Industrial Condo with Roll-Up
For Sale
$220,000
2323 STATE STREET, Bunnell, FL 32110
Condo unit with roll-up door, office space, ADA restroom, and full air conditioning.
Property Size1,600 SF
Price / SF$137.50
Days on Market99
Property Features for 2323 STATE STREET
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Business Opportunities
Warehouse & Industrial
Warehouse Space
800 SF
Office Build-Out
200 SF
Mezzanine
400 SF
Drive-In Doors
1
Conditioned Warehouse
Yes
Taxes and HOA fees
Annual Taxes
$3,027
Amenities
Central Air
3
US Highway, Asphalt.
Building Details
Year Built
2006
Listing Agency:
WATSON REALTY CORP (PC)
(386) 246-9222
Listed By:
Carol Carroll · License #3530074
Source:
Xome
Added: May 6
Changed: Aug 8
Last Checked: Aug 11 at 5:16AM
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 (PC)
Investment Insights
Based on property information with market context.
Industrial condominium Unit 76 features a glass front with a glass entry door and a 10’ wide roll-up door. The 1,000 SF unit includes a 200 SF office area and an 800 SF warehouse space, plus a second-floor 400 SF mezzanine office. Improvements include high ceilings, an ADA restroom, and full air conditioning.
The property is centrally located in Flagler County, just west of Palm Coast, with access to SR 100 and Palm Coast Pkwy via US-1. The condominium association dues are $135 per month and cover building insurance, common area maintenance, parking lot lighting, landscaping, and related items.
Automotive services are not allowed under condominium rules, though owners and tenants may service their own vehicles within the units. Two adjacent units are also available for purchase to create contiguous space, and Unit 76 is tenant occupied through September 30, 2026.
The property is centrally located in Flagler County, just west of Palm Coast, with access to SR 100 and Palm Coast Pkwy via US-1. The condominium association dues are $135 per month and cover building insurance, common area maintenance, parking lot lighting, landscaping, and related items.
Automotive services are not allowed under condominium rules, though owners and tenants may service their own vehicles within the units. Two adjacent units are also available for purchase to create contiguous space, and Unit 76 is tenant occupied through September 30, 2026.
Key Highlights
- Industrial condo unit (Unit 76) built in 2006 with a glass entry and a 10’ wide roll‑up door
- 1,000 SF total layout: 200 SF office, 800 SF warehouse, plus a 400 SF second‑floor mezzanine office
- Includes ADA restroom and full air conditioning (central air)
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
Flex RnD
$259.7K
$227.3K – $303.0K
NOI $18,180 @ 7.0% cap · market cap 8.26%
Second Best
Warehouse
$183.8K
$160.9K – $214.5K
NOI $12,868 @ 7.0% cap · market cap 5.85%
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
Drive-in doors
Location Intelligence
Trade Area within ½ mile
516
Businesses Nearby
Balanced
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Condo unit with roll-up door, office space, ADA restroom, and full air conditioning.
Where is this flex space located?
The property is located at 2323 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: Industrial condo unit (Unit 76) built in 2006 with a glass entry and a 10’ wide roll‑up door; 1,000 SF total layout: 200 SF office, 800 SF warehouse, plus a 400 SF second‑floor mezzanine office; Includes ADA restroom and full air conditioning (central air)
