Downtown Storefront with
For Sale
$2,800,000
400 Canal St, New Smyrna Beach, FL 32168
Downtown commercial property with high ceilings, elevator access, and a prominent corner setting.
Property Size5,400 SF
Price / SF$518.52
Days on Market42
Property Features for 400 Canal St
General Information
Standard status
Active
Size
5,400 SF
Additional Details
Corner Location
Yes
Amenities
high ceilings with elevator
Building Details
Year Built
1918
Construction
Solid Block Construction
Listing Agency:
ENGEL & VOLKERS NEW SMYRNA
(386) 213-6899
Listed By:
Garat Oates · License #FL63024929
Source:
Chenoregroup
Added: Jul 21
Changed: Aug 30
Last Checked: Aug 30 at 10:00PM
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 ENGEL & VOLKERS NEW SMYRNA
Investment Insights
Based on property information with market context.
This 1918-built storefront property at 400 Canal St. features solid block construction, high ceilings, and an elevator. The building occupies the corner of Canal Street and Palmetto Street in downtown New Smyrna Beach, placing it within the city’s established downtown environment of shops, restaurants, bars, and community events. The property is offered for sale or lease and can accommodate a restaurant, bar, or another commercial concept, subject to applicable approvals. Its central downtown setting and existing vertical access provide a practical foundation for a range of storefront uses.
Key Highlights
- Corner location at Canal Street and Palmetto Street
- 5,600 Sq. Ft. storefront with an additional 2,800 Sq. Ft. rooftop
- Solid 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
$82,001
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
2.93%
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%
$1,640,020
$1.6M
Cap Rate 7%
$1,171,443
$1.2M
Cap Rate 9%
$911,122
$911.1K
Market Conditions
NOI Build-Up for 5,400 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
$118.6K $21.96/SF
− Vacancy
−$9.2K −$1.71/SF
EGI
$109.3K $20.25/SF
− OpEx
−$27.3K −$5.06/SF
NOI
$82.0K $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%
$1,640,020
Cap Rate 7%
$1,171,443
Cap Rate 9%
$911,122
Alternative Uses
Best Use
Specialty Retail
$1.17M
$1.03M – $1.37M
NOI $82,001 @ 7.0% cap · market cap 2.93%
Second Best
Retail
$726.6K
$635.8K – $847.7K
NOI $50,860 @ 7.0% cap · market cap 1.82%
Theoretical Best
Office A
$1.59M
$1.39M – $1.86M
NOI $111,456 @ 7.0% cap · market cap 3.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,484
Businesses Nearby
10k
Monthly Visits Nearby
Under-served
Demand for This Use
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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- The Grand 721 Wedding Venue — 721 Palmetto St, New Smyrna Beach, FL 32168
Frequently Asked Questions
What type of property is this?
Storefront property - Downtown commercial property with high ceilings, elevator access, and a prominent corner setting.
Where is this storefront property located?
The property is located at 400 Canal St New Smyrna Beach, FL.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Corner location at Canal Street and Palmetto Street; 5,600 Sq. Ft. storefront with an additional 2,800 Sq. Ft. rooftop; Solid block construction
