Former Bank with Drive-Thru
For Sale
Contact for pricing
201 S Nova Rd, Ormond Beach, FL 32174
5,060 SF former bank with three drive-thru lanes.
Property Size5,060 SF
Price / SF$494.07
Days on Market1532
Property Features for 201 S Nova Rd
General Information
Standard status
Active
Size
5,060 SF
Property subtype
Retail
Zoning
B-8
Building Details
Buildings
1
Stories
1
Units
1
Listing Agency:
SVN | Alliance Commercial Real Estate Advisors Ormond Beach
(386) 999-1762
Listed By:
Michael Baxter · License #SL3451680
Source:
Crexi
Added: May 31, 2022
Changed: Aug 8
Last Checked: May 19 at 9:17PM
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 5,060 square foot commercial property, formerly a bank, and includes three drive-thru lanes. A large monument sign is located on high-traffic Nova Road. The property is situated across the street from a Dunkin' location and is less than half a mile south of Granada Boulevard, and approximately three miles from I-95.
Key Highlights
- High‑traffic location on Nova Road with large monument sign.
- Former bank building with three drive‑thru lanes.
- 5,060 SF 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
$76,838
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
3.07%
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%
$1,536,760
$1.5M
Cap Rate 7%
$1,097,686
$1.1M
Cap Rate 9%
$853,756
$853.8K
Market Conditions
NOI Build-Up for 5,060 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
$111.1K $21.96/SF
− Vacancy
−$8.7K −$1.71/SF
EGI
$102.5K $20.25/SF
− OpEx
−$25.6K −$5.06/SF
NOI
$76.8K $15.19/SF
Area
Volusia County, FL
Vacancy
7.80%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$1,536,760
Cap Rate 7%
$1,097,686
Cap Rate 9%
$853,756
Alternative Uses
Best Use
Specialty Retail
$1.10M
$960.5K – $1.28M
NOI $76,838 @ 7.0% cap · market cap 3.07%
Second Best
Retail
$680.8K
$595.7K – $794.3K
NOI $47,658 @ 7.0% cap · market cap 1.91%
Theoretical Best
Office A
$1.49M
$1.31M – $1.74M
NOI $104,438 @ 7.0% cap · market cap 4.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
707
Businesses Nearby
94k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 62%
Superstores 21%
Shops & Services 13%
Electronics 4%
McDonald's
Dining
29,125 visits/mo
0.5 miles
Big Lots
Superstores
19,676 visits/mo
0.5 miles
Dunkin' Donuts
Dining
13,896 visits/mo
0.1 miles
Dollar Tree
Shops & Services
6,873 visits/mo
0.4 miles
Einstein Bros Bagels
Dining
5,921 visits/mo
0.5 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - 5,060 SF former bank with three drive-thru lanes.
Where is this bank located?
The property is located at 201 S Nova Rd Ormond Beach, FL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: High‑traffic location on Nova Road with **large monument sign.**; Former bank building with **three drive‑thru lanes.**; 5,060 SF building.
