Mixed-Use Commercial
For Sale
$1,600,000
703 S State Street, Bunnell, FL 32110
COMMERCIAL - Bunnell, FL
Property Size8,500 SF
Lot Size5.72 Acres
Price / SF$76.64
Days on Market287
Property Features for 703 S State Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Bathrooms
9
Full bathrooms
9
Rooms
Bathroom 8, Bathroom 3, Bathroom 6, Bathroom 4, Bathroom 7, Bathroom 2, Bathroom 1, Bathroom 5, Bathroom 9
Parking features
Driveway, Carport, Parking Lot, RV, Assigned
Accessibility
Accessible Approach with Ramp
Lot features
Split Possible
Directions
US 1 & SR 100,Head South to 703 State
Subdivision
60 - Palm Coast
Standard status
Active
APN
10-12-30-0850-02990-0000
Size
20,878 SF
Lot size
5.72 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
TOWN OF BUNNELL BLKS 299 & 300 LYING WEST OF US-1 & 1/2 OF VACANTED SHORT STREET LYING SOUTH OF BLK 299 ALSO 2.+/- AC BUNNELL DEV CO SUBD BLK C PT TR 5 LYING S OF BLK 300 & BETWEEN US-1 & FEC R/R PARCEL HAS 234. ON WLY BOUNDARY US-1 & 301.47' ON ELY BOUND
Tax Annual Amount
13502
Legal Description
TOWN OF BUNNELL BLKS 299 & 300 LYING WEST OF US-1 & 1/2 OF VACANTED SHORT STREET LYING SOUTH OF BLK 299 ALSO 2.+/- AC BUNNELL DEV CO SUBD BLK C PT TR 5 LYING S OF BLK 300 & BETWEEN US-1 & FEC R/R PARCEL HAS 234. ON WLY BOUNDARY US-1 & 301.47' ON ELY BOUND
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Heat Pump (Heating), Electric (Heating)
Cooling system
Separate Meters, Ceiling Fan(s), Exhaust Fan (Cooling), Electric, Central Air, Heat Pump, Multi Units, Varies by Unit
Water source
Public
Building Details
Year built
2001
Floors in Building
1
Number of units
9
Flooring type
Terrazzo, Tile, Carpet, Concrete
Building materials
Block, Brick, Cement Siding, Concrete
Roof type
Shingle, Mixed
Listing Agency:
Realty Pros Commercial
(386) 253-8565
Listed By:
Terry Sitaram · License #3092297
(386) 237-4444
Added: Oct 31, 2025
Changed: Aug 4
Last Checked: Aug 13 at 2:06AM
MLS# 1219480
Copyright © 2026 Daytona Beach Area Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use commercial complex includes nine condominium-style units, each with a private entrance, independent electric meter, and individual HVAC system. Unit layouts range from approximately 1,200 to 1,400 SF and can accommodate office, retail, flex, or light industrial functions. The concrete block construction includes dedicated storage areas and on-site parking with front and side access.
A separately governed rear storage section adds five units of approximately 250 SF and two units of approximately 500 SF. The shared storage area is subject to a Separation Agreement. The property is located at 703 S State Street in Bunnell, along U.S.-1, with access to I-95 and SR-100. Public water and public sewer serve the property, which was built in 2001 and is zoned I-B (Industrial/Business).
A separately governed rear storage section adds five units of approximately 250 SF and two units of approximately 500 SF. The shared storage area is subject to a Separation Agreement. The property is located at 703 S State Street in Bunnell, along U.S.-1, with access to I-95 and SR-100. Public water and public sewer serve the property, which was built in 2001 and is zoned I-B (Industrial/Business).
Key Highlights
- Nine condominium‑style commercial units with private entrances and independent electric meters
- Seven shared storage units: five at approximately 250 SF and two at approximately 500 SF
- I‑B (Industrial/Business) zoning
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
$125,612
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
7.85%
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%
$2,512,240
$2.5M
Cap Rate 7%
$1,794,457
$1.8M
Cap Rate 9%
$1,395,689
$1.4M
Market Conditions
NOI Build-Up for 20,878 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
$187.9K $9.00/SF
− Vacancy
−$8.5K −$0.41/SF
EGI
$179.4K $8.59/SF
− OpEx
−$53.8K −$2.58/SF
NOI
$125.6K $6.02/SF
Area
Flagler County, FL
Vacancy
4.50%
Lease Rate
$9.00 /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%
$2,512,240
Cap Rate 7%
$1,794,457
Cap Rate 9%
$1,395,689
Alternative Uses
Best Use
Retail
$4.29M
$3.75M – $5.00M
NOI $300,111 @ 7.0% cap · market cap 18.76%
Second Best
Office B
$3.45M
$3.02M – $4.03M
NOI $241,830 @ 7.0% cap · market cap 15.11%
Theoretical Best
Office A
$5.02M
$4.39M – $5.85M
NOI $351,201 @ 7.0% cap · market cap 21.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
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 individually accessed units offer flexible office, retail, flex, and light industrial configurations.
Where is this mixed-use property located?
The property is located at 703 S State Street 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: Nine condominium‑style commercial units with private entrances and independent electric meters; Seven shared storage units: five at approximately 250 SF and two at approximately 500 SF; I‑B (Industrial/Business) zoning
