Multi-Use Commercial
For Sale
$2,750,000
250 Old Kings Rd, Flagler Beach, FL 32136
Recently vacant multi-use building offers flexible space for office, medical, education, retail, or service users.
Property Size16,441 SF
Lot Size2.00 Acres
Price / SF$167.26
Days on Market93
Property Features for 250 Old Kings Rd
General Information
Standard status
Active
Size
16,441 SF
Lot size
2.00 Acres
Property subtype
Single-Tenant Vacant-User
Lease Type
NNN
Site & Location
Traffic Count
100,000 vehicles/day
Highway Access
Yes
Additional Details
Cap Rate
8.23%
Amenities
Below Replacement Cost Pricing: Offered at $167.26/SF, the property presents an attractive opportunity to acquire a sizeable commercial asset at pricing well below today's estimated replacement cost.
Market Rents Above Pro Forma Assumptions: Current market rents average approximately $20.32/SF according to CoStar, providing meaningful upside potential through future lease-up and rent growth.
Rare First-Time Offering: Originally developed in 2006, the property is being offered for sale by the original developer for the first time since construction.
Vacant Value-Add Opportunity: Offered vacant, the property provides investors or owner-users with immediate flexibility to pursue lease-up, repositioning, multi-tenant conversion, or owner-user occupancy for a wide range of commercial uses.
Flexible Multi-Use Layout: The 16,441-square-foot building can accommodate a single occupant or be divided into multiple suites, making it ideal for medical, childcare, education, wellness, office, retail, therapy, or service-oriented users.
Strong Stabilized Income Potential: Based on a conservative stabilized rent assumption of $15.00/SF NNN, the property is projected to generate approximately $246,615 in stabilized NOI, resulting in an estimated 8.97% pro forma cap rate.
Unique Indoor Swimming Pool Amenity: The property includes an indoor swimming pool, creating a specialized feature attractive to childcare, therapy, wellness, recreation, or aquatic-based operators.
Ample Parking & Functional Site Design: Situated on 2.00 acres, the property features strong site functionality, convenient access, and ample parking for a variety of commercial uses.
Building Details
Building Size
16,441 SF
Year Built
2006
Listing Agency:
Marcus & Millichap - Orlando
(407) 557-3834
Listed By:
Tarek Chbeir · License #License(s): FL: SL3449535
(407) 557-3834
Source:
Marcusmillichap
Added: Jun 1
Changed: Aug 23
Last Checked: Aug 31 at 12:51PM
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 Marcus & Millichap - Orlando
Investment Insights
Based on property information with market context.
Marcus & Millichap is pleased to present a recently vacant multi-use commercial property offering flexible layout options for a single user or a multi-tenant configuration. Originally developed in 2006, the property spans 16,441 square feet on 2.00 acres and is designed to support a wide range of service-oriented uses, including medical, childcare, education, wellness, office, retail, or other compatible commercial needs.
The property is positioned along Old Kings Road South in Flagler Beach and is located near East Highway 100 and Interstate 95. The location benefits from combined traffic counts exceeding 100,000 vehicles per day and is surrounded by established retail and healthcare employers. Notable nearby national retailers include Publix, Aldi, Starbucks, Chipotle, Wawa, BJ’s Wholesale Club, and AdventHealth, supporting strong commercial activity in the immediate area.
With its adaptable configuration and broad use potential, this asset is well-suited for investors seeking a repositioning or value-add opportunity and for operators evaluating options that require versatility. The property’s recent vacancy and ability to accommodate different tenant mixes may appeal to buyers looking to tailor the space to medical, educational, wellness, office, or retail demand within a growing coastal corridor.
The property is positioned along Old Kings Road South in Flagler Beach and is located near East Highway 100 and Interstate 95. The location benefits from combined traffic counts exceeding 100,000 vehicles per day and is surrounded by established retail and healthcare employers. Notable nearby national retailers include Publix, Aldi, Starbucks, Chipotle, Wawa, BJ’s Wholesale Club, and AdventHealth, supporting strong commercial activity in the immediate area.
With its adaptable configuration and broad use potential, this asset is well-suited for investors seeking a repositioning or value-add opportunity and for operators evaluating options that require versatility. The property’s recent vacancy and ability to accommodate different tenant mixes may appeal to buyers looking to tailor the space to medical, educational, wellness, office, or retail demand within a growing coastal corridor.
Key Highlights
- 16,441‑square‑foot recently vacant multi‑use commercial building on 2.00 acres at 250 Old Kings Road South in Flagler Beach
- Flexible layout supports a single user or multi‑tenant configuration for uses such as medical, childcare, education, wellness, office, retail, or other service‑oriented uses
- Originally developed in 2006
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
$229,902
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
8.36%
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%
$4,598,040
$4.6M
Cap Rate 7%
$3,284,314
$3.3M
Cap Rate 9%
$2,554,467
$2.6M
Market Conditions
NOI Build-Up for 16,441 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
$428.1K $26.04/SF
− Vacancy
−$45.0K −$2.73/SF
EGI
$383.2K $23.31/SF
− OpEx
−$153.3K −$9.32/SF
NOI
$229.9K $13.98/SF
Area
Flagler County, FL
Vacancy
10.50%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
40.00%
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%
$4,598,040
Cap Rate 7%
$3,284,314
Cap Rate 9%
$2,554,467
Alternative Uses
Best Use
Healthcare Medical
$3.28M
$2.87M – $3.83M
NOI $229,902 @ 7.0% cap · market cap 8.36%
Second Best
Office B
$2.72M
$2.38M – $3.17M
NOI $190,436 @ 7.0% cap · market cap 6.92%
Theoretical Best
Office A
$3.95M
$3.46M – $4.61M
NOI $276,564 @ 7.0% cap · market cap 10.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100,000 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
366
Businesses Nearby
Explore this area
Business Placement
Demographics for 32136, FL
8,432
Population
5,498
Households
1.5
Avg Household Size
62
Median Age
36%
College-Educated
97%
High-School Grad
17.7 sq mi
ZIP Area
476
Density / Sq Mi
$72,589
Median Household Income
$50,949
Median Earnings
$1,469
Median Rent
$438,300
Median Home Value
Market
Vacancy Rate% for Office 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?
Office building - Recently vacant multi-use building offers flexible space for office, medical, education, retail, or service users.
Where is this office building located?
The property is located at 250 Old Kings Rd Flagler Beach, FL.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 16,441‑square‑foot recently vacant multi‑use commercial building on 2.00 acres at 250 Old Kings Road South in Flagler Beach; Flexible layout supports a single user or multi‑tenant configuration for uses such as medical, childcare, education, wellness, office, retail, or other service‑oriented uses; Originally developed in 2006
