Multi-Bay Warehouse
New
For Sale
$2,150,000
2724 HIBISCUS, Edgewater, FL 32141
An existing small-bay warehouse and a larger building under construction offer flexible space on a secured, paved site.
Property Size10,650 SF
Days on Market4
Property Features for 2724 HIBISCUS
General Information
Standard status
Active
Size
10,650 SF
Property subtype
Industrial
Zoning
Commercial B-2
Warehouse & Industrial
Clear Height
20 ft
Office Build-Out
220 SF
Additional Details
Fenced Yard
Yes
Taxes and HOA fees
Annual Taxes
$7,452
Building Details
Building Size
10,650 SF
Year Built
1982
Buildings
2
Construction
precast concrete
Listing Agency:
THE BARNETT GROUP, INC.
Listed By:
Tracey Barlow · License #3438904
(386) 566-3715
Source:
Elliman
Added: Sep 24
Last Checked: Sep 26 at 9:28AM
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 THE BARNETT GROUP, INC.
Investment Insights
Based on property information with market context.
The property combines an operating 3,400-square-foot warehouse, divided into small units of approximately 510 to 720 square feet, with a 220-square-foot office. A separate 7,250-square-foot warehouse is under construction. Its precast concrete design includes 20-foot clear heights, five 14-foot roll-up doors, and plumbing stub-outs for future restrooms; the interior can be configured as multiple units. The site is paved and enclosed, with an electric keypad gate.
At 2724 Hibiscus Drive in Edgewater, the property is zoned Commercial B-2 (Neighborhood Business). The existing small-bay layout and the additional warehouse under construction provide distinct space configurations within one property.
At 2724 Hibiscus Drive in Edgewater, the property is zoned Commercial B-2 (Neighborhood Business). The existing small-bay layout and the additional warehouse under construction provide distinct space configurations within one property.
Key Highlights
- Existing 3,400‑square‑foot warehouse with units of approximately 510 to 720 square feet
- A 220‑square‑foot office is part of the existing building
- New 7,250‑square‑foot warehouse under construction
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
$120,094
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
5.59%
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%
$2,401,880
$2.4M
Cap Rate 7%
$1,715,629
$1.7M
Cap Rate 9%
$1,334,378
$1.3M
Market Conditions
NOI Build-Up for 10,650 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
$201.9K $18.96/SF
− Vacancy
−$17.2K −$1.61/SF
EGI
$184.8K $17.35/SF
− OpEx
−$64.7K −$6.07/SF
NOI
$120.1K $11.28/SF
Area
Volusia County, FL
Vacancy
8.50%
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%
$2,401,880
Cap Rate 7%
$1,715,629
Cap Rate 9%
$1,334,378
Alternative Uses
Best Use
Flex RnD
$1.72M
$1.50M – $2.00M
NOI $120,094 @ 7.0% cap · market cap 5.59%
Second Best
Warehouse
$1.22M
$1.07M – $1.43M
NOI $85,655 @ 7.0% cap · market cap 3.98%
Theoretical Best
Office A
$3.14M
$2.75M – $3.66M
NOI $219,816 @ 7.0% cap · market cap 10.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
20 ft
Clear height
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
56
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32141, FL
17,955
Population
9,400
Households
1.9
Avg Household Size
54
Median Age
23%
College-Educated
93%
High-School Grad
23.6 sq mi
ZIP Area
761
Density / Sq Mi
$61,110
Median Household Income
$37,874
Median Earnings
$1,481
Median Rent
$244,000
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?
Warehouse - An existing small-bay warehouse and a larger building under construction offer flexible space on a secured, paved site.
Where is this warehouse located?
The property is located at 2724 HIBISCUS Edgewater, FL.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Existing 3,400‑square‑foot warehouse with units of approximately 510 to 720 square feet; A 220‑square‑foot office is part of the existing building; New 7,250‑square‑foot warehouse under construction
