Office Condominium
For Sale
$489,499
414 PASEO REYES Drive, St Augustine, FL 32095
For sale office condo suite within Palencia Commons, accessed from major thoroughfares via I-95 exit 323.
Property Size1,139 SF
Price / SF$429.76
Days on Market64
Property Features for 414 PASEO REYES Drive
General Information
Standard status
Active
Size
1,139 SF
Zoning
Professional/Office
Taxes and HOA fees
Annual Taxes
$5,571
Amenities
Central Air
Central
Parking Lot, Unassigned
Building Details
Year Built
2024
Stories
1
Listing Agency:
ENDLESS SUMMER REALTY
(904) 947-0040
Listed By:
KURT BOGART
(904) 947-0040
Source:
Evrealestate
Added: Jun 16
Changed: Aug 12
Last Checked: Aug 17 at 4:37AM
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 ENDLESS SUMMER REALTY
Investment Insights
Based on property information with market context.
This listing offers a for-sale office condominium suite located in The Prof Center at Palencia Commons. The property is identified as Condo #414, representing a compact, defined workspace within a larger office condominium environment. With a measured property size of 1,139, the suite is suited to professional office use requiring a private, unit-based setup.
Access is supported by straightforward driving directions from I-95 South. The route includes exiting at Exit 323 for International Golf Parkway/World Golf Village, continuing east toward Palencia, then proceeding via U.S. 1 South and Palencia Village Drive into the Palencia Commons area. From there, the directions lead to Paseo Reyes Drive for arrival at The Prof Center and Condo #414.
As a tenant-ready or buyer-operator office opportunity, this unit configuration can appeal to professionals looking for a dedicated office space rather than a shared common-area arrangement. Its condo-style identification and placement within Palencia Commons provide a practical structure for occupancy planning and for coordinating access with the surrounding office community.
Access is supported by straightforward driving directions from I-95 South. The route includes exiting at Exit 323 for International Golf Parkway/World Golf Village, continuing east toward Palencia, then proceeding via U.S. 1 South and Palencia Village Drive into the Palencia Commons area. From there, the directions lead to Paseo Reyes Drive for arrival at The Prof Center and Condo #414.
As a tenant-ready or buyer-operator office opportunity, this unit configuration can appeal to professionals looking for a dedicated office space rather than a shared common-area arrangement. Its condo-style identification and placement within Palencia Commons provide a practical structure for occupancy planning and for coordinating access with the surrounding office community.
Key Highlights
- Office condo suite in Palencia Commons Condo #414
- Year built: 2024
- Central air conditioning and central heating
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
$15,951
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
3.26%
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%
$319,020
$319.0K
Cap Rate 7%
$227,871
$227.9K
Cap Rate 9%
$177,233
$177.2K
Market Conditions
NOI Build-Up for 1,139 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
$27.3K $24.00/SF
− Vacancy
−$6.1K −$5.33/SF
EGI
$21.3K $18.67/SF
− OpEx
−$5.3K −$4.67/SF
NOI
$16.0K $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%
$319,020
Cap Rate 7%
$227,871
Cap Rate 9%
$177,233
Alternative Uses
Best Use
Office B
$227.9K
$199.4K – $265.9K
NOI $15,951 @ 7.0% cap · market cap 3.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$303.8K
$265.8K – $354.5K
NOI $21,267 @ 7.0% cap · market cap 4.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
289
Businesses Nearby
Explore this area
Business Placement
Demographics for 32095, FL
16,607
Population
6,997
Households
2.4
Avg Household Size
42
Median Age
53%
College-Educated
96%
High-School Grad
57.4 sq mi
ZIP Area
289
Density / Sq Mi
$124,556
Median Household Income
$51,986
Median Earnings
$1,576
Median Rent
$485,700
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?
Office units - For sale office condo suite within Palencia Commons, accessed from major thoroughfares via I-95 exit 323.
Where is this office units located?
The property is located at 414 PASEO REYES Drive St Augustine, FL.
What is the asking price?
The asking price for this property is $489,499.
What are key features of this property?
This property features: Office condo suite in Palencia Commons Condo #414; Year built: 2024; Central air conditioning and central heating
