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    Waterfront Development Opportunity in New Smyrna Title is generated by Realmo AI

    429 E 3rd Avenue, New Smyrna Beach, FL 32169

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    For Sale
    $15,750,000

    COMMERCIAL - New Smyrna Beach, FL

    Lot size:
    11.73 Acres
    Added:
    Nov 23, 2023
    Days on Market:
    923
    Last Refresh:
    Jun 3 at 1:06 am

    Property Features for 429 E 3rd Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    7416-05-24-0100
    Lot size
    11.73 Acres

    Taxes and HOA fees

    Tax Year
    2022
    Tax Description
    16-17-34 PORTION OF LOTS 9 THRU 11 BLK 24 DETWILERS 1ST ADDITION NEW SMYRNA BEACH MB 7 PG 85 MB 22 PG 129 & INC PORTION OF GOVT LOT 5 AS DESCRIBED IN OR 7612 PG 2206 PER OR 5672 PGS 0088-0089 PER OR 5306 PG 1781 PER OR 7338 PG 2319
    Tax Annual Amount
    34747

    Building Details

    Year built
    1700

    We can help!

    Listing Contact
    Patricia Collado
    Patricia Collado

    Listing agent Patricia Collado License #636547

    Listing office Collado Real Estate 402 Flagler Ave, Port Orange, FL

    Listing date Nov 23, 2023

    MLS# 1116572

    Copyright © 2026 Daytona Beach Area Association 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.

    HighLights

    • Waterfront development opportunity with approximately 1,000 ft of Intracoastal access.
    • Fully entitled Hyatt Place PUD site plan (SP‑30‑18) valid through 5‑27‑27.
    • Prime location on A1A/3rd Ave, overlooking the Intracoastal Waterway and Indian River Lagoon.
    • Gateway to New Smyrna Beach and the 3rd Avenue business district (shopping, dining, entertainment).
    • Short walk to Atlantic Ocean beaches.
    • Identified by the city of New Smyrna as a high‑priority redevelopment site.

    Overview

    This commercial land in New Smyrna Beach, Florida, presents a waterfront development opportunity with Intracoastal access. Situated just east of the New Smyrna Beach Intracoastal Waterway bridge on the south side of 3rd Avenue, the property features approximately 1,000 feet of waterfront. It is fully entitled for a Hyatt Place PUD site plan no. sp-30-18, valid through 5-27-27. The location on A1A/3rd Ave overlooks the Intracoastal Waterway access and Indian River Lagoon estuary. As the primary beach access from the Orlando Metro Area, this property serves as a gateway to New Smyrna Beach and the 3rd Avenue business district, which offers shopping, dining, and entertainment. Nearby attractions include historic Canal St and Flagler Ave. The site is within walking distance to the Atlantic Ocean beaches and is located 20 minutes from Daytona International Airport and 1 hour from Orlando Airport and attractions. New Smyrna Beach has been recognized as the 'BEST BEACH' for eight consecutive years by Orlando Sentinel readers and is known for its fishing coves. The city of New Smyrna has identified this site as a high priority for redevelopment. The property encompasses approximately 11.73 acres and includes parcels #741605240102, 741506240101, 741600030010. This is a development opportunity in a rapidly growing Central Florida beach market.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Smyrna Beach
    County
    Volusia
    State
    Florida
    Longitude
    -80.900691
    Latitude
    29.027839

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    FAQs

    What type of property is this?
    Commercial land - Beachside Intracoastal access development opportunity with waterfront.
    Where is this commercial land located?
    The property is located at 429 E 3rd Avenue New Smyrna Beach, FL.
    What is the asking price?
    The asking price for this property is $15,750,000.
    What are key features of this property?
    This property features: Waterfront development opportunity with approximately 1,000 ft of Intracoastal access.; Fully entitled Hyatt Place PUD site plan (SP‑30‑18) valid through 5‑27‑27.; Prime location on A1A/3rd Ave, overlooking the Intracoastal Waterway and Indian River Lagoon.
    (386) 427-0002
    We can help!
    Listing Contact
    Patricia Collado
    Patricia Collado
    Real Estate License ID: 636547
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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