Corner Mixed-Use Hospitality
For Sale
$1,750,000
323 Canal Street, New Smyrna Beach, FL 32168
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 Market2465
Property Features for 323 Canal Street
General Information
Standard status
Active
Size
3,402 SF
Property subtype
General Commercial
Additional Details
Road Access
Yes
Amenities
3
Built Up, Concrete
Corner Lot.
100 X 165
Corner, City Road, Asphalt.
Building Details
Year Built
1947
Stories
1
Construction
concrete block
Listing Agency:
(386) 427-0002
Listed By:
Collado Real Estate
(386) 566-3180
Source:
Xome
Added: Dec 9, 2019
Changed: Sep 1
Last Checked: Sep 7 at 5:18AM
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.
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
$51,661
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
2.95%
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%
$1,033,220
$1.0M
Cap Rate 7%
$738,014
$738.0K
Cap Rate 9%
$574,011
$574.0K
Market Conditions
NOI Build-Up for 3,402 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
$74.7K $21.96/SF
− Vacancy
−$5.8K −$1.71/SF
EGI
$68.9K $20.25/SF
− OpEx
−$17.2K −$5.06/SF
NOI
$51.7K $15.19/SF
Area
Volusia County, FL
Vacancy
7.80%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$1,033,220
Cap Rate 7%
$738,014
Cap Rate 9%
$574,011
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,484
Businesses Nearby
10k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 71%
Dining 17%
Electronics 13%
Exxon
Shops & Services
4,745 visits/mo
0.2 miles
Take 5 Oil Change
Shops & Services
1,917 visits/mo
0.2 miles
Papa John's Pizza
Dining
1,635 visits/mo
0.3 miles
Metro by T-Mobile
Electronics
1,265 visits/mo
0.4 miles
Muffler Man
Shops & Services
278 visits/mo
0.2 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
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.
