Mixed-Use Property in Opportunity
For Sale
$325,000
585 WASHINGTON STREET, New Smyrna Beach, FL 32168
Duplex with potential for additional units or short-term rentals.
Property Size1,673 SF
Price / SF$194.26
Days on Market464
Property Features for 585 WASHINGTON STREET
General Information
Standard status
Active
Size
1,673 SF
Taxes and HOA fees
Annual Taxes
$3,018
Building Details
Year Built
1937
Listing Agency:
BEACHSIDE REALTY OF VOLUSIA
Listed By:
LORI SCHMERLER, PA
Source:
Corcoran
Added: Jun 10, 2025
Changed: Mar 16
Last Checked: Aug 25 at 5:03AM
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 BEACHSIDE REALTY OF VOLUSIA
Investment Insights
Based on property information with market context.
This mixed-use property is located in an Opportunity Zone, making it available for tax exchange. Situated in the Historic Westside location, the property is currently configured as a duplex with two electric, water, and natural gas meters, as well as two separate entrances. The 585 Washington Street entrance leads to a framed-out layout for a two-bedroom unit with a flex room and two baths. The 304 Sheldon entrance provides access to a two-bedroom, one-bath unit. An additional vacant lot can be used for parking or developed with more units, potentially up to six suites for short-term rentals on a nightly, weekly, or monthly basis. The mixed-use/commercial zoning allows for a first-floor business, and a bed and breakfast in the historic district overlay may provide parking waivers. The special parking district allows for half of the city parking requirements. New Smyrna Beach Historic District building height allows up to 72 feet. The property is across from the Babes James Community Recreational Center and Splash Pad Park, and within walking distance of Pettis Park Sport Center area, which features covered pavilions with restroom facilities, a multi-purpose field, a double skate bowl, fitness stations, and courts for basketball, pickleball, racquetball, tennis, and a playground. The Mary S Harrell Heritage Museum is also nearby. Washington Street connects the Historic Westside to the North Causeway of Coronado Island, leading to the Flagler Avenue entrance to the ocean ramp. Flagler Avenue offers events, nightlife, restaurants, and shops. It is near Historic Canal Street, and features festivals, wine and beer walks, antique and vintage fairs, art galleries, live music, car events, farmers markets, gift shops, boutiques, craft beer and wine bars, waterfront seafood restaurants, the city marina, dockage, bait and tackle shops, and boat rentals. Riverside Park, the Brannon Center, and concerts in the park are also nearby. A new Interstate 95 exit will create traffic traveling from Pioneer trail thru Westside to Washington Street to North Bridge to Flagler Avenue Beach ramp. The property size is 1673 square feet.
Key Highlights
- Opportunity Zone location with Mixed Use zoning allows for various development options.
- Vacant lot included, suitable for parking or construction of additional units (up to six suites for short‑term rentals).
- Duplex setup with two separate entrances and utilities, offering immediate rental income potential.
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
$20,666
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
6.36%
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%
$413,320
$413.3K
Cap Rate 7%
$295,229
$295.2K
Cap Rate 9%
$229,622
$229.6K
Market Conditions
NOI Build-Up for 1,673 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
$36.1K $21.60/SF
− Vacancy
−$3.1K −$1.84/SF
EGI
$33.1K $19.76/SF
− OpEx
−$12.4K −$7.41/SF
NOI
$20.7K $12.35/SF
Area
Volusia County, FL
Vacancy
8.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$413,320
Cap Rate 7%
$295,229
Cap Rate 9%
$229,622
Alternative Uses
Best Use
Mixed Use
$295.2K
$258.3K – $344.4K
NOI $20,666 @ 7.0% cap · market cap 6.36%
Second Best
Multifamily LT 5
$209.7K
$183.5K – $244.6K
NOI $14,676 @ 7.0% cap · market cap 4.52%
Theoretical Best
Office A
$493.3K
$431.6K – $575.5K
NOI $34,531 @ 7.0% cap · market cap 10.62%
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
1,464
Businesses Nearby
Explore this area
Business Placement
Demographics for 32168, FL
30,058
Population
16,439
Households
1.8
Avg Household Size
54
Median Age
31%
College-Educated
93%
High-School Grad
153.9 sq mi
ZIP Area
195
Density / Sq Mi
$72,967
Median Household Income
$41,076
Median Earnings
$1,608
Median Rent
$310,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily 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?
Duplex - Duplex with potential for additional units or short-term rentals.
Where is this duplex located?
The property is located at 585 WASHINGTON STREET New Smyrna Beach, FL.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Opportunity Zone location with Mixed Use zoning allows for various development options.; Vacant lot included, suitable for parking or construction of additional units (up to six suites for short‑term rentals).; Duplex setup with two separate entrances and utilities, offering immediate rental income potential.
