Versatile Freestanding Building on New
For Sale
Contact for pricing
865 W New York Ave, Deland, FL 32720
40,494+ SF building on 2.73 acres near Downtown DeLand.
Property Size40,494 SF
Lot Size2.73 Acres
Price / SF$79.02
Days on Market766
Property Features for 865 W New York Ave
General Information
Standard status
Active
Size
40,494 SF
Total Parking Spaces
80
Lot size
2.73 Acres
Property subtype
Industrial, Office
Building Details
Year Built
1961
Listing Agency:
SVN | Alliance Commercial Real Estate Advisors Ormond Beach
(386) 301-4581
Listed By:
John Trost, CCIM · License #FL BK-0160420
Source:
Crexi
Added: Jul 9, 2024
Changed: Aug 8
Last Checked: Aug 8 at 4:08AM
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 SVN | Alliance Commercial Real Estate Advisors Ormond Beach
Investment Insights
Based on property information with market context.
Available for sale is a 40,494+ SF freestanding building situated on 2.73+/- acres. The property features 128 feet of frontage on New York Avenue and includes offsite shared retention. Constructed with masonry and a steel core, the building offers 16' ceiling height and a fire sprinkler system. The interior includes finished office space, open warehouse areas, storage, and nine restrooms. The building is divisible, presenting potential for condominium conversion. Located on a corner along New York Avenue (SR 44), the site provides high visibility and includes 80+/- parking spaces, plus 20+/- shared spaces. The property is located approximately 1.3 miles from AdventHealth Deland Hospital, 1.5 miles to Downtown DeLand's Historic Garden District, 1.6 miles to Stetson University, 5.6 miles to Interstate, 6 blocks to DeLand City Hall, 7 blocks to Volusia County Clerk, and 8 blocks to DeLand City Center. The location is at the NEC of New York Avenue (SR 44) and Boundary Avenue. The property offers potential for out-parcel development and drive-through configurations, accommodating commercial retail, service, and storage uses. It features four ingress/egress points and ample parking. Current survey, Phase I environmental, and structural reports are available. The seller is open to Sale, Lease, or Lease Option.
Key Highlights
- Prime freestanding building with 40,494+ SF on 2.73+\/- acres, offering versatile investment potential.
- Excellent location on New York Avenue (SR 44) with high visibility and ample parking (80+\/- spaces plus 20+\/- shared).
- Proximity to Downtown DeLand's Historic Garden District, AdventHealth Deland Hospital, Stetson University, and I‑4 provides excellent accessibility.
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
$241,081
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
7.53%
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%
$4,821,620
$4.8M
Cap Rate 7%
$3,444,014
$3.4M
Cap Rate 9%
$2,678,678
$2.7M
Market Conditions
NOI Build-Up for 40,494 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
$364.4K $9.00/SF
− Vacancy
−$20.0K −$0.50/SF
EGI
$344.4K $8.50/SF
− OpEx
−$103.3K −$2.55/SF
NOI
$241.1K $5.95/SF
Area
Volusia County, FL
Vacancy
5.50%
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%
$4,821,620
Cap Rate 7%
$3,444,014
Cap Rate 9%
$2,678,678
Alternative Uses
Best Use
Office B
$8.67M
$7.59M – $10.11M
NOI $606,803 @ 7.0% cap · market cap 18.96%
Second Best
Flex RnD
$6.52M
$5.71M – $7.61M
NOI $456,629 @ 7.0% cap · market cap 14.27%
Theoretical Best
Office A
$11.94M
$10.45M – $13.93M
NOI $835,796 @ 7.0% cap · market cap 26.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
571
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32720, FL
33,568
Population
13,962
Households
2.4
Avg Household Size
45
Median Age
24%
College-Educated
88%
High-School Grad
66.3 sq mi
ZIP Area
506
Density / Sq Mi
$67,512
Median Household Income
$39,159
Median Earnings
$1,177
Median Rent
$280,600
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.
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Frequently Asked Questions
What type of property is this?
Flex space - 40,494+ SF building on 2.73 acres near Downtown DeLand.
Where is this flex space located?
The property is located at 865 W New York Ave Deland, FL.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Prime freestanding building with 40,494+ SF on 2.73+\/- acres, offering versatile investment potential.; Excellent location on New York Avenue (SR 44) with high visibility and ample parking (80+\/- spaces plus 20+\/- shared).; Proximity to Downtown DeLand's Historic Garden District, AdventHealth Deland Hospital, Stetson University, and I‑4 provides excellent accessibility.
