Flex Space with Roll-Up
For Sale
$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
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
Amenities
glass front
high ceilings
ADA restroom
full air conditioning
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 6:06AM
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 a 1,600-square-foot industrial condominium completed in 2006, combining office and warehouse functionality within a glass-front building. The property includes a 10-foot-wide roll-up door, high ceilings, an ADA restroom, and central air conditioning. Metal siding and a second-floor mezzanine office add to the configuration, while L-1 zoning supports its industrial property classification.
The unit is located at 2323 N State Street in Bunnell, within Flagler County and west of Palm Coast. Access to SR 100 and Palm Coast Parkway is available via US-1. Two adjacent units are also offered, creating 3,200 to 5,400 square feet of contiguous space when combined. The property is tenant occupied through September 30, 2026. Condominium rules prohibit automotive services, although owners and tenants may service their own vehicles inside the units.
The unit is located at 2323 N State Street in Bunnell, within Flagler County and west of Palm Coast. Access to SR 100 and Palm Coast Parkway is available via US-1. Two adjacent units are also offered, creating 3,200 to 5,400 square feet of contiguous space when combined. The property is tenant occupied through September 30, 2026. Condominium rules prohibit automotive services, although owners and tenants may service their own vehicles inside the units.
Key Highlights
- 1,600 SF industrial condominium unit completed in 2006
- 10‑foot‑wide roll‑up door with high ceilings
- Glass front, glass entry door, and central air conditioning
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
100%
Occupancy
Multi-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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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Flex space - Glass-front industrial condominium with office capability, warehouse functionality, and central air conditioning.
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 completed in 2006; 10‑foot‑wide roll‑up door with high ceilings; Glass front, glass entry door, and central air conditioning
