Industrial Condo with Office
For Sale
$220,000
78-2323 N State St, Bunnell, FL 32110
Industrial condominium unit with office space, a mezzanine, ADA restroom, and full air conditioning.
Property Size1,600 SF
Price / SF$137.50
Days on Market93
Property Features for 78-2323 N State St
General Information
Standard status
Active
Size
1,600 SF
Additional Details
Highway Access
Yes
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$3,027
Listing Agency:
WATSON REALTY CORP
(386) 290-0613
Listed By:
Carol Carroll · License #3530074
(386) 290-0613
Source:
Exprealty
Added: May 12
Changed: Aug 8
Last Checked: Aug 11 at 12:35PM
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 WATSON REALTY CORP
Investment Insights
Based on property information with market context.
Industrial condominium Unit 78 offers a combination of warehouse and office improvements within a single unit. The property includes a glass front and a glass entry door, along with a 10’ wide roll-up door for warehouse access. Inside, the unit is configured with approximately 200 SF of office space and approximately 800 SF of warehouse space on the first floor, plus a second-floor 400 SF mezzanine office. High ceilings and full air conditioning support both office and operational use, and an ADA restroom is included.
The unit is centrally located in Flagler County just west of Palm Coast. Access to SR 100 and Palm Coast Pkwy is described as minutes away via US-1.
This unit is well suited for tenants or buyers seeking a flexible live-work style layout that blends customer-facing or administrative space with warehouse functionality. The condo rules prohibit automotive services; however, owners and tenants may service their own vehicles within the unit. Condo association dues are $135 per month and include building insurance, common area maintenance, and parking lot lighting and landscaping, among other common expenses. The unit is tenant occupied through June 30, 2027, and two adjacent units are also available for purchase for contiguous space ranging from 3,200 to 5,400 SF.
The unit is centrally located in Flagler County just west of Palm Coast. Access to SR 100 and Palm Coast Pkwy is described as minutes away via US-1.
This unit is well suited for tenants or buyers seeking a flexible live-work style layout that blends customer-facing or administrative space with warehouse functionality. The condo rules prohibit automotive services; however, owners and tenants may service their own vehicles within the unit. Condo association dues are $135 per month and include building insurance, common area maintenance, and parking lot lighting and landscaping, among other common expenses. The unit is tenant occupied through June 30, 2027, and two adjacent units are also available for purchase for contiguous space ranging from 3,200 to 5,400 SF.
Key Highlights
- Industrial condo unit with glass front, glass entry door, and 10’ wide roll‑up door.
- 1,000 SF unit includes 200 SF office, 800 SF warehouse, plus a 400 SF second‑floor mezzanine office.
- High ceilings, ADA restroom, and full air conditioning.
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
$18,533
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
8.42%
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%
$370,660
$370.7K
Cap Rate 7%
$264,757
$264.8K
Cap Rate 9%
$205,922
$205.9K
Market Conditions
NOI Build-Up for 1,600 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
$31.7K $19.80/SF
− Vacancy
−$7.0K −$4.36/SF
EGI
$24.7K $15.44/SF
− OpEx
−$6.2K −$3.86/SF
NOI
$18.5K $11.58/SF
Area
Flagler County, FL
Vacancy
22.00%
Lease Rate
$19.80 /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%
$370,660
Cap Rate 7%
$264,757
Cap Rate 9%
$205,922
Alternative Uses
Best Use
Office B
$264.8K
$231.7K – $308.9K
NOI $18,533 @ 7.0% cap · market cap 8.42%
Second Best
Flex RnD
$259.7K
$227.3K – $303.0K
NOI $18,180 @ 7.0% cap · market cap 8.26%
Theoretical Best
Office A
$384.5K
$336.4K – $448.6K
NOI $26,915 @ 7.0% cap · market cap 12.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
593
Businesses Nearby
Well-served
Demand for This Use
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
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial condominium unit with office space, a mezzanine, ADA restroom, and full air conditioning.
Where is this flex space located?
The property is located at 78-2323 N State St Bunnell, FL.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Industrial condo unit with glass front, glass entry door, and 10’ wide roll‑up door.; 1,000 SF unit includes 200 SF office, 800 SF warehouse, plus a 400 SF second‑floor mezzanine office.; High ceilings, ADA restroom, and full air conditioning.
