Absolute NNN Manufacturing
For Sale
$6,700,000
9 West Tower Circle, Ormond Beach, FL 32174
Original operator occupies the facility under an absolute NNN lease extending through 2034.
Property Size53,330 SF
Days on Market10
Property Features for 9 West Tower Circle
General Information
Standard status
Active
Size
53,330 SF
Property subtype
Commercial
Lease Term
±8 Yrs
Net Operating Income
$362,614
Building Details
Building Size
53,330 SF
Listing Agency:
(904) 322-7602
Listed By:
Mike Salik · License #License No. BK3450037 (FL)
(904) 322-7602
Source:
Matthews
Added: Aug 1
Changed: Aug 2
Last Checked: Aug 10 at 2:23AM
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 Mike Salik
Investment Insights
Based on property information with market context.
This absolute NNN property is occupied by ITA Acquisition LLC, doing business as Mirasol Shutters, which designs and manufactures its Mirasol Shutter line on site. The original operator is committed under a 12-year lease running through 2034, with 2% annual increases. Lease responsibilities place taxes, insurance, and capital items with the tenant, limiting landlord obligations.
The facility is located at 9 West Tower Circle in Ormond Beach, Florida, within Airport Business Park. Access to I-95, I-4, and U.S. 1 supports regional distribution, while Ormond Beach Municipal Airport is nearby. The location provides connectivity to Jacksonville, Daytona, and Orlando within the North Florida corridor.
The facility is located at 9 West Tower Circle in Ormond Beach, Florida, within Airport Business Park. Access to I-95, I-4, and U.S. 1 supports regional distribution, while Ormond Beach Municipal Airport is nearby. The location provides connectivity to Jacksonville, Daytona, and Orlando within the North Florida corridor.
Key Highlights
- 12‑year absolute NNN lease through 2034
- 2% annual rent increases
- Tenant responsible for taxes, insurance, and capital items
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
$428,917
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
6.40%
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%
$8,578,340
$8.6M
Cap Rate 7%
$6,127,386
$6.1M
Cap Rate 9%
$4,765,744
$4.8M
Market Conditions
NOI Build-Up for 53,330 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
$531.2K $9.96/SF
− Vacancy
−$26.6K −$0.50/SF
EGI
$504.6K $9.46/SF
− OpEx
−$75.7K −$1.42/SF
NOI
$428.9K $8.04/SF
Area
Volusia County, FL
Vacancy
5.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
15.00%
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%
$8,578,340
Cap Rate 7%
$6,127,386
Cap Rate 9%
$4,765,744
Alternative Uses
Best Use
Warehouse
$6.13M
$5.36M – $7.15M
NOI $428,917 @ 7.0% cap · market cap 6.40%
Second Best
Industrial
$4.54M
$3.97M – $5.29M
NOI $317,500 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$15.72M
$13.76M – $18.35M
NOI $1,100,731 @ 7.0% cap · market cap 16.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
125
Businesses Nearby
Explore this area
Business Placement
Demographics for 32174, FL
53,097
Population
26,303
Households
2
Avg Household Size
55
Median Age
33%
College-Educated
93%
High-School Grad
125.4 sq mi
ZIP Area
423
Density / Sq Mi
$67,817
Median Household Income
$41,452
Median Earnings
$1,316
Median Rent
$315,100
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Original operator occupies the facility under an absolute NNN lease extending through 2034.
Where is this nnn property located?
The property is located at 9 West Tower Circle Ormond Beach, FL.
What is the asking price?
The asking price for this property is $6,700,000.
What are key features of this property?
This property features: 12‑year absolute NNN lease through 2034; 2% annual rent increases; Tenant responsible for taxes, insurance, and capital items
