Corner Office
For Sale
$375,000
Pending
703-344 Paseo Reyes Dr, St Augustine, FL 32080
Five private offices and a reception lobby support professional or medical occupancy.
Property Size1,125 SF
Days on Market289
Property Features for 703-344 Paseo Reyes Dr
General Information
Standard status
Pending
Size
1,125 SF
Taxes and HOA fees
Annual Taxes
$5,080
Building Details
Construction
Spanish-style
Listing Agency:
exp realty llc
(888) 883-8509
Listed By:
MICHELLE MURRAY · License #3407576
(786) 338-0738
Source:
Exprealty
Added: Nov 18, 2025
Changed: Sep 2
Last Checked: Aug 31 at 7:56PM
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 exp realty llc
Investment Insights
Based on property information with market context.
This office unit occupies a corner position within Palencia Commons and includes five separate private offices, along with a lobby and reception area. The layout is suited to professional or medical use, providing a defined arrival space and multiple enclosed work areas.
Spanish-style architectural elements give the building a distinctive exterior presence. The property is located at 703-344 Paseo Reyes Dr in St. Augustine, within the Palencia community, with visibility, access, and ongoing traffic identified as notable site characteristics.
Spanish-style architectural elements give the building a distinctive exterior presence. The property is located at 703-344 Paseo Reyes Dr in St. Augustine, within the Palencia community, with visibility, access, and ongoing traffic identified as notable site characteristics.
Key Highlights
- Five individual private offices
- Lobby and reception area included
- Corner unit within Palencia Commons
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
$15,755
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
4.20%
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%
$315,100
$315.1K
Cap Rate 7%
$225,071
$225.1K
Cap Rate 9%
$175,056
$175.1K
Market Conditions
NOI Build-Up for 1,125 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
$27.0K $24.00/SF
− Vacancy
−$6.0K −$5.33/SF
EGI
$21.0K $18.67/SF
− OpEx
−$5.3K −$4.67/SF
NOI
$15.8K $14.00/SF
Area
St. Johns County, FL
Vacancy
22.20%
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%
$315,100
Cap Rate 7%
$225,071
Cap Rate 9%
$175,056
Alternative Uses
Best Use
Office B
$225.1K
$196.9K – $262.6K
NOI $15,755 @ 7.0% cap · market cap 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$300.1K
$262.6K – $350.1K
NOI $21,006 @ 7.0% cap · market cap 5.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
289
Businesses Nearby
Explore this area
Business Placement
Demographics for 32080, FL
21,889
Population
16,658
Households
1.3
Avg Household Size
57
Median Age
50%
College-Educated
96%
High-School Grad
15.7 sq mi
ZIP Area
1,394
Density / Sq Mi
$91,201
Median Household Income
$49,302
Median Earnings
$1,631
Median Rent
$497,500
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.
Frequently Asked Questions
What type of property is this?
Office units - Five private offices and a reception lobby support professional or medical occupancy.
Where is this office units located?
The property is located at 703-344 Paseo Reyes Dr St Augustine, FL.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Five individual private offices; Lobby and reception area included; Corner unit within Palencia Commons
