End-Unit Flex
For Sale
$260,000
524 Paul Morris Drive Unit H, Englewood, FL 34223
Includes offices, open work areas, rear service access, and customer parking.
Property Size1,450 SF
Price / SF$179.31
Days on Market1744
Property Features for 524 Paul Morris Drive Unit H
General Information
Standard status
Active
Size
1,450 SF
Property subtype
Commercial Sale / Mixed Use
Zoning
PID
Taxes and HOA fees
Annual Taxes
$1,826
Amenities
Central Air, Wall/Window Unit(s)
Central
Concrete, Tile
No
Blinds
Square Feet
Public Records
Built-Up
1
Slab
Concrete, Stucco
Building Details
Year Built
1992
Tenancy
Single
Owner Occupied
No
Listing Agency:
RE/MAX ALLIANCE GROUP
(941) 473-8484
Listed By:
Carla Stiver, PA · License #3039882
(941) 473-8484
Source:
Compass
Added: Nov 22, 2021
Changed: Aug 31
Last Checked: Aug 30 at 11:53PM
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 1,450-square-foot flex space is configured as an end unit within Keystone Square at Paul Morris Industrial Park. The front portion contains two offices and a half bathroom, while the rear offers an open work area exceeding 300 square feet, an additional 200-square-foot-plus loft, and a second half bathroom. A 12-by-12-foot overhead door accommodates delivery trucks and larger vehicles, complemented by a rear service entrance.
The property is located at 524 Paul Morris Drive, Unit H, in Englewood, Florida, and includes front parking for customers. It carries PID zoning and was built in 1992. The unit is part of a condominium association covering water, maintenance, and insurance through its fees, with a new roof scheduled for installation in 2025. The space was identified as leased through June 2024, with the tenant requesting an option to remain.
The property is located at 524 Paul Morris Drive, Unit H, in Englewood, Florida, and includes front parking for customers. It carries PID zoning and was built in 1992. The unit is part of a condominium association covering water, maintenance, and insurance through its fees, with a new roof scheduled for installation in 2025. The space was identified as leased through June 2024, with the tenant requesting an option to remain.
Key Highlights
- 1,450‑square‑foot end unit in Keystone Square at Paul Morris Industrial Park
- 12‑by‑12‑foot overhead door accommodates delivery trucks and larger vehicles
- Rear work area exceeds 300 square feet, with an additional 200‑square‑foot‑plus loft
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
$17,946
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
6.90%
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%
$358,920
$358.9K
Cap Rate 7%
$256,371
$256.4K
Cap Rate 9%
$199,400
$199.4K
Market Conditions
NOI Build-Up for 1,450 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
$31.3K $21.60/SF
− Vacancy
−$7.4K −$5.10/SF
EGI
$23.9K $16.50/SF
− OpEx
−$6.0K −$4.13/SF
NOI
$17.9K $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%
$358,920
Cap Rate 7%
$256,371
Cap Rate 9%
$199,400
Alternative Uses
Best Use
Office B
$256.4K
$224.3K – $299.1K
NOI $17,946 @ 7.0% cap · market cap 6.90%
Second Best
Flex RnD
$184.8K
$161.7K – $215.6K
NOI $12,936 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$474.8K
$415.4K – $553.9K
NOI $33,234 @ 7.0% cap · market cap 12.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
116
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 - Includes offices, open work areas, rear service access, and customer parking.
Where is this flex space located?
The property is located at 524 Paul Morris Drive Unit H Englewood, FL.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: 1,450‑square‑foot end unit in Keystone Square at Paul Morris Industrial Park; 12‑by‑12‑foot overhead door accommodates delivery trucks and larger vehicles; Rear work area exceeds 300 square feet, with an additional 200‑square‑foot‑plus loft
