Renovated B-1 Retail Strip
For Sale
$1,999,999
Pending
800 N State Street Bunnell, Bunnell, FL 32110
For-sale retail strip center renovated in 2000 and built in 1959, currently reflecting 68% occupancy under B-1 zoning.
Property Size12,570 SF
Days on Market48
Property Features for 800 N State Street Bunnell
General Information
Standard status
Pending
Size
12,570 SF
Zoning
B-1
Occupancy
68%
Lease Type
NNN
Taxes and HOA fees
Annual Taxes
$16,704
Amenities
No
Other
Other,Parking Lot
Building Details
Year Built
1959
Year Renovated
2000
Listing Agency:
(904) 569-5862
Listed By:
Kelly Regan
(904) 569-5862
Source:
Movetojacksonville
Added: Jul 7
Changed: Aug 23
Last Checked: Aug 23 at 2:37AM
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 Kelly Regan
Investment Insights
Based on property information with market context.
This for-sale retail strip center totals 12,570 square feet and was originally built in 1959. The property was renovated in 2000, bringing the building up to its current condition. Zoning is listed as B-1, providing a retail-oriented framework for compatible uses. Current occupancy is reported at 68%, offering a snapshot of the income-producing status at the time of listing.
Located at 800 N State Street in Bunnell, Florida, the property is described as being positioned in the heart of town. The listing’s stated intent is to serve a broad customer base, which can be relevant for tenant visibility and foot-traffic considerations.
For buyers and brokers evaluating retail strip assets, this property may fit well for investors seeking an established, renovated structure with a defined zoning designation and an operating occupancy rate of 68%. Tenants considering the site can also review the B-1 zoning classification to understand how the property may align with retail business objectives. As with any investment or leasing decision, prospective buyers should verify current lease terms and the details behind occupancy before proceeding.
Located at 800 N State Street in Bunnell, Florida, the property is described as being positioned in the heart of town. The listing’s stated intent is to serve a broad customer base, which can be relevant for tenant visibility and foot-traffic considerations.
For buyers and brokers evaluating retail strip assets, this property may fit well for investors seeking an established, renovated structure with a defined zoning designation and an operating occupancy rate of 68%. Tenants considering the site can also review the B-1 zoning classification to understand how the property may align with retail business objectives. As with any investment or leasing decision, prospective buyers should verify current lease terms and the details behind occupancy before proceeding.
Key Highlights
- 12,570 SF retail strip center built in 1959 and renovated in 2000
- B‑1 zoning classification
- 68% occupancy level
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
$180,687
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
9.03%
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%
$3,613,740
$3.6M
Cap Rate 7%
$2,581,243
$2.6M
Cap Rate 9%
$2,007,633
$2.0M
Market Conditions
NOI Build-Up for 12,570 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
$279.1K $22.20/SF
− Vacancy
−$20.9K −$1.67/SF
EGI
$258.1K $20.54/SF
− OpEx
−$77.4K −$6.16/SF
NOI
$180.7K $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%
$3,613,740
Cap Rate 7%
$2,581,243
Cap Rate 9%
$2,007,633
Alternative Uses
Best Use
Retail
$2.58M
$2.26M – $3.01M
NOI $180,687 @ 7.0% cap · market cap 9.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.02M
$2.64M – $3.52M
NOI $211,448 @ 7.0% cap · market cap 10.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
68%
Occupancy
Location Intelligence
Trade Area within ½ mile
332
Businesses Nearby
9k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 58%
Shops & Services 42%
Harris Grocery
Groceries
5,036 visits/mo
0.1 miles
Dollar General
Shops & Services
3,707 visits/mo
0.2 miles
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 Retail 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?
Strip mall - For-sale retail strip center renovated in 2000 and built in 1959, currently reflecting 68% occupancy under B-1 zoning.
Where is this strip mall located?
The property is located at 800 N State Street Bunnell Bunnell, FL.
What is the asking price?
The asking price for this property is $1,999,999.
What are key features of this property?
This property features: 12,570 SF retail strip center built in 1959 and renovated in 2000; B‑1 zoning classification; 68% occupancy level
