Flex Space Condo with Garage
For Sale
$99,000
787 CENTER Street, Holly Hill, FL 32117
Commercial Sale, HOLLY HILL, FL
Property Size600 SF
Lot Size0.01 Acres
Price / SF$165
Days on Market295
Property Features for 787 CENTER Street
General Information
Property type
Commercial Sale
Property subtype
Other
Window features
Display Window(s)
Subdivision
HOLLY BUS CENTER CONDO PH 01 UNIT A
Lot features
Corner Lot, City Limits, Paved
Directions
corner of 8th and Center St, Holly Hill
Standard status
Active
APN
4244-14-01-0080
Size
600 SF
Lot size
0.01 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
UNIT H HOLLY BUSINESS CENTER CONDO PH I PER OR 4079 PG 422 PER OR 4354 PG 3049
Tax Annual Amount
1005
Legal Description
UNIT H HOLLY BUSINESS CENTER CONDO PH I PER OR 4079 PG 422 PER OR 4354 PG 3049
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Building Details
Year built
1996
Floors in Building
1
Building materials
Block, Stucco
Roof type
Shingle
Listing Agency:
CHARLES RUTENBERG REALTY ORLANDO
(407) 622-2122
Listed By:
Carolyn Evans · License #538418
(407) 330-8932
Added: Nov 1, 2025
Changed: Aug 19
Last Checked: Aug 22 at 2:06AM
MLS# V4945685
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 600-square-foot flex space condominium offers a practical combination of office and warehouse areas. The front portion is configured for office use with a large window, while the rear includes a tall garage door for access to the warehouse area. A half bath is also included. Built in 1996, the property features block and stucco construction, shingle roofing, electric heat, public water, and public sewer.
The property is located at 787 Center Street in Holly Hill, Florida. An adjoining unit is available, providing an option for additional space where needed.
The property is located at 787 Center Street in Holly Hill, Florida. An adjoining unit is available, providing an option for additional space where needed.
Key Highlights
- 600 square feet of flex space
- Office area at the front with a large window
- Rear warehouse area with tall garage door
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
$8,991
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
9.08%
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%
$179,820
$179.8K
Cap Rate 7%
$128,443
$128.4K
Cap Rate 9%
$99,900
$99.9K
Market Conditions
NOI Build-Up for 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
$13.0K $21.60/SF
− Vacancy
−$972 −$1.62/SF
EGI
$12.0K $19.98/SF
− OpEx
−$3.0K −$5.00/SF
NOI
$9.0K $14.99/SF
Area
Volusia County, FL
Vacancy
7.50%
Lease Rate
$21.60 /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%
$179,820
Cap Rate 7%
$128,443
Cap Rate 9%
$99,900
Alternative Uses
Best Use
Office B
$128.4K
$112.4K – $149.9K
NOI $8,991 @ 7.0% cap · market cap 9.08%
Second Best
Flex RnD
$96.7K
$84.6K – $112.8K
NOI $6,766 @ 7.0% cap · market cap 6.83%
Theoretical Best
Office A
$176.9K
$154.8K – $206.4K
NOI $12,384 @ 7.0% cap · market cap 12.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
870
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32117, FL
28,223
Population
14,392
Households
2
Avg Household Size
43
Median Age
21%
College-Educated
90%
High-School Grad
12.0 sq mi
ZIP Area
2,352
Density / Sq Mi
$52,132
Median Household Income
$32,189
Median Earnings
$1,392
Median Rent
$175,500
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?
Flex space - Flex-zoned condominium combines a front office with rear warehouse functionality and a half bath.
Where is this flex space located?
The property is located at 787 CENTER Street Holly Hill, FL.
What is the asking price?
The asking price for this property is $99,000.
What are key features of this property?
This property features: 600 square feet of flex space; Office area at the front with a large window; Rear warehouse area with tall garage door
