Two-Residence Income
For Sale
$425,000
Pending
306 WASHINGTON STREET, New Smyrna Beach, FL 32168
Includes a 3-bedroom home and a separate 2-bedroom rental on one parcel.
Property Size2,153 SF
Days on Market1069
Property Features for 306 WASHINGTON STREET
General Information
Standard status
Pending
Size
2,153 SF
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$3,750
Building Details
Year Built
1915
Listing Agency:
COLLADO REAL ESTATE
(386) 427-0002
Listed By:
Pat Collado · License #636547
(386) 427-0002
Source:
Exitrealty
Added: Sep 30, 2023
Changed: Sep 2
Last Checked: Sep 1 at 6:13PM
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 COLLADO REAL ESTATE
Investment Insights
Based on property information with market context.
This residential income property includes a 3-bedroom, 2-bath home at 306 Washington St. The residence features pine flooring and a front porch, while a second rental at 215 Alma Ct. provides 2 bedrooms and 1 bath. Both addresses are included within the offering on an 8,640-square-foot lot.
The property sits along a corridor connecting US #1 with the beaches, with drive-by traffic noted in the surrounding area. The Washington Street residence dates to 1915.
The property sits along a corridor connecting US #1 with the beaches, with drive-by traffic noted in the surrounding area. The Washington Street residence dates to 1915.
Key Highlights
- 8,640‑square‑foot lot
- 306 Washington St. includes a 3‑bedroom, 2‑bath residence
- 215 Alma Ct. includes a 2‑bedroom, 1‑bath rental
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
$16,406
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
3.86%
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%
$328,120
$328.1K
Cap Rate 7%
$234,371
$234.4K
Cap Rate 9%
$182,289
$182.3K
Market Conditions
NOI Build-Up for 2,153 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
$33.3K $15.48/SF
− Vacancy
−$3.5K −$1.63/SF
EGI
$29.8K $13.85/SF
− OpEx
−$13.4K −$6.23/SF
NOI
$16.4K $7.62/SF
Area
Volusia County, FL
Vacancy
10.50%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
45.00%
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%
$328,120
Cap Rate 7%
$234,371
Cap Rate 9%
$182,289
Alternative Uses
Best Use
Apartment 5plus
$234.4K
$205.1K – $273.4K
NOI $16,406 @ 7.0% cap · market cap 3.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$634.8K
$555.5K – $740.6K
NOI $44,438 @ 7.0% cap · market cap 10.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,555
Businesses Nearby
Explore this area
Business Placement
Demographics for 32168, FL
30,058
Population
16,439
Households
1.8
Avg Household Size
54
Median Age
31%
College-Educated
93%
High-School Grad
153.9 sq mi
ZIP Area
195
Density / Sq Mi
$72,967
Median Household Income
$41,076
Median Earnings
$1,608
Median Rent
$310,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Includes a 3-bedroom home and a separate 2-bedroom rental on one parcel.
Where is this residential income property located?
The property is located at 306 WASHINGTON STREET New Smyrna Beach, FL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 8,640‑square‑foot lot; 306 Washington St. includes a 3‑bedroom, 2‑bath residence; 215 Alma Ct. includes a 2‑bedroom, 1‑bath rental
