Flex Condominium Unit with
For Sale
$220,000
Pending
2323 State St N Unit 77, Bunnell, FL 32110
Air-conditioned commercial unit combines office, warehouse, and second-floor mezzanine space.
Property Size1,000 SF
Days on Market167
Property Features for 2323 State St N Unit 77
General Information
Standard status
Pending
Size
1,000 SF
Property subtype
Commercial
Warehouse & Industrial
Warehouse Space
800 SF
Office Build-Out
200 SF
Mezzanine
400 SF
Conditioned Warehouse
Yes
Additional Details
HOA Fee
$135
Office Units
1
Amenities
glass front
glass entry door
roll-up door
high ceilings
ADA restroom
air conditioning
Building Details
Year Built
2006
Tenancy
Single
Owner Occupied
No
Listing Agency:
WATSON REALTY CORPORATION
Listed By:
CAROL E CARROLL · License #3530074
(386) 246-9222
Source:
Jacksonvilleflhomeguide
Added: Mar 20
Changed: Aug 30
Last Checked: Aug 31 at 5:38PM
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 CORPORATION
Investment Insights
Based on property information with market context.
Unit 77 is a flex condominium with a glass storefront, glazed entry, and a 10-foot-wide roll-up door. The 1,000 SF unit includes a 200 SF office, an 800 SF warehouse area, and a second-floor 400 SF mezzanine office. Additional features include high ceilings, an ADA restroom, and full air conditioning.
The property is at 2323 State St N in Bunnell, west of Palm Coast in Flagler County. US-1 provides access to SR 100 and Palm Coast Pkwy, both within minutes. Two adjacent units are also available for purchase. Condominium rules prohibit automotive services, although owners and tenants may service their own vehicles inside the units. The current tenant is in place through December 31, 2026.
The property is at 2323 State St N in Bunnell, west of Palm Coast in Flagler County. US-1 provides access to SR 100 and Palm Coast Pkwy, both within minutes. Two adjacent units are also available for purchase. Condominium rules prohibit automotive services, although owners and tenants may service their own vehicles inside the units. The current tenant is in place through December 31, 2026.
Key Highlights
- 1,000 SF flex condominium unit with 200 SF office and 800 SF warehouse
- Second‑floor 400 SF mezzanine office
- 10‑foot‑wide roll‑up door plus glass storefront and entry
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
$11,583
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
5.27%
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%
$231,660
$231.7K
Cap Rate 7%
$165,471
$165.5K
Cap Rate 9%
$128,700
$128.7K
Market Conditions
NOI Build-Up for 1,000 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
$19.8K $19.80/SF
− Vacancy
−$4.4K −$4.36/SF
EGI
$15.4K $15.44/SF
− OpEx
−$3.9K −$3.86/SF
NOI
$11.6K $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%
$231,660
Cap Rate 7%
$165,471
Cap Rate 9%
$128,700
Alternative Uses
Best Use
Office B
$165.5K
$144.8K – $193.1K
NOI $11,583 @ 7.0% cap · market cap 5.27%
Second Best
Flex RnD
$162.3K
$142.0K – $189.4K
NOI $11,363 @ 7.0% cap · market cap 5.17%
Theoretical Best
Office A
$240.3K
$210.3K – $280.4K
NOI $16,822 @ 7.0% cap · market cap 7.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
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 - Air-conditioned commercial unit combines office, warehouse, and second-floor mezzanine space.
Where is this flex space located?
The property is located at 2323 State St N Unit 77 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: 1,000 SF flex condominium unit with 200 SF office and 800 SF warehouse; Second‑floor 400 SF mezzanine office; 10‑foot‑wide roll‑up door plus glass storefront and entry
