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    2824 Highway 2321 Southport, FL 32409

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    For Lease
    $5,000 /Mo ($9 SF/Yr)

    Versatile commercial property featuring office space and warehouse.

    Property size:
    6,130 SF
    Lot size:
    6,130 SF

    Property Features for 2824 Highway 2321

    General Information

    Standard status
    Active
    Size
    6,130 SF

    Building Details

    Year built
    1990

    We can help!

    Listing Contact
    Daniel Dunnivant
    Source: Corcoran

    Listing Agency: COUNTS REAL ESTATE GROUP INC Listing Agent: Daniel Dunnivant

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Commercial Property with Office & Warehouse

    The commercial property at 2824 Highway 2321 in Southport, FL, is situated on approximately 0.92 acres in northern Bay County and includes two buildings. The first building offers around 1,630 square feet of office space, featuring four private offices, a foyer/welcome area, a conference room, a coffee bar with a sink, and a technology or IT room. The second building is a warehouse with approximately 4,500 square feet of space. The warehouse includes four 12' x 12' roll-up doors, a 14'-16' clear ceiling height, spray foam insulation, and 110/220V power, with the potential to increase to 3-phase power. The property is zoned C-3A General Commercial Low use, which allows for a variety of retail, office, service-related businesses, and some light manufacturing. The entire property is available for lease at $5,000 NNN per month. The office space can be leased separately for $1,600 NNN per month, and the warehouse space can be leased separately for $3,000 NNN per month. The total property size is 6,130 square feet.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Building Supply Big Box & Wholesale Store Gym & Fitness Center Kitchen & Bath Showroom Department Store Accounting Firm Storage Facility

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Southport
    County
    Bay
    State
    Florida
    Longitude
    -85.6234844
    Latitude
    30.2860781

    Nearby Similar for Lease

    • $1,600 /Mo
      6,130 SF

      Southport Commercial Office and Warehouse

      Commercial office and warehouse space available for lease in Southport.
      2824 Highway 2321, Southport, FL 32409
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Versatile commercial property featuring office space and warehouse.
    Where is this mixed-use property located?
    The property is located at 2824 Highway 2321 Southport, FL.
    What is the lease rate?
    The lease rate is $9 SF/Yr.
    What are key features of this property?
    This property features: - Versatile C-3A zoning allows for a variety of business uses.; - +\/- 4,500 sq ft warehouse with **4 roll-up doors**, 14'-16' clear height, and spray foam insulation.; - Office building with 1,630 sq ft of space including 4 private offices, conference room, and coffee bar.
    (850) 249-3615
    Request Owner's contact information
    2824 Highway 2321 Southport, FL 32409
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    Southport, FL 32409
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2824 Highway 2321 Southport, FL 32409
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    We can help!
    Listing Contact
    Daniel Dunnivant
    (850) 249-3615
    Learn more
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