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 Market294
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 2, Bathroom 3, Bathroom 1
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: Sep 8
Last Checked: Sep 10 at 5:06PM
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.
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 = 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
$29,128
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
3.81%
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%
$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
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
$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 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%
$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.
Property Analytics
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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
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
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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
