Flex Space with Mezzanine
New
For Sale
$220,000
2323 N State St Unit 76, Bunnell, FL 32110
Glass-front commercial unit with warehouse, office, air conditioning, and a roll-up door near US-1 in Bunnell.
Property Size1,600 SF
Price / SF$137.50
Days on Market2
Property Features for 2323 N State St Unit 76
General Information
Standard status
Active
Size
1,600 SF
Occupancy
100%
Warehouse & Industrial
Warehouse Space
800 SF
Office Build-Out
200 SF
Mezzanine
400 SF
Drive-In Doors
1
Conditioned Warehouse
Yes
Additional Details
Highway Access
Yes
Amenities
glass front
glass entry door
10’ wide roll-up door
high ceilings
ADA restroom
full air conditioning
Building Details
Year Built
2006
Tenancy
Single
Listing Agency:
WATSON REALTY CORP
Listed By:
Carol Carroll · License #3530074
(386) 246-9222
Source:
Chenoregroup
Added: Sep 11
Last Checked: Sep 11 at 2:53PM
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 WATSON REALTY CORP
Investment Insights
Based on property information with market context.
Unit 76 is a flex condominium with a glass storefront, glass entry, and a 10-foot roll-up door. The interior includes office and warehouse areas, a second-floor mezzanine office, high ceilings, an ADA-compliant restroom, and full air conditioning. The unit was built in 2006 and is currently occupied through September 30, 2026.
The property is at 2323 N State St in Bunnell, just west of Palm Coast. US-1 provides access to SR 100 and Palm Coast Parkway, placing the condominium within minutes of both corridors. The condominium rules support office, retail, showroom, warehouse, distribution, building-trade, and personal-storage uses. Automotive services are not permitted, although owners and tenants may service their own vehicles inside the units.
The property is at 2323 N State St in Bunnell, just west of Palm Coast. US-1 provides access to SR 100 and Palm Coast Parkway, placing the condominium within minutes of both corridors. The condominium rules support office, retail, showroom, warehouse, distribution, building-trade, and personal-storage uses. Automotive services are not permitted, although owners and tenants may service their own vehicles inside the units.
Key Highlights
- 10‑foot roll‑up door with glass storefront and entry
- Second‑floor mezzanine office with high ceilings
- Full air conditioning and ADA‑compliant restroom
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
$18,180
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
8.26%
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%
$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
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
$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 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%
$363,600
Cap Rate 7%
$259,714
Cap Rate 9%
$202,000
Alternative Uses
Best Use
Retail
$328.6K
$287.5K – $383.3K
NOI $22,999 @ 7.0% cap · market cap 10.45%
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
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Open Analytics
Current Use
Lease Details
1
Drive-in doors
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
142
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Glass-front commercial unit with warehouse, office, air conditioning, and a roll-up door near US-1 in Bunnell.
Where is this flex space located?
The property is located at 2323 N State St Unit 76 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: 10‑foot roll‑up door with glass storefront and entry; Second‑floor mezzanine office with high ceilings; Full air conditioning and ADA‑compliant restroom
