New Flex Building with Dual
For Sale
$765,000
96 FRED WATERS Way, St Augustine, FL 32084
Commercial Sale, St. Augustine, FL
Property Size2,080 SF
Lot Size0.19 Acres
Price / SF$367.79
Days on Market339
Property Features for 96 FRED WATERS Way
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning description
Industrial
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 1, Bathroom 2
Parking features
Parking Lot, Gated
Lot features
Few Trees, Sprinklers In Front, Sprinklers In Rear
Directions
From I-95, exit east on SR-16, turn right at Four Mile Rd, turn left on W King St (CR 214), turn left on Palmer St, turn left on Fred Waters Way, property is on your right
Subdivision
336-Ravenswood/West Augustine
Standard status
Active
APN
1046700000
Size
2,080 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3228
Utilities
Sewer type
Public Sewer
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Amenities
rolling entrance gate
well irrigation
Building Details
Year built
2025
Floors in Building
2
Flooring type
Laminate, Concrete
Building materials
Block
Roof type
Shingle
Listing Agency:
KELLER WILLIAMS REALTY ATLANTIC PARTNERS ST. AUGUSTINE
(904) 797-7442
Listed By:
JOSHUA FRENCH
(386) 882-7071
Added: Nov 20, 2025
Changed: Oct 19
Last Checked: Oct 25 at 9:06PM
MLS# 2118792
Copyright © 2026 realMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 2025 flex property comprises 2,080 square feet on a 0.19-acre parcel. Block construction, concrete and laminate flooring, a shingle roof, and a gated parking area support a practical commercial layout. Two motorized roll-up doors serve the warehouse areas, while separate entrances and dual electrical meters allow the building to function as two independently serviced units.
The primary unit includes a ground-floor office, kitchen, bathroom, and an upper-level office suite with a private bath. The secondary unit provides additional warehouse space and a half bath. Public water and public sewer serve the property, which is currently listed as under construction. The site is less than 10 minutes from downtown St. Augustine and under 15 minutes from I-95.
The primary unit includes a ground-floor office, kitchen, bathroom, and an upper-level office suite with a private bath. The secondary unit provides additional warehouse space and a half bath. Public water and public sewer serve the property, which is currently listed as under construction. The site is less than 10 minutes from downtown St. Augustine and under 15 minutes from I-95.
Key Highlights
- 2,080 SF flex property on a 0.19‑acre parcel
- 2025 block‑constructed building with two motorized roll‑up bay doors
- Dual electrical meters and separate entrances support two independently serviced units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,128
Cap Rate
3.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$582,560
$582.6K
Cap Rate 7%
$416,114
$416.1K
Cap Rate 9%
$323,644
$323.6K
Market Conditions
NOI Build-Up for 2,080 SF
Gross rent
$49.9K $24.00/SF
− Vacancy
−$11.1K −$5.33/SF
EGI
$38.8K $18.67/SF
− OpEx
−$9.7K −$4.67/SF
NOI
$29.1K $14.00/SF
Area
St. Johns County, FL
Vacancy
22.20%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$582,560
Cap Rate 7%
$416,114
Cap Rate 9%
$323,644
Alternative Uses
Best Use
Office B
$416.1K
$364.1K – $485.5K
NOI $29,128 @ 7.0% cap · market cap 3.81%
Second Best
Warehouse
$254.9K
$223.1K – $297.4K
NOI $17,844 @ 7.0% cap · market cap 2.33%
Theoretical Best
Office A
$554.8K
$485.5K – $647.3K
NOI $38,838 @ 7.0% cap · market cap 5.08%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
1
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
591
Businesses Nearby
Under-served
Demand for This Use
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Business Placement
Demographics for 32084, FL
34,526
Population
17,839
Households
1.9
Avg Household Size
45
Median Age
32%
College-Educated
91%
High-School Grad
45.1 sq mi
ZIP Area
766
Density / Sq Mi
$72,965
Median Household Income
$38,611
Median Earnings
$1,534
Median Rent
$295,000
Median Home Value
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Market
Vacancy Rate% for Office in South region
Similar Off Market Nearby
- Verdell’s Total Package DBA Verdell’S Cooking & Catering — 761 W King St, St. Augustine, FL 32084
- East Coast Catering & Events — 215 W King St, St. Augustine, FL 32084
Frequently Asked Questions
What type of property is this?
Flex space - Block construction combines warehouse space, offices, separate entrances, and independently serviced unit potential.
Where is this flex space located?
The property is located at 96 FRED WATERS Way St Augustine, FL.
What is the asking price?
The asking price for this property is $765,000.
What are key features of this property?
This property features: 2,080 SF flex property on a 0.19‑acre parcel; 2025 block‑constructed building with two motorized roll‑up bay doors; Dual electrical meters and separate entrances support two independently serviced units
