Upgraded Warehouse
For Sale
$180,000
531 VIRGINIA AVENUE, Port Orange, FL 32128
Warehouse unit with a bathroom, exhaust fan, and paved driveway access.
Property Size960 SF
Price / SF$187.50
Days on Market8
Property Features for 531 VIRGINIA AVENUE
General Information
Standard status
Active
Size
960 SF
Property subtype
Mixed Use
Additional Details
Clear Height
14 ft
Taxes and HOA fees
Annual Taxes
$2,323
Amenities
Paved Driveway.
City Road, Asphalt, Paved Road.
Building Details
Year Built
2017
Stories
1
Listing Agency:
RE/MAX ADVANTAGE
(386) 846-1515
Listed By:
Eric Zimmerman
Source:
Xome
Added: Aug 31
Changed: Sep 6
Last Checked: Sep 6 at 5:02AM
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 ADVANTAGE
Investment Insights
Based on property information with market context.
Warehouse Unit C provides 960 square feet of commercial space with 14-foot ceilings, a bathroom, and an exhaust fan. The property was built in 2017 and includes a paved driveway with access from a city-maintained asphalt road.
Units C and D are separate parcels that can be purchased together. A connecting door has been added between the units. The association covers roof and building insurance, adding a defined ownership responsibility for the improvements.
Units C and D are separate parcels that can be purchased together. A connecting door has been added between the units. The association covers roof and building insurance, adding a defined ownership responsibility for the improvements.
Key Highlights
- 960 SF warehouse unit with 14 ft ceilings
- Bathroom and exhaust fan included
- Units C and D are separate parcels that can be purchased together
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
$10,825
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
6.01%
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%
$216,500
$216.5K
Cap Rate 7%
$154,643
$154.6K
Cap Rate 9%
$120,278
$120.3K
Market Conditions
NOI Build-Up for 960 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
$18.2K $18.96/SF
− Vacancy
−$1.5K −$1.61/SF
EGI
$16.7K $17.35/SF
− OpEx
−$5.8K −$6.07/SF
NOI
$10.8K $11.28/SF
Area
Volusia County, FL
Vacancy
8.50%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
35.00%
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%
$216,500
Cap Rate 7%
$154,643
Cap Rate 9%
$120,278
Alternative Uses
Best Use
Flex RnD
$154.6K
$135.3K – $180.4K
NOI $10,825 @ 7.0% cap · market cap 6.01%
Second Best
Warehouse
$110.3K
$96.5K – $128.7K
NOI $7,721 @ 7.0% cap · market cap 4.29%
Theoretical Best
Office A
$283.1K
$247.7K – $330.2K
NOI $19,814 @ 7.0% cap · market cap 11.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
14 ft
Clear height
Location Intelligence
Trade Area within ½ mile
990
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32128, FL
20,968
Population
10,155
Households
2.1
Avg Household Size
50
Median Age
40%
College-Educated
94%
High-School Grad
33.4 sq mi
ZIP Area
628
Density / Sq Mi
$84,164
Median Household Income
$41,946
Median Earnings
$1,497
Median Rent
$378,500
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Clark Properties — 5111 S Ridgewood Ave STE 300, Port Orange, FL 32127
- Stor-it Self Storage Port Orange — 720 Dunlawton Ave, Port Orange, FL 32127
- American Moving Experts — 209 Dunlawton Ave Suite 9, Port Orange, FL 32129
Frequently Asked Questions
What type of property is this?
Warehouse - Warehouse unit with a bathroom, exhaust fan, and paved driveway access.
Where is this warehouse located?
The property is located at 531 VIRGINIA AVENUE Port Orange, FL.
What is the asking price?
The asking price for this property is $180,000.
What are key features of this property?
This property features: 960 SF warehouse unit with 14 ft ceilings; Bathroom and exhaust fan included; Units C and D are separate parcels that can be purchased together
