Absolute NNN Convenience
For Sale
$695,000
2323 S RIDGEWOOD Avenue, South Daytona, FL 32119
Commercial Sale, South Daytona, FL
Property Size2,407 SF
Price / SF$288.74
Days on Market776
Property Features for 2323 S RIDGEWOOD Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Parking features
Parking Lot
Lot features
Corner Lot
Directions
East side of US-1
Subdivision
25 - Daytona S of Beville, E of Nova
Standard status
Active
APN
5344-12-00-0400
Size
2,407 SF
Taxes and HOA fees
Tax Year
4738
Tax Description
LOTS 40 & 43 WEST SHORE PARK SEC 3 EXC R/W PER OR 4490 PG 4540 PER OR 6011 PG 0757 PER OR 7032 PG 3499
Tax Annual Amount
2023
Legal Description
LOTS 40 & 43 WEST SHORE PARK SEC 3 EXC R/W PER OR 4490 PG 4540 PER OR 6011 PG 0757 PER OR 7032 PG 3499
Building Details
Year built
1962
Building materials
Block, Concrete
Listing Agency:
Realty Pros Commercial
(386) 253-8565
Listed By:
Buddy Budiansky
(386) 334-2865
Added: Jul 8, 2024
Changed: Aug 20
Last Checked: Aug 22 at 1:06PM
MLS# 1201221
Copyright © 2026 Daytona Beach Area Association of Realtors. 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.
Located at 2323 S RIDGEWOOD Avenue in South Daytona, this 2,407-square-foot commercial building is operated as a convenience store under an absolute NNN lease extending through 2035. The property was built in 1962 and features block and concrete construction, along with an on-site parking lot.
The building occupies a corner position along a major commuter route with reported traffic of 28,500 AADT. Publix and Sunshine Park Mall are directly across from the property, providing an established retail context. The existing lease supports continued operation as an income-producing asset, while the source information also identifies restaurant, retail, and office use possibilities subject to applicable terms and restrictions. Gas station and automotive uses are not permitted.
The building occupies a corner position along a major commuter route with reported traffic of 28,500 AADT. Publix and Sunshine Park Mall are directly across from the property, providing an established retail context. The existing lease supports continued operation as an income-producing asset, while the source information also identifies restaurant, retail, and office use possibilities subject to applicable terms and restrictions. Gas station and automotive uses are not permitted.
Key Highlights
- Absolute NNN lease runs through 2035
- 2,407 sq ft commercial building
- Reported traffic volume of 28,500 AADT
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
$36,551
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
5.26%
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%
$731,020
$731.0K
Cap Rate 7%
$522,157
$522.2K
Cap Rate 9%
$406,122
$406.1K
Market Conditions
NOI Build-Up for 2,407 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
$52.9K $21.96/SF
− Vacancy
−$4.1K −$1.71/SF
EGI
$48.7K $20.25/SF
− OpEx
−$12.2K −$5.06/SF
NOI
$36.6K $15.19/SF
Area
Volusia County, FL
Vacancy
7.80%
Lease Rate
$21.96 /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%
$731,020
Cap Rate 7%
$522,157
Cap Rate 9%
$406,122
Alternative Uses
Best Use
Specialty Retail
$522.2K
$456.9K – $609.2K
NOI $36,551 @ 7.0% cap · market cap 5.26%
Second Best
Retail
$323.9K
$283.4K – $377.8K
NOI $22,670 @ 7.0% cap · market cap 3.26%
Theoretical Best
Office A
$709.7K
$621.0K – $828.0K
NOI $49,680 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
28,500 VPD
Traffic count
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
534
Businesses Nearby
90k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 32%
Shops & Services 30%
Dining 30%
Home Improvements & Furnishings 8%
Publix
Groceries
28,211 visits/mo
0.2 miles
SONIC Drive In
Dining
10,431 visits/mo
0.4 miles
Taco Bell
Dining
9,250 visits/mo
0.1 miles
Sunoco
Shops & Services
8,582 visits/mo
0.4 miles
Dollar Tree
Shops & Services
7,802 visits/mo
0.2 miles
Demographics for 32119, FL
22,498
Population
12,629
Households
1.8
Avg Household Size
50
Median Age
27%
College-Educated
91%
High-School Grad
7.8 sq mi
ZIP Area
2,884
Density / Sq Mi
$53,795
Median Household Income
$37,675
Median Earnings
$1,371
Median Rent
$215,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
NNN property - Leased commercial building with parking and established commuter-route exposure near Publix and Sunshine Park Mall.
Where is this nnn property located?
The property is located at 2323 S RIDGEWOOD Avenue South Daytona, FL.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Absolute NNN lease runs through 2035; 2,407 sq ft commercial building; Reported traffic volume of 28,500 AADT
