Flex Space with Mezzanine
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 Market153
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
03-12-30-0160-000D0-0760
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 78 OR 1638 PG 1553
Tax Annual Amount
3027
Legal Description
ATLANTIS INDUSTRIAL & BUSINESS PARK CONDO PHASE I BLDG D UNIT 78 OR 1638 PG 1553
Utilities
Cooling system
Central Air
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: Oct 7
Last Checked: Oct 10 at 7:06AM
MLS# FC318470
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 76 is an industrial condominium with a glass storefront and entry door, plus a 10-foot-wide roll-up door. The interior includes 200 square feet of office space, 800 square feet of warehouse area and a second-floor 400-square-foot office mezzanine. Additional features include high ceilings, central air conditioning and an ADA restroom. The unit was built in 2006 and is zoned L-1.
The property is in Flagler County, west of Palm Coast. US-1 connects the site to SR 100 and Palm Coast Parkway. The condominium rules prohibit automotive services, although owners and tenants may work on their own vehicles inside their units. The space is tenant-occupied through September 30, 2026.
The property is in Flagler County, west of Palm Coast. US-1 connects the site to SR 100 and Palm Coast Parkway. The condominium rules prohibit automotive services, although owners and tenants may work on their own vehicles inside their units. The space is tenant-occupied through September 30, 2026.
Key Highlights
- Unit 76 includes 200 square feet of office space and 800 square feet of warehouse area
- Second‑floor office mezzanine measures 400 square feet
- 10‑foot‑wide roll‑up door and glass entry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,180
Cap Rate
8.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$363,600
$363.6K
Cap Rate 7%
$259,714
$259.7K
Cap Rate 9%
$202,000
$202.0K
Market Conditions
NOI Build-Up for 1,600 SF
Gross rent
$30.3K $18.96/SF
− Vacancy
−$2.4K −$1.48/SF
EGI
$28.0K $17.48/SF
− OpEx
−$9.8K −$6.12/SF
NOI
$18.2K $11.36/SF
Area
Flagler County, FL
Vacancy
7.80%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$363,600
Cap Rate 7%
$259,714
Cap Rate 9%
$202,000
Alternative Uses
Best Use
Flex RnD
$259.7K
$227.3K – $303.0K
NOI $18,180 @ 7.0% cap · market cap 8.26%
Second Best
Warehouse
$183.8K
$160.9K – $214.5K
NOI $12,868 @ 7.0% cap · market cap 5.85%
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
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Current Use
Lease Details
1
Office units
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
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - The unit combines warehouse space and offices with full air conditioning and an ADA-compliant restroom.
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: Unit 76 includes 200 square feet of office space and 800 square feet of warehouse area; Second‑floor office mezzanine measures 400 square feet; 10‑foot‑wide roll‑up door and glass entry
