Freestanding Two-Story Building on
For Sale
Contact for pricing
2111 & 2119 S Ridgewood Avenue, South Daytona, FL 32119
12,610 SF building on 2.2+/- acres for sale.
Property Size12,610 SF
Lot Size2.20 Acres
Price / SF$150.67
Days on Market938
Property Features for 2111 & 2119 S Ridgewood Avenue
General Information
Standard status
Active
Size
12,610 SF
Lot size
2.20 Acres
Property subtype
Office, Retail
Zoning
BGC
Building Details
Year Built
1978
Stories
2
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: Feb 6, 2024
Changed: Aug 26
Last Checked: Aug 31 at 8:27PM
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.
This is a 12,610 square foot freestanding two-story building situated on approximately 2.2 acres. The property was formerly a bank building and is available for sale. The first floor features an elevator and stairs in the vestibule, a vault, teller booth, and two restrooms. There is a proposed conversion plan to create 5 offices in the open area. The second floor includes 11 offices, a large conference room, two restrooms, and a breakroom. The property has frontage on Ridgewood Avenue and McDonald Street and is located minutes from Beville Road and Dunlawton Avenue. The site offers ample parking, and the extra land could potentially be used for another building. Estimated CAM, real estate taxes, and insurance are $5.50 per square foot.
Key Highlights
- Freestanding 12,610 SF two‑story building on 2.2+/- acres.
- Existing bank infrastructure: vault and teller booth in place.
- Opportunity for expansion: extra land suitable for another building.
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
$118,767
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
6.25%
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%
$2,375,340
$2.4M
Cap Rate 7%
$1,696,671
$1.7M
Cap Rate 9%
$1,319,633
$1.3M
Market Conditions
NOI Build-Up for 12,610 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
$189.2K $15.00/SF
− Vacancy
−$19.5K −$1.55/SF
EGI
$169.7K $13.46/SF
− OpEx
−$50.9K −$4.04/SF
NOI
$118.8K $9.42/SF
Area
Volusia County, FL
Vacancy
10.30%
Lease Rate
$15.00 /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%
$2,375,340
Cap Rate 7%
$1,696,671
Cap Rate 9%
$1,319,633
Alternative Uses
Best Use
Specialty Retail
$2.74M
$2.39M – $3.19M
NOI $191,487 @ 7.0% cap · market cap 10.08%
Second Best
Office B
$2.70M
$2.36M – $3.15M
NOI $188,961 @ 7.0% cap · market cap 9.95%
Theoretical Best
Office A
$3.72M
$3.25M – $4.34M
NOI $260,270 @ 7.0% cap · market cap 13.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
408
Businesses Nearby
Explore this area
Business Placement
Demographics for 32119, FL
22,498
Population
12,629
Households
1.8
Avg Household Size
50
Median Age
27%
College-Educated
91%
High-School Grad
7.8 sq mi
ZIP Area
2,884
Density / Sq Mi
$53,795
Median Household Income
$37,675
Median Earnings
$1,371
Median Rent
$215,200
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?
Bank - 12,610 SF building on 2.2+/- acres for sale.
Where is this bank located?
The property is located at 2111 & 2119 S Ridgewood Avenue South Daytona, FL.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Freestanding 12,610 SF two‑story building on 2.2+/- acres.; Existing bank infrastructure: vault and teller booth in place.; Opportunity for expansion: extra land suitable for another building.
