Air-Conditioned Flex Space with Roll-Up
New
For Sale
Contact for pricing
2323 North State Street, Bunnell, FL 32110
Configured with office space, warehouse area, a mezzanine, and an ADA restroom for varied commercial operations.
Property Size1,600 SF
Price / SF$137.50
Days on Market4
Property Features for 2323 North State Street
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Retail, Office, Industrial
Lease Type
Modified Gross
Investment Type
Owner/User
Warehouse & Industrial
Warehouse Space
800 SF
Office Build-Out
200 SF
Conditioned Warehouse
Yes
Additional Details
HOA Fee
$135
Highway Access
Yes
Amenities
high ceilings
ADA restroom
full air conditioning
glass front
glass entry door
10' wide roll-up door
second-floor mezzanine office
Listing Agency:
Watson Commercial Realty Inc
Listed By:
Timothy Carroll · License #FL BK3229465
(904) 626-0959
Source:
Crexi
Added: Aug 31
Changed: Sep 3
Last Checked: Sep 3 at 1:56AM
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 Commercial Realty Inc
Investment Insights
Based on property information with market context.
This flex-space condominium combines a glass-fronted entry with a 10’ wide roll-up door, high ceilings, full air conditioning, and an ADA restroom. The interior includes office and warehouse areas plus a second-floor mezzanine office, creating a practical configuration for office, showroom, retail, building-trade, distribution, or personal-storage use. Automotive services are prohibited by the condominium rules, although owners and tenants may service their own vehicles inside the unit.
The property is at 2323 North State Street in Bunnell, Florida, west of Palm Coast in Flagler County. Access to SR 100 and Palm Coast Parkway is available via US-1, placing the unit within minutes of those routes.
The property is at 2323 North State Street in Bunnell, Florida, west of Palm Coast in Flagler County. Access to SR 100 and Palm Coast Parkway is available via US-1, placing the unit within minutes of those routes.
Key Highlights
- 10’ wide roll‑up door with glass storefront and entry door
- Office, warehouse, and second‑floor mezzanine office configuration
- Full air conditioning and high ceilings
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
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
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 - Configured with office space, warehouse area, a mezzanine, and an ADA restroom for varied commercial operations.
Where is this flex space located?
The property is located at 2323 North 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: 10’ wide roll‑up door with glass storefront and entry door; Office, warehouse, and second‑floor mezzanine office configuration; Full air conditioning and high ceilings
