Two-Story Flex
For Sale
Contact for pricing
685 South Ronald Reagan Boulevard, Longwood, FL 32750
Hybrid office and warehouse property with separate entrances, air-conditioned work areas, and individually metered systems.
Property Size14,705 SF
Price / SF$238.01
Days on Market124
Property Features for 685 South Ronald Reagan Boulevard
General Information
Standard status
Active
Size
14,705 SF
Class
A
Total Parking Spaces
52
Property subtype
Office, Industrial
Zoning
Neighborhood Commercial
Warehouse & Industrial
Clear Height
14 ft
Warehouse Space
5,300 SF
Office Build-Out
9,505 SF
Drive-In Doors
2
Sprinkler System
Yes
Conditioned Warehouse
Yes
Amenities
ADA-compliant access
separate entrances
individually metered systems
Building Details
Year Built
2004
Buildings
1
Stories
2
Building Size
14,705 SF
Construction
tilt-wall
Listing Agency:
Lee & Associates - Orlando
(321) 281-8509
Listed By:
Derek Riggleman · License #FL #SL3245233
Source:
Crexi
Added: Apr 28
Changed: Aug 29
Last Checked: Aug 29 at 3:30PM
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 Lee & Associates - Orlando
Investment Insights
Based on property information with market context.
This two-story flex property combines 9,505 square feet of executive-style office space with 5,300 square feet of fully air-conditioned warehouse area, creating 14,705 square feet of integrated commercial space. The tilt-wall building was constructed in 2004 and includes 14-foot clear height, two grade-level roll-up doors, and a full fire-suppression system.
The property provides 52 parking spaces, ADA-compliant access, and separate entrances that support multi-tenant or dual-use configurations. Individually metered systems add operational separation, while Neighborhood Commercial zoning provides the stated land-use designation for the asset.
The property provides 52 parking spaces, ADA-compliant access, and separate entrances that support multi-tenant or dual-use configurations. Individually metered systems add operational separation, while Neighborhood Commercial zoning provides the stated land-use designation for the asset.
Key Highlights
- 14,705 SF two‑story flex facility constructed in 2004
- 9,505 SF of office space and 5,300 SF of fully air‑conditioned warehouse
- 14' clear height with two grade‑level roll‑up doors
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
$219,693
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
6.28%
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%
$4,393,860
$4.4M
Cap Rate 7%
$3,138,471
$3.1M
Cap Rate 9%
$2,441,033
$2.4M
Market Conditions
NOI Build-Up for 14,705 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
$352.9K $24.00/SF
− Vacancy
−$60.0K −$4.08/SF
EGI
$292.9K $19.92/SF
− OpEx
−$73.2K −$4.98/SF
NOI
$219.7K $14.94/SF
Area
Seminole County, FL
Vacancy
17.00%
Lease Rate
$24.00 /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%
$4,393,860
Cap Rate 7%
$3,138,471
Cap Rate 9%
$2,441,033
Alternative Uses
Best Use
Office B
$3.14M
$2.75M – $3.66M
NOI $219,693 @ 7.0% cap · market cap 6.28%
Second Best
Warehouse
$1.42M
$1.25M – $1.66M
NOI $99,749 @ 7.0% cap · market cap 2.85%
Theoretical Best
Office A
$4.18M
$3.66M – $4.88M
NOI $292,924 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14 ft
Clear height
2
Drive-in doors
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,817
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32750, FL
25,261
Population
10,541
Households
2.4
Avg Household Size
43
Median Age
37%
College-Educated
93%
High-School Grad
11.4 sq mi
ZIP Area
2,216
Density / Sq Mi
$85,227
Median Household Income
$48,311
Median Earnings
$1,633
Median Rent
$350,600
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.
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Frequently Asked Questions
What type of property is this?
Flex space - Hybrid office and warehouse property with separate entrances, air-conditioned work areas, and individually metered systems.
Where is this flex space located?
The property is located at 685 South Ronald Reagan Boulevard Longwood, FL.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 14,705 SF two‑story flex facility constructed in 2004; 9,505 SF of office space and 5,300 SF of fully air‑conditioned warehouse; 14' clear height with two grade‑level roll‑up doors
