Air-Conditioned Flex
For Sale
Under Contract
$220,000
2323 N STATE Street, Bunnell, FL 32110
Commercial Sale, BUNNELL, FL
Property Size1,600 SF
Lot Size0.02 Acres
Price / SF$137.50
Days on Market107
Property Features for 2323 N STATE Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
L-1
Subdivision
ATLANTIS INDUST & BUSN PARK
Directions
US1 to 2323 N State St.
Standard status
Active Under Contract
APN
03-12-30-0160-000D0-0770
Size
1,600 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
ATLANTIS INDUSTRIAL & BUSINESS PARK CONDO PHASE I BLDG D UNIT 77 OR 1638 PG 1553
Tax Annual Amount
3027
Legal Description
ATLANTIS INDUSTRIAL & BUSINESS PARK CONDO PHASE I BLDG D UNIT 77 OR 1638 PG 1553
Utilities
Cooling system
Central Air
Amenities
high ceilings
ADA restroom
full air conditioning
glass front
glass entry door
roll-up door
parking lot lighting
landscaping
Building Details
Year built
2006
Building materials
Metal Siding
Listing Agency:
WATSON REALTY CORP
(386) 246-9222
Listed By:
Carol Carroll · License #3530074
(386) 290-0613
Added: May 11
Changed: Aug 24
Last Checked: Aug 25 at 10:06AM
MLS# FC318471
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.
Unit 77 is an industrial condominium with 1,600 square feet of space, a glass storefront, glass entry, and a 10' wide roll-up door. The layout includes a 400 SF second-floor mezzanine office, high ceilings, an ADA restroom, and central air conditioning. Metal siding and 2006 construction complete the physical profile.
The property is located in Flagler County west of Palm Coast, with access to SR 100 and Palm Coast Pkwy through US-1. Condominium rules allow office, retail, showroom, warehouse, distribution, building-trade, and personal-storage functions, while automotive services are not permitted. The unit is tenant occupied through December 31, 2026.
The property is located in Flagler County west of Palm Coast, with access to SR 100 and Palm Coast Pkwy through US-1. Condominium rules allow office, retail, showroom, warehouse, distribution, building-trade, and personal-storage functions, while automotive services are not permitted. The unit is tenant occupied through December 31, 2026.
Key Highlights
- 1,600 SF industrial condominium Unit 77
- 400 SF second‑floor mezzanine office
- 10' wide roll‑up door with glass storefront and entry
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
$18,533
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
8.42%
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%
$370,660
$370.7K
Cap Rate 7%
$264,757
$264.8K
Cap Rate 9%
$205,922
$205.9K
Market Conditions
NOI Build-Up for 1,600 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
$31.7K $19.80/SF
− Vacancy
−$7.0K −$4.36/SF
EGI
$24.7K $15.44/SF
− OpEx
−$6.2K −$3.86/SF
NOI
$18.5K $11.58/SF
Area
Flagler County, FL
Vacancy
22.00%
Lease Rate
$19.80 /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%
$370,660
Cap Rate 7%
$264,757
Cap Rate 9%
$205,922
Alternative Uses
Best Use
Office B
$264.8K
$231.7K – $308.9K
NOI $18,533 @ 7.0% cap · market cap 8.42%
Second Best
Flex RnD
$259.7K
$227.3K – $303.0K
NOI $18,180 @ 7.0% cap · market cap 8.26%
Theoretical Best
Office A
$384.5K
$336.4K – $448.6K
NOI $26,915 @ 7.0% cap · market cap 12.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
138
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32110, FL
8,776
Population
4,102
Households
2.1
Avg Household Size
45
Median Age
12%
College-Educated
90%
High-School Grad
296.2 sq mi
ZIP Area
30
Density / Sq Mi
$56,277
Median Household Income
$31,600
Median Earnings
$1,213
Median Rent
$221,200
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 - L-1-zoned condominium unit combining office functionality with warehouse utility and a dedicated roll-up door.
Where is this flex space located?
The property is located at 2323 N STATE Street Bunnell, FL.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: 1,600 SF industrial condominium Unit 77; 400 SF second‑floor mezzanine office; 10' wide roll‑up door with glass storefront and entry
