Assisted Living Facility with Two
For Sale
Contact for pricing
515 Tomoka Ave, Ormond Beach, FL 32174
Vacant assisted living facility offered as two buildings totaling 16,102± SF on 3.07 acres.
Property Size16,102 SF
Lot Size3.07 Acres
Price / SF$183.21
Days on Market142
Property Features for 515 Tomoka Ave
General Information
Standard status
Active
Size
16,102 SF
Lot size
3.07 Acres
Property subtype
OFFICE
Listing Agency:
Colliers | Orlando
(407) 843-1723
Listed By:
Joe Rossi · License #BK655420
(407) 230-2809
Source:
Moodyscre
Added: Apr 28
Changed: Sep 8
Last Checked: Sep 15 at 11:54AM
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 Colliers | Orlando
Investment Insights
Based on property information with market context.
This assisted living facility is offered as two buildings totaling 16,102± square feet on 3.07 acres. The property is vacant and described as a fully operational assisted living facility, with recent capital projects and high-quality renovations noted in the materials.
The facility is positioned within a healthcare corridor in Ormond Beach, supporting continuity for healthcare-related use.
The seller highlights strong building condition and ongoing improvements through recent renovation work, which may help reduce near-term capital needs for an owner looking to continue the assisted living use.
The facility is positioned within a healthcare corridor in Ormond Beach, supporting continuity for healthcare-related use.
The seller highlights strong building condition and ongoing improvements through recent renovation work, which may help reduce near-term capital needs for an owner looking to continue the assisted living use.
Key Highlights
- Vacant assisted living facility consisting of two buildings totaling 16,102± SF
- 3.07 acres with an assisted living facility configuration across two buildings
- Outstanding building condition with many recent capital projects
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
$122,698
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
4.16%
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%
$2,453,960
$2.5M
Cap Rate 7%
$1,752,829
$1.8M
Cap Rate 9%
$1,363,311
$1.4M
Market Conditions
NOI Build-Up for 16,102 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
$249.3K $15.48/SF
− Vacancy
−$26.2K −$1.63/SF
EGI
$223.1K $13.85/SF
− OpEx
−$100.4K −$6.23/SF
NOI
$122.7K $7.62/SF
Area
Volusia County, FL
Vacancy
10.50%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
45.00%
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%
$2,453,960
Cap Rate 7%
$1,752,829
Cap Rate 9%
$1,363,311
Alternative Uses
Best Use
Apartment 5plus
$1.75M
$1.53M – $2.04M
NOI $122,698 @ 7.0% cap · market cap 4.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.75M
$4.15M – $5.54M
NOI $332,345 @ 7.0% cap · market cap 11.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,180
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32174, FL
53,097
Population
26,303
Households
2
Avg Household Size
55
Median Age
33%
College-Educated
93%
High-School Grad
125.4 sq mi
ZIP Area
423
Density / Sq Mi
$67,817
Median Household Income
$41,452
Median Earnings
$1,316
Median Rent
$315,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- The Sarah House - Forest Court — 30 Forest Ct, Ormond Beach, FL 32174
- AdventHealth Hospice Care — 770 W Granada Blvd #304, Ormond Beach, FL 32174
- AdventHealth Hospice Care East Florida Administrative Office — 770 W Granada Blvd Suite 304, Ormond Beach, FL 32174
- Ormond Manor Assisted Living Memory Care — 495 Sterthaus Dr, Ormond Beach, FL 32174
- Grand Villa of Ormond Beach — 535 N Nova Rd, Ormond Beach, FL 32174
Frequently Asked Questions
What type of property is this?
Assisted living facility - Vacant assisted living facility offered as two buildings totaling 16,102± SF on 3.07 acres.
Where is this assisted living facility located?
The property is located at 515 Tomoka Ave Ormond Beach, FL.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: Vacant assisted living facility consisting of two buildings totaling 16,102± SF; 3.07 acres with an assisted living facility configuration across two buildings; Outstanding building condition with many recent capital projects
