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    Versatile Freestanding Building on New York Title is generated by Realmo AI

    865 W New York Ave, Deland, FL 32720

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    40,494+ SF building on 2.73 acres near Downtown DeLand.

    Type:Industrial, Office
    Property size:
    40,494 SF
    Lot size:
    2.73 Acres
    Price / SF:
    $79/SF
    Added:
    Jul 9, 2024
    Days on Market:
    697
    Last Refresh:
    May 12 at 9:20 pm

    Property Features for 865 W New York Ave

    General Information

    Standard status
    Active
    Size
    40,494 SF
    Lot size
    2.73 Acres
    Property subtype
    Industrial, Office

    Building Details

    Year Built
    1961

    We can help!

    Listing Contact
    John Trost, CCIM

    Listing agent John Trost, CCIM License #FL BK-0160420

    Listing office SVN | Alliance Commercial Real Estate Advisors Ormond Beach

    Listing date Jul 9, 2024

    Source Crexi

    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

    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.
    • Building features include masonry construction with a steel core, 16' ceiling height, fire sprinkler system, finished office space, open warehouse, storage areas, and 9 restrooms.
    • Divisible building with potential for condominium conversion, out‑parcel development, and drive‑through configurations allows for a wide range of uses.
    • Seller is open to Sale, Lease, or Lease Option.

    Overview

    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.
    Property Profile Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Sweets-N-Eats — 133 n sheridan ave, deland, fl 32720
    • BakeChop Events — 142 N Woodland Blvd, DeLand, FL 32720
    • Gourmet Express Catering — 645 New York Ave W, DeLand, FL 32720

    Location Insight

    • Map
    • Local Demand
    City
    Deland
    County
    Volusia
    State
    Florida
    Longitude
    -81.318827
    Latitude
    29.029509

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    FAQs

    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.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    John Trost, CCIM
    Real Estate License ID: FL BK-0160420
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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