REAL ESTATE
(386) 427-0002
Listed By:
Bryan Disbrow · License #521363
(386) 690-2558
Added: Feb 3
Changed: Aug 24
Last Checked: Aug 26 at 1:06PM
MLS# NS1087255
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This warehouse is planned as a 4,380-square-foot metal-frame building on a 0.31-acre commercial parcel in Edgewater. The facility is under construction with a concrete floor, metal roofing, insulated interior walls exceeding 20 feet, and construction designed for winds up to 150 mph. Two 14-by-14-foot bay doors are positioned on the east side, with two entry doors and two west-side exit doors. An accessible approach with ramp is also included.
The property is located at 2224 Hibiscus Drive within a B2-zoned business district. Public water and public sewer serve the site, while phone service is available. Five public parking spaces are planned, with additional employee parking area on the property. Completion is estimated for 10.15.2026.
The property is located at 2224 Hibiscus Drive within a B2-zoned business district. Public water and public sewer serve the site, while phone service is available. Five public parking spaces are planned, with additional employee parking area on the property. Completion is estimated for 10.15.2026.
Key Highlights
- 4,380‑square‑foot warehouse on a 0.31‑acre parcel
- B2 zoning in Edgewater’s commercial district
- Two 14 x 14 ft bay doors on the east side
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
$35,227
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
4.64%
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%
$704,540
$704.5K
Cap Rate 7%
$503,243
$503.2K
Cap Rate 9%
$391,411
$391.4K
Market Conditions
NOI Build-Up for 4,380 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
$43.6K $9.96/SF
− Vacancy
−$2.2K −$0.50/SF
EGI
$41.4K $9.46/SF
− OpEx
−$6.2K −$1.42/SF
NOI
$35.2K $8.04/SF
Area
Volusia County, FL
Vacancy
5.00%
Lease Rate
$9.96 /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%
$704,540
Cap Rate 7%
$503,243
Cap Rate 9%
$391,411
Alternative Uses
Best Use
Warehouse
$503.2K
$440.3K – $587.1K
NOI $35,227 @ 7.0% cap · market cap 4.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,403 @ 7.0% cap · market cap 11.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
389
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32141, FL
17,955
Population
9,400
Households
1.9
Avg Household Size
54
Median Age
23%
College-Educated
93%
High-School Grad
23.6 sq mi
ZIP Area
761
Density / Sq Mi
$61,110
Median Household Income
$37,874
Median Earnings
$1,481
Median Rent
$244,000
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.
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Frequently Asked Questions
What type of property is this?
Warehouse - Pre-construction B2-zoned facility with concrete flooring, public water, public sewer, and phone availability.
Where is this warehouse located?
The property is located at 2224 HIBISCUS Drive Edgewater, FL.
What is the asking price?
The asking price for this property is $759,000.
What are key features of this property?
This property features: 4,380‑square‑foot warehouse on a 0.31‑acre parcel; B2 zoning in Edgewater’s commercial district; Two 14 x 14 ft bay doors on the east side
