Remodeled Storage Facility with
For Sale
Contact for pricing
1018 Cutters Way, South Daytona, FL 32119
Storage facility with apartments, cabinet shop, and owner financing.
Property Size4,926 SF
Price / SF$157.33
Days on Market742
Property Features for 1018 Cutters Way
General Information
Standard status
Active
Size
4,926 SF
Property subtype
Office, Retail, Industrial, Mixed Use, Special Purpose, Multifamily, Business for Sale
Zoning
BHC
Lease Type
Gross
Net Operating Income
$93,600
Building Details
Year Built
1977
Year Renovated
2024
Buildings
3
Stories
2
Units
16
Tenancy
Multi
Listing Agency:
Ray Joy Realty LLC
(386) 401-1000
Listed By:
Ray Joy · License #FL
Source:
Crexi
Added: Aug 20, 2024
Changed: Aug 22
Last Checked: Aug 29 at 8:22PM
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 Ray Joy Realty LLC
Investment Insights
Based on property information with market context.
This property features a storage facility with 16 units, accompanied by two apartments—one efficiency and one three-bedroom unit. The property has been fully remodeled, incorporating granite countertops, new appliances, new air conditioning, new water heaters, a metal roof, and updated bathrooms. Additionally, there is a cabinet making shop with a permanent tenant. The property is zoned BHC Business Heavy Commercial. At full capacity, the property generates an income of $7650+ per month. The storage units are reported to be 95% occupied with a waiting list. Owner financing is available. The total property size is 4926 square feet.
Key Highlights
- Turnkey storage facility operation with owner financing available.
- High occupancy rate (95%) with a waiting list showing strong demand.
- Significant monthly income potential of $7650+ at full capacity.
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
$48,620
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
6.27%
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%
$972,400
$972.4K
Cap Rate 7%
$694,571
$694.6K
Cap Rate 9%
$540,222
$540.2K
Market Conditions
NOI Build-Up for 4,926 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
$73.9K $15.00/SF
− Vacancy
−$4.4K −$0.90/SF
EGI
$69.5K $14.10/SF
− OpEx
−$20.8K −$4.23/SF
NOI
$48.6K $9.87/SF
Area
Volusia County, FL
Vacancy
6.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$972,400
Cap Rate 7%
$694,571
Cap Rate 9%
$540,222
Alternative Uses
Best Use
Self Storage
$694.6K
$607.8K – $810.3K
NOI $48,620 @ 7.0% cap · market cap 6.27%
Second Best
Apartment 5plus
$536.2K
$469.2K – $625.6K
NOI $37,536 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$1.45M
$1.27M – $1.69M
NOI $101,673 @ 7.0% cap · market cap 13.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
408
Businesses Nearby
Explore this area
Business Placement
Demographics for 32119, FL
22,498
Population
12,629
Households
1.8
Avg Household Size
50
Median Age
27%
College-Educated
91%
High-School Grad
7.8 sq mi
ZIP Area
2,884
Density / Sq Mi
$53,795
Median Household Income
$37,675
Median Earnings
$1,371
Median Rent
$215,200
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Self storage facility - Storage facility with apartments, cabinet shop, and owner financing.
Where is this self storage facility located?
The property is located at 1018 Cutters Way South Daytona, FL.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Turnkey storage facility operation with owner financing available.; High occupancy rate (95%) with a waiting list showing strong demand.; Significant monthly income potential of $7650+ at full capacity.
