Flex Space with
For Sale
$2,350,000
3705 Old Lewis Speedway, St Augustine, FL 32084
COMMERCIAL/INDUSTRIAL, St Augustine, FL
Property Size13,363 SF
Lot Size1.09 Acres
Price / SF$175.86
Days on Market186
Property Features for 3705 Old Lewis Speedway
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Directions
Corner of Old Lewis Speedway and Lewis Speedway.
Subdivision
05N
Standard status
Active
APN
082791-0000
Lot size
1.09 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
1-1 PT OF LOT 9 SEC 35 & PT OF GRANT TO F J FATIO SEC 99 LYING W OF RD S16-A 253.13FT ON RD OR5266/682
Tax Annual Amount
9342
Legal Description
1-1 PT OF LOT 9 SEC 35 & PT OF GRANT TO F J FATIO SEC 99 LYING W OF RD S16-A 253.13FT ON RD OR5266/682
Building Details
Year built
1980
Floors in Building
1
Listing Agency:
Coldwell Banker Premier Properties (A1A Beach) · Coldwell Banker Real Estate
(904) 471-5000
Listed By:
Richard O'Brien
(904) 814-2080
Added: Feb 24
Changed: Aug 19
Last Checked: Aug 29 at 6:06PM
MLS# 260904
Copyright © 2026 St. Augustine & St. John's County Board 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 flex-space property includes a 13,363-square-foot warehouse and office building constructed in 1980 on 1.09 acres. The existing layout incorporates showroom, office, and production areas and is currently leased to a custom cabinetry facility. On-site improvements include parking, a loading area, and a 24-foot commercial driveway supporting property circulation.
The site is covered by the Harwil Fixture Company PUD, with Community Commercial entitlements that include office, service, light industrial, cabinet and millwork, trade or vocational school, gallery, and small appliance repair uses. Outdoor business activity is permitted from 6 AM to 8 PM under the PUD provisions. The property is within the City of St. Augustine Utility Service Area and is served by well and septic. Access is available to SR-16 and US-1, with the St. Johns County Courthouse, Sebastian Middle School, and St. Augustine High School nearby. An adjoining 1.19-acre vacant corner parcel is also offered separately or in combination.
The site is covered by the Harwil Fixture Company PUD, with Community Commercial entitlements that include office, service, light industrial, cabinet and millwork, trade or vocational school, gallery, and small appliance repair uses. Outdoor business activity is permitted from 6 AM to 8 PM under the PUD provisions. The property is within the City of St. Augustine Utility Service Area and is served by well and septic. Access is available to SR-16 and US-1, with the St. Johns County Courthouse, Sebastian Middle School, and St. Augustine High School nearby. An adjoining 1.19-acre vacant corner parcel is also offered separately or in combination.
Key Highlights
- 13,363‑square‑foot warehouse and office building
- 1.09‑acre commercial site
- Currently leased to a custom cabinetry facility
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
$187,135
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
7.96%
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%
$3,742,700
$3.7M
Cap Rate 7%
$2,673,357
$2.7M
Cap Rate 9%
$2,079,278
$2.1M
Market Conditions
NOI Build-Up for 13,363 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
$320.7K $24.00/SF
− Vacancy
−$71.2K −$5.33/SF
EGI
$249.5K $18.67/SF
− OpEx
−$62.4K −$4.67/SF
NOI
$187.1K $14.00/SF
Area
St. Johns County, FL
Vacancy
22.20%
Lease Rate
$24.00 /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%
$3,742,700
Cap Rate 7%
$2,673,357
Cap Rate 9%
$2,079,278
Alternative Uses
Best Use
Office B
$2.67M
$2.34M – $3.12M
NOI $187,135 @ 7.0% cap · market cap 7.96%
Second Best
Warehouse
$1.64M
$1.43M – $1.91M
NOI $114,637 @ 7.0% cap · market cap 4.88%
Theoretical Best
Office A
$3.56M
$3.12M – $4.16M
NOI $249,514 @ 7.0% cap · market cap 10.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
172
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32084, FL
34,526
Population
17,839
Households
1.9
Avg Household Size
45
Median Age
32%
College-Educated
91%
High-School Grad
45.1 sq mi
ZIP Area
766
Density / Sq Mi
$72,965
Median Household Income
$38,611
Median Earnings
$1,534
Median Rent
$295,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Warehouse and office improvements support showroom, production, and administrative functions.
Where is this flex space located?
The property is located at 3705 Old Lewis Speedway St Augustine, FL.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: 13,363‑square‑foot warehouse and office building; 1.09‑acre commercial site; Currently leased to a custom cabinetry facility
