Historic Mixed-Use Property in
For Sale
$499,999
Pending
228 W HOWRY, Deland, FL 32720
Historic mixed-use property with C-2 zoning in downtown DeLand.
Property Size4,123 SF
Lot Size1.00 Acre
Days on Market149
Property Features for 228 W HOWRY
General Information
Standard status
Pending
Size
4,123 SF
Lot size
1.00 Acre
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$5,968
Building Details
Building Size
4,123 SF
Year Built
1883
Listing Agency:
Adams Cameron & Co Daytona Beach
(386) 852-7932
Listed By:
Daniel Lyonnais · License #3196672
(386) 852-7932
Source:
Elliman
Added: Mar 31
Changed: Aug 25
Last Checked: Aug 24 at 10:00AM
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 Adams Cameron & Co Daytona Beach
Investment Insights
Based on property information with market context.
This historic mixed-use property, constructed in 1883, is located in downtown DeLand and is zoned C-2. Situated on close to an acre, the property includes ample parking, a detached 551-square-foot apartment/guesthouse, and an in-ground swimming pool. The main house, featuring 3,572 heated square feet, contains five bedrooms, each with its own full bathroom, two large living areas, a dining room with a fireplace, a kitchen, and an office/flex room currently used as a hostess area/store. One bedroom and bath have a separate entry. The property is located within DeLand's Opportunity Zone and is situated two blocks from the center of downtown and very close to Stetson University. The property is currently used as a cafe, but has potential for various business uses, including general/professional offices, financial institutions, beauty salons, barbershops, day spas, tailor shops, dry cleaning retail or self-service, catering, craft food & beverage, restaurant, coffee shop, bakery, virtual kitchen, medical office, college or children school/institution, churches, museums, and thrift shops. It also has the potential to be a bed and breakfast.
Key Highlights
- Prime downtown DeLand location within an Opportunity Zone.
- C‑2 zoning allows for a wide range of commercial uses.
- Historic property (built in 1883) with 3,572 sq ft main house featuring 5 bedrooms, each with a full bathroom.
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
$44,123
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
8.82%
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%
$882,460
$882.5K
Cap Rate 7%
$630,329
$630.3K
Cap Rate 9%
$490,256
$490.3K
Market Conditions
NOI Build-Up for 3,572 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
$77.2K $21.60/SF
− Vacancy
−$6.6K −$1.84/SF
EGI
$70.6K $19.76/SF
− OpEx
−$26.5K −$7.41/SF
NOI
$44.1K $12.35/SF
Area
Volusia County, FL
Vacancy
8.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$882,460
Cap Rate 7%
$630,329
Cap Rate 9%
$490,256
Alternative Uses
Best Use
Mixed Use
$630.3K
$551.5K – $735.4K
NOI $44,123 @ 7.0% cap · market cap 8.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$921.6K – $1.23M
NOI $73,726 @ 7.0% cap · market cap 14.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,700
Businesses Nearby
Explore this area
Business Placement
Demographics for 32720, FL
33,568
Population
13,962
Households
2.4
Avg Household Size
45
Median Age
24%
College-Educated
88%
High-School Grad
66.3 sq mi
ZIP Area
506
Density / Sq Mi
$67,512
Median Household Income
$39,159
Median Earnings
$1,177
Median Rent
$280,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic mixed-use property with C-2 zoning in downtown DeLand.
Where is this mixed-use property located?
The property is located at 228 W HOWRY Deland, FL.
What is the asking price?
The asking price for this property is $499,999.
What are key features of this property?
This property features: Prime downtown DeLand location within an Opportunity Zone.; C‑2 zoning allows for a wide range of commercial uses.; Historic property (built in 1883) with **3,572 sq ft main house featuring 5 bedrooms, each with a full bathroom.**
