Palencia Commons End-Unit Office
For Sale
$479,499
430 Paseo Reyes Dr, St Augustine, FL 32080
Move-in ready office condo in a strategic business corridor.
Property Size1,152 SF
Price / SF$416.23
Days on Market135
Property Features for 430 Paseo Reyes Dr
General Information
Standard status
Active
Size
1,152 SF
Taxes and HOA fees
Annual Taxes
$5,840
Listing Agency:
ENDLESS SUMMER REALTY
(904) 947-0040
Listed By:
KURT BOGART
(904) 947-0040
Source:
Exprealty
Added: Apr 17
Changed: Aug 21
Last Checked: Aug 29 at 11:46AM
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 end-unit office condo is located in Palencia Commons. The property offers visibility, privacy, and a professional image. The corner unit has more windows, natural light, and fewer shared walls. Inside, the space includes five private offices, a reception area, a private bathroom, and a kitchenette. The building features Spanish-style architecture. The property is located in the heart of Palencia, surrounded by affluent rooftops and steady traffic. The property size is 1152 square feet. This professional space is move-in ready and intended for office use.
Key Highlights
- Strategic location in Palencia Commons, a high‑growth business corridor in St. Johns County.
- End‑unit office condo offering enhanced visibility, privacy, and abundant natural light.**
- Turn‑key professional space featuring five private offices, reception area, private bathroom, and functional kitchenette.**
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
$16,133
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
3.36%
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%
$322,660
$322.7K
Cap Rate 7%
$230,471
$230.5K
Cap Rate 9%
$179,256
$179.3K
Market Conditions
NOI Build-Up for 1,152 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
$27.6K $24.00/SF
− Vacancy
−$6.1K −$5.33/SF
EGI
$21.5K $18.67/SF
− OpEx
−$5.4K −$4.67/SF
NOI
$16.1K $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%
$322,660
Cap Rate 7%
$230,471
Cap Rate 9%
$179,256
Alternative Uses
Best Use
Office B
$230.5K
$201.7K – $268.9K
NOI $16,133 @ 7.0% cap · market cap 3.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$307.3K
$268.9K – $358.5K
NOI $21,510 @ 7.0% cap · market cap 4.49%
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 32080, FL
21,889
Population
16,658
Households
1.3
Avg Household Size
57
Median Age
50%
College-Educated
96%
High-School Grad
15.7 sq mi
ZIP Area
1,394
Density / Sq Mi
$91,201
Median Household Income
$49,302
Median Earnings
$1,631
Median Rent
$497,500
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 - Move-in ready office condo in a strategic business corridor.
Where is this office units located?
The property is located at 430 Paseo Reyes Dr St Augustine, FL.
What is the asking price?
The asking price for this property is $479,499.
What are key features of this property?
This property features: Strategic location in Palencia Commons, a high‑growth business corridor in St. Johns County.; End‑unit office condo offering enhanced visibility, privacy, and abundant natural light.**; Turn‑key professional space featuring five private offices, reception area, private bathroom, and functional kitchenette.**
