Brick Professional Office
For Sale
$489,000
232 River Beach Drive, Ormond Beach, FL 32176
COMMERCIAL - Ormond Beach, FL
Property Size3,049 SF
Lot Size0.02 Acres
Price / SF$160.38
Days on Market74
Property Features for 232 River Beach Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Professional/Office
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 3, Bathroom 4, Bathroom 1, Bathroom 5, Bathroom 2
Parking features
Parking Lot
Security features
Security Lighting
Lot features
Cleared
Directions
Granada Blvd E to A1A South approximately 1 mile to RIGHT on River Beach Drive . Building on left.
Subdivision
16 - Ormond Beach Peninsula S of 40
Standard status
Active
APN
4223-30-00-00-20
Size
3,049 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5844
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1972
Floors in Building
1
Number of units
2
Flooring type
Tile
Building materials
Block, Brick, Stucco
Roof type
Concrete, Membrane, Metal
Listing Agency:
Adams, Cameron & Co., Realtors
(386) 673-2100
Listed By:
Julie Goodwin
(207) 583-7391
Added: May 25
Changed: Aug 4
Last Checked: Aug 6 at 1:06PM
MLS# 1226835
Copyright © 2026 Daytona Beach Area Association of Realtors. 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.
A brick, block professional office building offering two combined units with tile flooring throughout. The layout includes a foyer/lobby/reception area, 11 office spaces, five restrooms, and two kitchens, with newer AC units on the building. The space has previously been used for medical, tax preparation, real estate, mortgage, and locksmith office operations.
The property is zoned B-7 (commercial/professional) along a busy A1A tourism corridor, with additional zoning terms available through the City of Ormond Beach under stated conditions. Parking is available in both the front and rear of the building.
Unit A is identified as PID 4223-30-00-00-10, with common area PID 4223-30-00-00-01 also listed in the offering.
The property is zoned B-7 (commercial/professional) along a busy A1A tourism corridor, with additional zoning terms available through the City of Ormond Beach under stated conditions. Parking is available in both the front and rear of the building.
Unit A is identified as PID 4223-30-00-00-10, with common area PID 4223-30-00-00-01 also listed in the offering.
Key Highlights
- Commercial professional office space along the A1A tourism corridor (B‑7 zoning).
- Block, brick, and stucco building with tile flooring throughout and central heating and central A/C.
- Formerly used for medical, tax preparation, real estate, mortgage, and locksmith offices.
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
$44,356
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
9.07%
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%
$887,120
$887.1K
Cap Rate 7%
$633,657
$633.7K
Cap Rate 9%
$492,844
$492.8K
Market Conditions
NOI Build-Up for 3,049 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
$82.3K $27.00/SF
− Vacancy
−$8.4K −$2.75/SF
EGI
$73.9K $24.25/SF
− OpEx
−$29.6K −$9.70/SF
NOI
$44.4K $14.55/SF
Area
Volusia County, FL
Vacancy
10.20%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
40.00%
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%
$887,120
Cap Rate 7%
$633,657
Cap Rate 9%
$492,844
Alternative Uses
Best Use
Office B
$652.7K
$571.1K – $761.5K
NOI $45,689 @ 7.0% cap · market cap 9.34%
Second Best
Healthcare Medical
$633.7K
$554.5K – $739.3K
NOI $44,356 @ 7.0% cap · market cap 9.07%
Theoretical Best
Office A
$899.0K
$786.6K – $1.05M
NOI $62,931 @ 7.0% cap · market cap 12.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
361
Businesses Nearby
Explore this area
Business Placement
Demographics for 32176, FL
14,410
Population
10,329
Households
1.4
Avg Household Size
59
Median Age
38%
College-Educated
95%
High-School Grad
5.7 sq mi
ZIP Area
2,528
Density / Sq Mi
$72,248
Median Household Income
$39,529
Median Earnings
$1,436
Median Rent
$368,400
Median Home Value
Market
Vacancy Rate% for Office 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?
Office units - Two combined office units feature tile floors, multiple offices, and ample front and rear parking.
Where is this office units located?
The property is located at 232 River Beach Drive Ormond Beach, FL.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: Commercial professional office space along the A1A tourism corridor (B‑7 zoning).; Block, brick, and stucco building with tile flooring throughout and central heating and central A/C.; Formerly used for medical, tax preparation, real estate, mortgage, and locksmith offices.
