Clear-Span Warehouse With Office
For Sale
$3,750,000
3405 Steel Rail Drive, Bunnell, FL 32110
COMMERCIAL - Bunnell, FL
Property Size12,960 SF
Lot Size2.15 Acres
Price / SF$289.35
Days on Market296
Property Features for 3405 Steel Rail Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Industrial
Parking features
Parking Lot
Lot features
Cleared, Dead End Street
Directions
From N US Hwy 1 in Bunnell turn left on Otis Stone Hunter Rd and go left on Steel Rail Dr. Go to 3405 on right.
Subdivision
60 - Palm Coast
Standard status
Active
APN
34-11-30-5736-00000-0020
Size
12,960 SF
Lot size
2.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
STEEL RAIL INDUSTRIAL PARK REPLAT MB 37 PG 55 LOT 2 2.15 ACRES OR 2090/629 OR 2291/786
Tax Annual Amount
1947
Legal Description
STEEL RAIL INDUSTRIAL PARK REPLAT MB 37 PG 55 LOT 2 2.15 ACRES OR 2090/629 OR 2291/786
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
2025
Floors in Building
1
Flooring type
Concrete
Building materials
Metal Siding
Roof type
Aluminum
Listing Agency:
Coldwell Banker Commercial Benchmark
(386) 672-8530
Listed By:
Scott Harter
(386) 672-8530
Added: Oct 22, 2025
Changed: Aug 4
Last Checked: Aug 13 at 12:06AM
MLS# 1219149
Copyright © 2026 Daytona Beach Area Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 12,960-square-foot warehouse was built in 2025 and offers a clear-span interior with +-28 foot ceiling height. The building includes office space, restrooms, concrete flooring, metal siding, and an aluminum roof. Two 14' x 16' roll-up doors and two walk-through doors support warehouse access and daily operations. The interior can be configured as two separate spaces.
The property occupies 2.15 acres at 3405 Steel Rail Drive in Bunnell Industrial Park, Bunnell, Florida. Public water and public sewer serve the site, which also includes a parking lot. The warehouse is currently occupied under a lease with one year remaining.
The property occupies 2.15 acres at 3405 Steel Rail Drive in Bunnell Industrial Park, Bunnell, Florida. Public water and public sewer serve the site, which also includes a parking lot. The warehouse is currently occupied under a lease with one year remaining.
Key Highlights
- 12,960 square feet of warehouse space on 2.15 acres
- Clear‑span interior with +-28 foot ceiling height
- Two 14' x 16' roll‑up doors plus 2 walk‑through doors
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
$150,116
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
4.00%
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%
$3,002,320
$3.0M
Cap Rate 7%
$2,144,514
$2.1M
Cap Rate 9%
$1,667,956
$1.7M
Market Conditions
NOI Build-Up for 12,960 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
$256.6K $19.80/SF
− Vacancy
−$56.5K −$4.36/SF
EGI
$200.2K $15.44/SF
− OpEx
−$50.0K −$3.86/SF
NOI
$150.1K $11.58/SF
Area
Flagler County, FL
Vacancy
22.00%
Lease Rate
$19.80 /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%
$3,002,320
Cap Rate 7%
$2,144,514
Cap Rate 9%
$1,667,956
Alternative Uses
Best Use
Office B
$2.14M
$1.88M – $2.50M
NOI $150,116 @ 7.0% cap · market cap 4.00%
Second Best
Warehouse
$1.49M
$1.30M – $1.74M
NOI $104,233 @ 7.0% cap · market cap 2.78%
Theoretical Best
Office A
$3.11M
$2.73M – $3.63M
NOI $218,008 @ 7.0% cap · market cap 5.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
28 ft
Clear height
Location Intelligence
Trade Area within ½ mile
47
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32110, FL
8,776
Population
4,102
Households
2.1
Avg Household Size
45
Median Age
12%
College-Educated
90%
High-School Grad
296.2 sq mi
ZIP Area
30
Density / Sq Mi
$56,277
Median Household Income
$31,600
Median Earnings
$1,213
Median Rent
$221,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Warehouse - Industrial facility includes office space, restrooms, and roll-up access.
Where is this warehouse located?
The property is located at 3405 Steel Rail Drive Bunnell, FL.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: 12,960 square feet of warehouse space on 2.15 acres; Clear‑span interior with +-28 foot ceiling height; Two 14' x 16' roll‑up doors plus 2 walk‑through doors
