Highway Interchange Commercial
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28 E New York Avenue, Deland, FL 32724
B-6-zoned redevelopment site positioned beside an I-4 interchange with broad commercial and hospitality use flexibility.
Property Size50,000 SF
Price / SF$98
Days on Market6
Property Features for 28 E New York Avenue
General Information
Standard status
Active
Size
50,000 SF
Property subtype
Hospitality
Building Details
Year Built
1973
Listing Agency:
Coldwell Banker Commercial Benchmark
(678) 898-2721
Listed By:
Holly Booth · License #3540789
Source:
Crexi
Added: Aug 26
Changed: Aug 31
Last Checked: Aug 31 at 9:22AM
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 Coldwell Banker Commercial Benchmark
Investment Insights
Based on property information with market context.
This 6.79-acre commercial land site is zoned B-6 for Highway Interchange Commercial use and sits adjacent to the I-4 interchange at SR 44. The property is visible from Interstate 4 and is suited to redevelopment or repositioning under a zoning framework that accommodates a broad range of commercial applications.
The site previously contained a 105-room exterior-corridor motel with an on-site restaurant and bar. Those operations are no longer active, creating a property with an established hospitality history and redevelopment context. Potential uses identified for the B-6 designation include hotel or motel development, automotive service stations, convenience retail with fuel, RV sales and service, restaurants, schools, and houses of worship.
The site previously contained a 105-room exterior-corridor motel with an on-site restaurant and bar. Those operations are no longer active, creating a property with an established hospitality history and redevelopment context. Potential uses identified for the B-6 designation include hotel or motel development, automotive service stations, convenience retail with fuel, RV sales and service, restaurants, schools, and houses of worship.
Key Highlights
- 6.79 acres of B‑6 Highway Interchange Commercial land
- Adjacent to the I‑4 interchange at SR 44
- Visibility from Interstate 4
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
$179,550
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
3.66%
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%
$3,591,000
$3.6M
Cap Rate 7%
$2,565,000
$2.6M
Cap Rate 9%
$1,995,000
$2.0M
Market Conditions
NOI Build-Up for 50,000 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
$900.0K $18.00/SF
− Vacancy
−$522.0K −$10.44/SF
EGI
$378.0K $7.56/SF
− OpEx
−$198.5K −$3.97/SF
NOI
$179.6K $3.59/SF
Area
Volusia County, FL
Vacancy
58.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
52.50%
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%
$3,591,000
Cap Rate 7%
$2,565,000
Cap Rate 9%
$1,995,000
Alternative Uses
Best Use
Hotel Hospitality
$2.56M
$2.24M – $2.99M
NOI $179,550 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$14.74M
$12.90M – $17.20M
NOI $1,032,000 @ 7.0% cap · market cap 21.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,775
Businesses Nearby
Explore this area
Business Placement
Demographics for 32724, FL
40,559
Population
18,555
Households
2.2
Avg Household Size
45
Median Age
31%
College-Educated
92%
High-School Grad
83.8 sq mi
ZIP Area
484
Density / Sq Mi
$72,729
Median Household Income
$41,204
Median Earnings
$1,184
Median Rent
$283,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - B-6-zoned redevelopment site positioned beside an I-4 interchange with broad commercial and hospitality use flexibility.
Where is this commercial land located?
The property is located at 28 E New York Avenue Deland, FL.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: 6.79 acres of B‑6 Highway Interchange Commercial land; Adjacent to the I‑4 interchange at SR 44; Visibility from Interstate 4
