Office/Warehouse Flex
For Sale
$415,000
702 PARK AVENUE, Edgewater, FL 32132
Flex unit includes clean office space, a warehouse with high ceilings and mezzanine, and additional second-floor office space.
Property Size2,800 SF
Price / SF$148.21
Days on Market193
Property Features for 702 PARK AVENUE
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Industrial
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,825
Amenities
3
City Road, Asphalt.
Building Details
Year Built
1985
Stories
2
Listing Agency:
WHITE WHALE REAL ESTATE
(386) 689-5171
Listed By:
Christopher Schwarz · License #3216401
Source:
Xome
Added: Jan 29
Changed: Aug 8
Last Checked: Aug 10 at 3:20AM
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 WHITE WHALE REAL ESTATE
Investment Insights
Based on property information with market context.
This office/warehouse flex unit is offered for sale and totals 2,800 square feet of combined work and storage space. The building includes 800 square feet of clean office area with two separate restrooms, plus an 800-square-foot warehouse with high ceilings and a built-in mezzanine for additional storage. There is also 1,200 square feet of additional office space on the second floor, supporting a flexible day-to-day layout.
The unit is located on W Park Avenue in Edgewater, with access to major regional roadways including I-95 and US-1 just minutes away. The property is positioned within the Edgewater business corridor and near an industrial park.
Use of the space is subject to restrictions: automotive, painting, and furniture-related businesses are not permitted.
The unit is located on W Park Avenue in Edgewater, with access to major regional roadways including I-95 and US-1 just minutes away. The property is positioned within the Edgewater business corridor and near an industrial park.
Use of the space is subject to restrictions: automotive, painting, and furniture-related businesses are not permitted.
Key Highlights
- 2,800 SF office/warehouse flex unit with clean office, warehouse, and second‑floor office space
- 800 SF office area with two separate restrooms
- 800 SF warehouse with high ceilings plus built‑in mezzanine for additional storage
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
$31,574
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
7.61%
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%
$631,480
$631.5K
Cap Rate 7%
$451,057
$451.1K
Cap Rate 9%
$350,822
$350.8K
Market Conditions
NOI Build-Up for 2,800 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
$53.1K $18.96/SF
− Vacancy
−$4.5K −$1.61/SF
EGI
$48.6K $17.35/SF
− OpEx
−$17.0K −$6.07/SF
NOI
$31.6K $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%
$631,480
Cap Rate 7%
$451,057
Cap Rate 9%
$350,822
Alternative Uses
Best Use
Office B
$599.4K
$524.5K – $699.3K
NOI $41,958 @ 7.0% cap · market cap 10.11%
Second Best
Flex RnD
$451.1K
$394.7K – $526.2K
NOI $31,574 @ 7.0% cap · market cap 7.61%
Theoretical Best
Office A
$825.6K
$722.4K – $963.2K
NOI $57,792 @ 7.0% cap · market cap 13.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
301
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32132, FL
8,189
Population
4,266
Households
1.9
Avg Household Size
52
Median Age
19%
College-Educated
93%
High-School Grad
7.0 sq mi
ZIP Area
1,170
Density / Sq Mi
$53,860
Median Household Income
$34,816
Median Earnings
$1,316
Median Rent
$234,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex unit includes clean office space, a warehouse with high ceilings and mezzanine, and additional second-floor office space.
Where is this flex space located?
The property is located at 702 PARK AVENUE Edgewater, FL.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: 2,800 SF office/warehouse flex unit with clean office, warehouse, and second‑floor office space; 800 SF office area with two separate restrooms; 800 SF warehouse with high ceilings plus built‑in mezzanine for additional storage
