Building Details

Building Size 64,632 SF

Listed By: Bob Rand · License #3128649 Show Phone

Source: Cbcworldwide

Added: Sep 1 Changed: Oct 15 Last Checked: Oct 16 at 5:43AM

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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 Bob Rand

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Investment Insights

Based on property information with market context.

This 6.79±-acre commercial land tract is zoned B-6 – Highway Interchange Commercial and includes a former 105-room exterior-corridor motel with an on-site restaurant and bar. The property is currently non-operating and positioned for repositioning or ground-up redevelopment. Built in 1973, the existing hospitality improvements provide a basis for evaluating redevelopment or a new commercial concept.

Located at 2801 E New York Ave in DeLand, the site has direct I-4 frontage and sits adjacent to the I-4 interchange at SR 44. The B-6 designation supports a broad range of stated uses, including hotel or motel, automotive service station, convenience store with fuel, RV sales and service, school, restaurant, and house of worship. Its scale, interchange exposure, and permitted-use flexibility support multiple redevelopment approaches.

Key Highlights

• 6.79± acres of B‑6 – Highway Interchange Commercial land
• Direct I‑4 frontage adjacent to the interchange at SR 44
• Former 105‑room exterior‑corridor motel with on‑site restaurant and bar

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$232,094

Cap Rate

4.74%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,641,880 $4.6M

Cap Rate 7%

$3,315,629 $3.3M

Cap Rate 9%

$2,578,822 $2.6M

Is this asking price fair?

Market Conditions

NOI Build-Up for 64,632 SF

Gross rent

$1.16M $18.00/SF

− Vacancy

−$674.8K −$10.44/SF

EGI

$488.6K $7.56/SF

− OpEx

−$256.5K −$3.97/SF

NOI

$232.1K $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 Rate 5%

$4,641,880

Cap Rate 7%

$3,315,629

Cap Rate 9%

$2,578,822

Alternative Uses

Best Use

Hotel Hospitality

$3.32M

$2.90M – $3.87M (±1% cap)

NOI $232,094 @ 7.0% cap · market cap 4.74%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$19.06M

$16.68M – $22.23M (±1% cap)

NOI $1,334,004 @ 7.0% cap · market cap 27.22%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

MVR INC Marketing & Advertising Deland West Substation Electrical Substation LibertyX Bitcoin ATM Atm

Suggested Use

Top Pick Building Supply Parking Lot & Garage Plumbing Service Auto Parts Store Home Appliance Store Skin Care Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

26

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

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Frequently Asked Questions

What type of property is this?

Commercial land - B-6 zoning accommodates hospitality, restaurant, automotive, convenience, educational, and other commercial uses.

Where is this commercial land located?

The property is located at 2801 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; Direct I‑4 frontage adjacent to the interchange at SR 44; Former 105‑room exterior‑corridor motel with on‑site restaurant and bar