Absolute NNN Convenience
For Sale
$695,000
2323 S RIDGEWOOD Avenue, South Daytona, FL 32119
COMMERCIAL - South Daytona, FL
Property Size2,407 SF
Price / SF$288.74
Days on Market760
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 4
Last Checked: Aug 6 at 12:06PM
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.
This absolute NNN property is a 2,407-square-foot convenience store building constructed in 1962 with block and concrete materials. The site includes a parking lot, and the existing lease extends through 2035.
The property occupies a corner position at 2323 S Ridgewood Avenue in South Daytona, directly across from Publix and Sunshine Park Mall. Traffic volume on the major commuter route is reported at 28,500 AADT, providing a clearly documented access and exposure profile.
The property occupies a corner position at 2323 S Ridgewood Avenue in South Daytona, directly across from Publix and Sunshine Park Mall. Traffic volume on the major commuter route is reported at 28,500 AADT, providing a clearly documented access and exposure profile.
Key Highlights
- Absolute NNN lease extending through 2035
- 2,407‑square‑foot convenience store building
- 28,500 AADT on the surrounding commuter route
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
Yes
Paved road access
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 convenience retail building with on-site parking along a heavily traveled commuter route.
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 extending through 2035; 2,407‑square‑foot convenience store building; 28,500 AADT on the surrounding commuter route
