Waterfront Multifamily Property in
For Sale
$1,300,000
225 N FLAGLER Ave, Flagler Beach, FL 32136
Waterfront multifamily property with income potential, near Flagler Beach.
Property Size5,968 SF
Lot Size0.28 Acres
Days on Market165
Property Features for 225 N FLAGLER Ave
General Information
Standard status
Active
Size
5,968 SF
Lot size
0.28 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$11,950
Building Details
Building Size
5,968 SF
Year Built
1975
Stories
2
Units
5
Listing Agency:
ONE SOTHEBYS INTERNATIONAL
(386) 931-9256
Listed By:
Cornelia Downing Manfre · License #BK3008604
(386) 931-9256
Source:
Elliman
Added: Mar 11
Changed: Aug 10
Last Checked: Aug 21 at 7:31AM
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 ONE SOTHEBYS INTERNATIONAL
Investment Insights
Based on property information with market context.
Located in Flagler Beach, Florida, the multi-family property at 225 N. Flagler Ave. offers waterfront living with income potential. Situated directly on a canal, the property provides water views and easy access to aquatic activities, and is located 3 blocks from the beachfront. The property includes 5 apartments, 3 of which have been partially renovated with paint and new flooring. Built in 1975 and well-maintained, the building features a beachside mural on the north side, new windows throughout, and each apartment is separately metered for electric. Flagler Beach is a coastal city in Flagler County, Florida, known for its beaches and relaxed atmosphere. The population was 5,160 as of the 2020 census and has grown to 5433 as of 2024. The entertainment life includes numerous popular restaurants and bars facing the ocean, and is a popular location for surfing and sunbathing. The new COMPASS Margaritaville Hotel with 100 units opened on May 21, 2025. The city is part of the Deltona–Daytona Beach–Ormond Beach metropolitan area and was named after Henry Flagler. The property at 225 N. Flagler Ave. presents an investment opportunity in this growing community, combining waterfront living with income-generating potential.
Key Highlights
- Waterfront property directly on a canal with scenic views and easy access to aquatic activities.
- Multi‑family property with 5 apartments, offering income potential.
- Located just 3 blocks from the beachfront.
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
$61,222
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
4.71%
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%
$1,224,440
$1.2M
Cap Rate 7%
$874,600
$874.6K
Cap Rate 9%
$680,244
$680.2K
Market Conditions
NOI Build-Up for 5,968 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
$118.2K $19.80/SF
− Vacancy
−$6.9K −$1.15/SF
EGI
$111.3K $18.65/SF
− OpEx
−$50.1K −$8.39/SF
NOI
$61.2K $10.26/SF
Area
Flagler County, FL
Vacancy
5.80%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,224,440
Cap Rate 7%
$874,600
Cap Rate 9%
$680,244
Alternative Uses
Best Use
Apartment 5plus
$874.6K
$765.3K – $1.02M
NOI $61,222 @ 7.0% cap · market cap 4.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $100,391 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
604
Businesses Nearby
Explore this area
Business Placement
Demographics for 32136, FL
8,432
Population
5,498
Households
1.5
Avg Household Size
62
Median Age
36%
College-Educated
97%
High-School Grad
17.7 sq mi
ZIP Area
476
Density / Sq Mi
$72,589
Median Household Income
$50,949
Median Earnings
$1,469
Median Rent
$438,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Waterfront multifamily property with income potential, near Flagler Beach.
Where is this apartment building located?
The property is located at 225 N FLAGLER Ave Flagler Beach, FL.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Waterfront property directly on a canal with scenic views and easy access to aquatic activities.; Multi‑family property with 5 apartments, offering income potential.; Located just 3 blocks from the beachfront.
