Steel Flex Building with Pull-Through
For Sale
$460,000
425 WESTERN, New Smyrna Beach, FL 32168
Unfinished flex space with approved permits, completed rough-in work, and access from two roads.
Property Size3,500 SF
Lot Size5.00 Acres
Price / SF$131.43
Days on Market10
Property Features for 425 WESTERN
General Information
Standard status
Active
Size
3,500 SF
Lot size
5.00 Acres
Property subtype
Land
Additional Details
Road Access
Yes
Clear Height
16 ft
Taxes and HOA fees
Annual Taxes
$3,819
Building Details
Buildings
1
Building Size
3,500 SF
Construction
steel
Listing Agency:
(386) 690-2800
Listed By:
Bob Deasy
(386) 690-2800
Source:
Elliman
Added: Aug 20
Changed: Aug 27
Last Checked: Aug 28 at 3:27PM
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 Bob Deasy
Investment Insights
Based on property information with market context.
This flex property includes a 50' x 70' steel building on 5 acres, with 16' sidewalls, a 23' peak height, and pull-through 14' roll-up doors. The unfinished structure has permits approved, while rough-in and framing inspections have been completed. Part of the interior is framed for future living space, allowing the next owner to continue the buildout according to individual requirements.
The property is accessible from both Western Road and Canal Road, supporting movement of equipment, trailers, and stored materials. Its rural setting in New Smyrna Beach offers privacy while remaining just minutes from shopping and dining. The site can accommodate workspace, storage, recreational vehicle storage, equipment storage, or a combined business and living configuration, subject to applicable approvals.
The property is accessible from both Western Road and Canal Road, supporting movement of equipment, trailers, and stored materials. Its rural setting in New Smyrna Beach offers privacy while remaining just minutes from shopping and dining. The site can accommodate workspace, storage, recreational vehicle storage, equipment storage, or a combined business and living configuration, subject to applicable approvals.
Key Highlights
- 5 private acres in New Smyrna Beach
- 50' x 70' steel building with 16' sidewalls and a 23' peak height
- Pull‑through 14' roll‑up 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
$39,468
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
8.58%
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%
$789,360
$789.4K
Cap Rate 7%
$563,829
$563.8K
Cap Rate 9%
$438,533
$438.5K
Market Conditions
NOI Build-Up for 3,500 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
$66.4K $18.96/SF
− Vacancy
−$5.6K −$1.61/SF
EGI
$60.7K $17.35/SF
− OpEx
−$21.3K −$6.07/SF
NOI
$39.5K $11.28/SF
Area
Volusia County, FL
Vacancy
8.50%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
35.00%
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%
$789,360
Cap Rate 7%
$563,829
Cap Rate 9%
$438,533
Alternative Uses
Best Use
Flex RnD
$563.8K
$493.4K – $657.8K
NOI $39,468 @ 7.0% cap · market cap 8.58%
Second Best
Warehouse
$402.1K
$351.9K – $469.2K
NOI $28,149 @ 7.0% cap · market cap 6.12%
Theoretical Best
Office A
$1.03M
$903.0K – $1.20M
NOI $72,240 @ 7.0% cap · market cap 15.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
20
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Unfinished flex space with approved permits, completed rough-in work, and access from two roads.
Where is this flex space located?
The property is located at 425 WESTERN New Smyrna Beach, FL.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: 5 private acres in New Smyrna Beach; 50' x 70' steel building with 16' sidewalls and a 23' peak height; Pull‑through 14' roll‑up doors
