Flex Warehouse
New
For Sale
$510,000
675 KINGS ESTATE Road #110-113, St Augustine, FL 32086
Each unit combines warehouse space with a private office, restroom, and grade-level bay door.
Property Size2,240 SF
Price / SF$227.68
Days on Market7
Property Features for 675 KINGS ESTATE Road #110-113
General Information
Standard status
Active
Size
2,240 SF
Property subtype
Industrial
Zoning
IW
Warehouse & Industrial
Clear Height
30 ft
Office Build-Out
140 SF
Drive-In Doors
1
Building Details
Construction
tilt-up concrete
Listed By:
AMANDA CARR KINKADE · License #3084673
(904) 635-6376
Source:
Endlesssummerrealty
Added: Sep 28
Changed: Oct 3
Last Checked: Oct 3 at 2:41AM
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 AMANDA CARR KINKADE
Investment Insights
Based on property information with market context.
A 26-unit flex warehouse condominium project is planned on 3.89 acres in St. Augustine. Each unit is approximately 2,240 square feet and includes a 140-square-foot office, one ADA restroom, and a 12-by-16-foot grade-level bay door. Construction features cold-formed steel framing and tilt-up concrete panel walls, with ceiling heights of approximately 28 to 30 feet.
The property is zoned IW, industrial warehouse. Shared site features include a community loading dock and 75 to 80 parking spaces, including three ADA spaces. The units are described as available in 2025.
The property is zoned IW, industrial warehouse. Shared site features include a community loading dock and 75 to 80 parking spaces, including three ADA spaces. The units are described as available in 2025.
Key Highlights
- 26 flex warehouse condominium units
- Approximately 2,240 SF per unit, including a 140 SF office and one ADA restroom
- Ceiling heights of approximately 28‑30 feet
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
$19,216
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
3.77%
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%
$384,320
$384.3K
Cap Rate 7%
$274,514
$274.5K
Cap Rate 9%
$213,511
$213.5K
Market Conditions
NOI Build-Up for 2,240 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
$23.9K $10.68/SF
− Vacancy
−$1.3K −$0.59/SF
EGI
$22.6K $10.09/SF
− OpEx
−$3.4K −$1.51/SF
NOI
$19.2K $8.58/SF
Area
St. Johns County, FL
Vacancy
5.50%
Lease Rate
$10.68 /SF/Yr
Expense Ratio
15.00%
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%
$384,320
Cap Rate 7%
$274,514
Cap Rate 9%
$213,511
Alternative Uses
Best Use
Warehouse
$274.5K
$240.2K – $320.3K
NOI $19,216 @ 7.0% cap · market cap 3.77%
Second Best
Industrial
$226.1K
$197.8K – $263.8K
NOI $15,825 @ 7.0% cap · market cap 3.10%
Theoretical Best
Office A
$597.5K
$522.8K – $697.1K
NOI $41,825 @ 7.0% cap · market cap 8.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
30 ft
Clear height
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
339
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32086, FL
31,452
Population
15,696
Households
2
Avg Household Size
51
Median Age
33%
College-Educated
92%
High-School Grad
65.8 sq mi
ZIP Area
478
Density / Sq Mi
$74,508
Median Household Income
$40,571
Median Earnings
$1,536
Median Rent
$342,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Each unit combines warehouse space with a private office, restroom, and grade-level bay door.
Where is this flex space located?
The property is located at 675 KINGS ESTATE Road #110-113 St Augustine, FL.
What is the asking price?
The asking price for this property is $510,000.
What are key features of this property?
This property features: 26 flex warehouse condominium units; Approximately 2,240 SF per unit, including a 140 SF office and one ADA restroom; Ceiling heights of approximately 28‑30 feet
