Two-Unit Industrial Flex
For Sale
$450,000
517 PAUL MORRIS DRIVE, Englewood, FL 34223
Office, warehouse, and storage areas accommodate professional, contractor, service, and light-industrial operations.
Property Size2,414 SF
Price / SF$186.41
Days on Market14
Property Features for 517 PAUL MORRIS DRIVE
General Information
Standard status
Active
Size
2,414 SF
Property subtype
Industrial
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Warehouse & Industrial
Drive-In Doors
1
Three-Phase Power
Yes
Additional Details
Office Units
2
Taxes and HOA fees
Annual Taxes
$1,937
Amenities
Central Air
3
Paved Driveway.
Industrial Area, Private Roads, Paved Road.
Building Details
Year Built
1985
Stories
2
Listing Agency:
RE/MAX ALLIANCE GROUP
(941) 473-8484
Listed By:
Carla Stiver, PA · License #3039882
Source:
Xome
Added: Jul 30
Changed: Aug 11
Last Checked: Aug 12 at 3:40AM
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 offering combines two commercial condominium units within Paul Morris Industrial Park. Together, the units provide reception and foyer areas, private offices, meeting or work areas, open workspace, shelving and counters, a shared bathroom, and unfinished upper-level storage. Unit C-2 also includes a garage bay with an approximately 10-foot wide by 8-foot tall roll-up door. One HVAC system serves the office areas, while three-phase electric service supports the property’s commercial configuration. Additional improvements include gutters and downspouts, smoke detectors, and a newer roof. The building was constructed in 1985 and contains 2,414 square feet.
The property is located just off River Road with access to SR-776, US-41, and Interstate 75. Its position provides connectivity among Englewood, Venice, North Port, and Port Charlotte, with Wellen Park also a short drive away. The units are suited to owner-user or investment ownership, subject to the applicable use requirements.
The property is located just off River Road with access to SR-776, US-41, and Interstate 75. Its position provides connectivity among Englewood, Venice, North Port, and Port Charlotte, with Wellen Park also a short drive away. The units are suited to owner-user or investment ownership, subject to the applicable use requirements.
Key Highlights
- Two commercial condominium units sold together at 517 Paul Morris Drive, Units C‑2 & C‑4
- 2,414 square feet in a commercial property built in 1985
- C‑2 includes a garage bay with an approximately 10‑foot wide by 8‑foot tall roll‑up door
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
Property Profile
Current Use
Lease Details
1
Drive-in doors
2
Office units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
71
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
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Frequently Asked Questions
What type of property is this?
Flex space - Office, warehouse, and storage areas accommodate professional, contractor, service, and light-industrial operations.
Where is this flex space located?
The property is located at 517 PAUL MORRIS DRIVE 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 sold together at 517 Paul Morris Drive, Units C‑2 & C‑4; 2,414 square feet in a commercial property built in 1985; C‑2 includes a garage bay with an approximately 10‑foot wide by 8‑foot tall roll‑up door
