Mixed-Use Complex on State
For Sale
$1,600,000
703 S STATE St, Bunnell, FL 32110
Nine-unit commercial complex with storage, ideal for investors or owner-users.
Property Size20,878 SF
Lot Size2.90 Acres
Price / SF$188.24
Days on Market154
Property Features for 703 S STATE St
General Information
Standard status
Active
Size
20,878 SF
Lot size
2.90 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,502
Building Details
Building Size
20,878 SF
Year Built
1998
Listing Agency:
Realty Pros Commercial Division
(386) 237-4444
Listed By:
Terry Sitaram · License #3092297
(386) 237-4444
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 6:21AM
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 Realty Pros Commercial Division
Investment Insights
Based on property information with market context.
This nine-unit commercial mixed-use complex includes seven storage units and is located on State Street in Bunnell's commercial corridor, offering access to Downtown Bunnell, Palm Coast, Flagler Beach, I-95, and SR-100. The property, zoned I-B (Industrial/Business), is situated on approximately 2.9 acres and features a solid concrete block construction. The building size is approximately 8,500 square feet. Each condominium-style unit ranges from approximately 1,200 to 1,400 square feet and has independent electric meters, private entrances, and individual HVAC systems. The flexible configurations are suitable for office, retail, flex, or light industrial use. The rear storage section, jointly owned and governed by a Separation Agreement, includes five storage units at approximately 250 square feet each and two storage units at approximately 500 square feet each. The property has ample on-site parking with front and side access. The current monthly rent is approximately $16,841. The versatile zoning allows for wide commercial use, making it an excellent opportunity for cash flow and long-term appreciation. Future redevelopment potential exists on the approximately 2.9-acre site. Ideal uses include a mixed-use commercial complex, auto/contractor service center, showroom and storage combination, or retail/office/flex-space investment. It is ideal for investors, contractors, small business hubs, storage rentals, or redevelopment. Each condo unit has easy access for loading and storage.
Key Highlights
- Prime location on high‑visibility State Street (U.S.-1) in Bunnell's expanding commercial corridor, with convenient access to major routes (I‑95 and SR‑100) and nearby cities.
- Substantial monthly income of approximately $16,841 with a mix of stable tenants and owner‑user potential.
- Versatile I‑B zoning allowing for a wide range of commercial uses including office, retail, flex, or light industrial.
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
$122,183
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
7.64%
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%
$2,443,660
$2.4M
Cap Rate 7%
$1,745,471
$1.7M
Cap Rate 9%
$1,357,589
$1.4M
Market Conditions
NOI Build-Up for 8,500 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
$188.7K $22.20/SF
− Vacancy
−$14.2K −$1.67/SF
EGI
$174.5K $20.54/SF
− OpEx
−$52.4K −$6.16/SF
NOI
$122.2K $14.37/SF
Area
Flagler County, FL
Vacancy
7.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$2,443,660
Cap Rate 7%
$1,745,471
Cap Rate 9%
$1,357,589
Alternative Uses
Best Use
Retail
$1.75M
$1.53M – $2.04M
NOI $122,183 @ 7.0% cap · market cap 7.64%
Second Best
Office B
$1.41M
$1.23M – $1.64M
NOI $98,456 @ 7.0% cap · market cap 6.15%
Theoretical Best
Office A
$2.04M
$1.79M – $2.38M
NOI $142,984 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
516
Businesses Nearby
Explore this area
Business Placement
Demographics for 32110, FL
8,776
Population
4,102
Households
2.1
Avg Household Size
45
Median Age
12%
College-Educated
90%
High-School Grad
296.2 sq mi
ZIP Area
30
Density / Sq Mi
$56,277
Median Household Income
$31,600
Median Earnings
$1,213
Median Rent
$221,200
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?
Mixed-use property - Nine-unit commercial complex with storage, ideal for investors or owner-users.
Where is this mixed-use property located?
The property is located at 703 S STATE St Bunnell, FL.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Prime location on high‑visibility State Street (U.S.-1) in Bunnell's expanding commercial corridor, with convenient access to major routes (I‑95 and SR‑100) and nearby cities.; Substantial monthly income of approximately $16,841 with a mix of stable tenants and owner‑user potential.; Versatile I‑B zoning allowing for a wide range of commercial uses including office, retail, flex, or light industrial.
