Corner Mixed-Use Hospitality
323 Canal Street New Smyrna Beach, FL 32168
323 Canal Street, New Smyrna Beach, FL, 32168
$1,750,000
For Sale
$1,750,000
Two concrete-block buildings plus vacant land on a 265-foot corner frontage, with 2022 site plan approval for new development.
Property Size3,402 SF
Price / SF$514.40
Days on Market2289
Property Features for 323 Canal Street
General Information
- Standard status
- Active
- Size
- 3,402 SF
- Property subtype
- General Commercial
Building Details
- Year Built
- 1947
Listing agency
(386) 566-3180
Listed by
Collado Real Estate
(386) 566-3180
Source
Xome
Added: Apr 17, 2020 Updated: Jul 23 at 3:29AM Checked: Jul 23 at 3:29AM
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 commercial corner mixed-use site includes two addresses, 323 Canal St and 327 Canal St, with a total of 265 feet of road frontage (Parcel IDs 744137010081 and 744137010080). The 323 Canal St portion features two concrete-block buildings: a corner building with two separate units totaling 2,282 SF gross area, and a second building behind it fronting Rush Street totaling 1,120 SF. The 327 Canal St portion is vacant land with no structures.
The current owner completed soil borings and an engineering report for the entire site. The owner’s stated intent was to demo the existing improvements and redevelop the property. The site received site plan approval in 2022 from the City of NSB to construct a wine bar/cafe with an adjacent 8-unit boutique hotel and parking lot; building plans can be included with the sale if needed.
Canal St is described as a River Arts District with live/work, restaurants, shopping, entertainment, regular car shows, arts festivals, parades, and a farmers market. The property is described as about two blocks to the river/marina and across the bridge from Flagler Avenue and the beaches. Buyers and their agents should verify all information deemed important.
The current owner completed soil borings and an engineering report for the entire site. The owner’s stated intent was to demo the existing improvements and redevelop the property. The site received site plan approval in 2022 from the City of NSB to construct a wine bar/cafe with an adjacent 8-unit boutique hotel and parking lot; building plans can be included with the sale if needed.
Canal St is described as a River Arts District with live/work, restaurants, shopping, entertainment, regular car shows, arts festivals, parades, and a farmers market. The property is described as about two blocks to the river/marina and across the bridge from Flagler Avenue and the beaches. Buyers and their agents should verify all information deemed important.
Key Highlights
- Commercial corner on Canal St with 265' total road frontage; includes addresses 323 Canal St and 327 Canal St.
- 323 Canal St: two concrete‑block buildings with 2 separate units; 2,282 SF total gross area, including a corner building and a Rush Street‑front building.
- 323 Canal St: Rush Street building measures 1,120 SF and uses concrete‑block construction.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $74.7k | $21.96 |
| − Vacancy | −$5.8k | −$1.71 |
| EGI | $68.9k | $20.25 |
| − OpEx | −$17.2k | −$5.06 |
| NOI | $51.7k | $15.19 |
3,402 SF · lease $21.96/SF/yr · vacancy 7.80% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$738.0K
$645.8K – $861.0K
NOI $51,661 @ 7.0% cap · market cap 2.95%
Second Best
Hotel Hospitality
$174.5K
$152.7K – $203.6K
NOI $12,217 @ 7.0% cap · market cap 0.70%
Theoretical Best
Office A
$1.00M
$877.7K – $1.17M
NOI $70,217 @ 7.0% cap · market cap 4.01%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Hotels
Similar For Sale Nearby
FAQs
What type of property is this?
Hotel - Two concrete-block buildings plus vacant land on a 265-foot corner frontage, with 2022 site plan approval for new development.
Where is this hotel located?
The property is located at 323 Canal Street New Smyrna Beach, FL.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Commercial corner on Canal St with 265' total road frontage; includes addresses 323 Canal St and 327 Canal St.; 323 Canal St: two concrete‑block buildings with 2 separate units; 2,282 SF total gross area, including a corner building and a Rush Street‑front building.; 323 Canal St: Rush Street building measures 1,120 SF and uses concrete‑block construction.
