Mixed-Use Complex with
For Sale
$1,600,000
703 S STATE Street, Bunnell, FL 32110
Commercial Sale, BUNNELL, FL
Property Size8,500 SF
Lot Size2.90 Acres
Price / SF$76.64
Days on Market298
Property Features for 703 S STATE Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
L-1
Window features
Aluminum Frames, Display Window(s)
Subdivision
BUNNELL
Directions
US 1 & Hwy 100, Head South on US 1 To 703 s State
Standard status
Active
APN
10-12-30-0850-02990-0000
Size
20,878 SF
Lot size
2.90 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
Phone Available
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Central
Water source
Public
Amenities
independent electric meters
private entrances
individual HVAC systems
on-site parking
Building Details
Year built
1998
Flooring type
Tile - Ceramic
Building materials
Block, Brick, Cement Siding, Concrete
Roof type
Shingle
Listing Agency:
REALTY PROS ASSURED
(386) 677-7653
Listed By:
Terry Sitaram · License #3092297
(386) 237-4444
Added: Oct 31, 2025
Changed: Aug 23
Last Checked: Aug 24 at 4:06AM
MLS# V4945682
Copyright © 2026 Stellar MLS. 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 9 condominium-style units, each measuring approximately 1,200–1,400 SF, with private entrances, separate electric meters, and individual HVAC systems. The property also includes 7 storage units in a shared rear section, comprising 5 units of approximately 250 SF and 2 units of approximately 500 SF. Concrete-block construction, ceramic tile flooring, a shingle roof, public water, and public sewer are provided across the property. Built in 1998, the complex occupies approximately 2.9 acres at 703 S State Street in Bunnell. The site offers front and side access, on-site parking, and proximity to U.S.-1, I-95, and SR-100, with Palm Coast and Flagler Beach nearby.
Key Highlights
- 9‑unit mixed‑use complex with 7 rear storage units
- Approximately 2.9 acres at 703 S State Street, Bunnell, FL 32110
- Units range from approximately 1,200–1,400 SF
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
Flex RnD
$3.39M
$2.97M – $3.95M
NOI $237,231 @ 7.0% cap · market cap 14.83%
Second Best
Mixed Use
$3.02M
$2.64M – $3.52M
NOI $211,390 @ 7.0% cap · market cap 13.21%
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
364
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 Industrial 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 - Concrete-block construction supports flexible commercial configurations with independent entrances and HVAC.
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: 9‑unit mixed‑use complex with 7 rear storage units; Approximately 2.9 acres at 703 S State Street, Bunnell, FL 32110; Units range from approximately 1,200–1,400 SF
