Flex Space with Office and
For Sale
$450,000
517 PAUL MORRIS DR #C-2 and C-4, Englewood, FL 34223
Two commercial condominium units combine office, storage, workspace, and a garage bay for varied business operations.
Property Size2,414 SF
Days on Market28
Property Features for 517 PAUL MORRIS DR #C-2 and C-4
General Information
Standard status
Active
Size
2,414 SF
Property subtype
Industrial
Warehouse & Industrial
Drive-In Doors
1
Three-Phase Power
Yes
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,937
Building Details
Building Size
2,414 SF
Year Built
1985
Listing Agency:
RE/MAX ALLIANCE GROUP
(941) 270-1460
Listed By:
Carla Stiver, PA · License #3039882
Source:
Nixandassociates
Added: Aug 4
Changed: Aug 31
Last Checked: Aug 30 at 11:00PM
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 RE/MAX ALLIANCE GROUP
Investment Insights
Based on property information with market context.
This flex-space offering includes commercial condominium Units C-2 and C-4, sold together within Paul Morris Industrial Park. The combined layout includes reception and foyer areas, private offices, meeting or work areas, shelving, counters, storage, and a garage bay. Unit C-4 also has unfinished upper-level storage, while Unit C-2 provides an open work area and a private office. One HVAC system serves the office areas, and the property includes three-phase electric service, gutters and downspouts, smoke detectors, and a newer roof. The building was constructed in 1985.
The property sits just off River Road with access to SR-776, US-41, and Interstate 75. Its location provides connectivity among Englewood, Venice, North Port, and Port Charlotte, with Wellen Park also nearby. The combination of office, warehouse, storage, and garage functionality supports a range of professional, contractor, service, light industrial, and investment uses identified for the property.
The property sits just off River Road with access to SR-776, US-41, and Interstate 75. Its location provides connectivity among Englewood, Venice, North Port, and Port Charlotte, with Wellen Park also nearby. The combination of office, warehouse, storage, and garage functionality supports a range of professional, contractor, service, light industrial, and investment uses identified for the property.
Key Highlights
- Two commercial condominium units, C‑2 and C‑4, offered together
- Unit C‑2 includes a garage bay with an approximately 10‑foot wide by 8‑foot tall roll‑up door
- Three‑phase electric service supports the property’s commercial configuration
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
$29,878
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
6.64%
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%
$597,560
$597.6K
Cap Rate 7%
$426,829
$426.8K
Cap Rate 9%
$331,978
$332.0K
Market Conditions
NOI Build-Up for 2,414 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
$52.1K $21.60/SF
− Vacancy
−$12.3K −$5.10/SF
EGI
$39.8K $16.50/SF
− OpEx
−$10.0K −$4.13/SF
NOI
$29.9K $12.38/SF
Area
Charlotte County, FL
Vacancy
23.60%
Lease Rate
$21.60 /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%
$597,560
Cap Rate 7%
$426,829
Cap Rate 9%
$331,978
Alternative Uses
Best Use
Office B
$426.8K
$373.5K – $498.0K
NOI $29,878 @ 7.0% cap · market cap 6.64%
Second Best
Warehouse
$323.6K
$283.2K – $377.6K
NOI $22,653 @ 7.0% cap · market cap 5.03%
Theoretical Best
Office A
$790.4K
$691.6K – $922.2K
NOI $55,329 @ 7.0% cap · market cap 12.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34223, FL
19,118
Population
14,484
Households
1.3
Avg Household Size
66
Median Age
39%
College-Educated
96%
High-School Grad
41.9 sq mi
ZIP Area
456
Density / Sq Mi
$70,155
Median Household Income
$39,486
Median Earnings
$1,288
Median Rent
$358,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Two commercial condominium units combine office, storage, workspace, and a garage bay for varied business operations.
Where is this flex space located?
The property is located at 517 PAUL MORRIS DR #C-2 and C-4 Englewood, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two commercial condominium units, C‑2 and C‑4, offered together; Unit C‑2 includes a garage bay with an approximately 10‑foot wide by 8‑foot tall roll‑up door; Three‑phase electric service supports the property’s commercial configuration
