Multi-Bay Industrial Warehouse with
For Sale
$4,100,000
405 N Charles Street, Daytona Beach, FL 32114
Multi-bay warehouse with office buildout, nine grade-level loading doors, and direct frontage for convenient access.
Property Size37,125 SF
Lot Size3.45 Acres
Price / SF$110.44
Days on Market49
Property Features for 405 N Charles Street
General Information
Standard status
Active
Size
37,125 SF
Lot size
3.45 Acres
Occupancy
82%
Warehouse & Industrial
Clear Height
16 ft
Drive-In Doors
9
Additional Details
Cap Rate
10.59%
Service Bays
5
Building Details
Building Size
37,125 SF
Tenancy
Multi
Listing Agency:
APEX Capital Realty LLC
(561) 542-3704
Listed By:
Jason Abitbol · License #3354200
(561) 542-3704
Source:
Laerrealty
Added: Jul 7
Changed: Aug 23
Last Checked: Aug 24 at 3:15AM
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 APEX Capital Realty LLC
Investment Insights
Based on property information with market context.
This multi-bay industrial asset includes a 37,125-square-foot warehouse on a 3.45-acre lot with approximately 10% office buildout. The facility is configured with five bays and features nine grade-level loading doors, along with 16-foot clear heights. The property is currently 82% occupied with four tenants.
The warehouse provides direct frontage along George W Engram Blvd/Fairview Ave, supporting straightforward access to surrounding commercial corridors as described in the offering. The multi-tenant setup also includes lease activity, with three leases rolling within 12 months.
As a for-sale investment, the asset generates approximately $221,000 in NOI and is described as offering value-add through opportunities related to in-place rents and upcoming lease expirations. The offering also references projected stabilization at approximately $11.50/SF NNN and a 10.59% cap rate. For tenant and buyer consideration, the combination of multiple warehouse bays, high clear height, and grade-level loading may support a range of industrial uses that can utilize centralized dock-to-bay operations while maintaining an on-site office component.
The warehouse provides direct frontage along George W Engram Blvd/Fairview Ave, supporting straightforward access to surrounding commercial corridors as described in the offering. The multi-tenant setup also includes lease activity, with three leases rolling within 12 months.
As a for-sale investment, the asset generates approximately $221,000 in NOI and is described as offering value-add through opportunities related to in-place rents and upcoming lease expirations. The offering also references projected stabilization at approximately $11.50/SF NNN and a 10.59% cap rate. For tenant and buyer consideration, the combination of multiple warehouse bays, high clear height, and grade-level loading may support a range of industrial uses that can utilize centralized dock-to-bay operations while maintaining an on-site office component.
Key Highlights
- 37,125 SF multi‑bay warehouse on a 3.45‑acre lot in Daytona Beach
- Direct frontage along George W Engram Blvd/Fairview Ave for convenient access to commercial corridors
- Five bays with nine grade‑level loading doors and 16’ clear heights
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
$298,585
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
7.28%
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%
$5,971,700
$6.0M
Cap Rate 7%
$4,265,500
$4.3M
Cap Rate 9%
$3,317,611
$3.3M
Market Conditions
NOI Build-Up for 37,125 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
$369.8K $9.96/SF
− Vacancy
−$18.5K −$0.50/SF
EGI
$351.3K $9.46/SF
− OpEx
−$52.7K −$1.42/SF
NOI
$298.6K $8.04/SF
Area
Volusia County, FL
Vacancy
5.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
15.00%
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%
$5,971,700
Cap Rate 7%
$4,265,500
Cap Rate 9%
$3,317,611
Alternative Uses
Best Use
Warehouse
$4.27M
$3.73M – $4.98M
NOI $298,585 @ 7.0% cap · market cap 7.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.95M
$9.58M – $12.77M
NOI $766,260 @ 7.0% cap · market cap 18.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
9
Drive-in doors
5
Service bays
82%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,424
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32114, FL
34,943
Population
17,118
Households
2
Avg Household Size
33
Median Age
19%
College-Educated
89%
High-School Grad
16.0 sq mi
ZIP Area
2,184
Density / Sq Mi
$39,906
Median Household Income
$31,220
Median Earnings
$1,171
Median Rent
$174,900
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Multi-bay warehouse with office buildout, nine grade-level loading doors, and direct frontage for convenient access.
Where is this warehouse located?
The property is located at 405 N Charles Street Daytona Beach, FL.
What is the asking price?
The asking price for this property is $4,100,000.
What are key features of this property?
This property features: 37,125 SF multi‑bay warehouse on a 3.45‑acre lot in Daytona Beach; Direct frontage along George W Engram Blvd/Fairview Ave for convenient access to commercial corridors; Five bays with nine grade‑level loading doors and 16’ clear heights
