Mixed-Use Property in Opportunity
585 WASHINGTON STREET, New Smyrna Beach, FL 32168
Duplex with potential for additional units or short-term rentals.
Property size:
1,673 SFPrice / SF:
$194/SF- Added:
- Jun 10, 2025
- Days on Market:
- 372
- Last Refresh:
- Mar 16 at 9:09 am
Property Features for 585 WASHINGTON STREET
General Information
- Standard status
- Active
- Size
- 1,673 SF
Building Details
- Year Built
- 1937
Listing agent LORI SCHMERLER, PA
Listing office BEACHSIDE REALTY OF VOLUSIA
Listing date Jun 10, 2025
Source Corcoran
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
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.
- Located in the New Smyrna Beach Historic District, allowing building heights up to 72 feet and potential parking waivers for businesses.
- Proximity to numerous recreational facilities, including parks and sports centers.
- Close to Flagler Avenue's events, nightlife, restaurants, and shops, as well as downtown Canal Street and waterfront amenities.
Overview
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.
Local Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $36.1k | $21.60 |
| − Vacancy | −$3.1k | −$1.84 |
| EGI | $33.1k | $19.76 |
| − OpEx | −$12.4k | −$7.41 |
| NOI | $20.7k | $12.35 |
1,673 SF · lease $21.60/SF/yr · vacancy 8.50% · expense 37.50%
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 local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- New Smyrna Beach
- County
- Volusia
- State
- Florida
- Longitude
- -80.9309
- Latitude
- 29.0246
Nearby Similar for Sale
FAQs
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.
