Flex Property with Secure
For Sale
$1,350,000
974 S Nova Road, Ormond Beach, FL 32174
Commercial Sale, Ormond Beach, FL
Property Size5,650 SF
Lot Size0.89 Acres
Price / SF$238.94
Days on Market192
Property Features for 974 S Nova Road
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Parking Lot, Secured, Garage
Security features
Security System
Fencing
Chain Link
Lot features
Cleared
Directions
From Granada Blvd (Rte 40), go South. Go past the light at Fleming Ave and the building will be on the right.
Subdivision
42 - LPGA to Granada, W of Nova & E of 95
Standard status
Active
APN
4242-04-06-0213
Size
5,650 SF
Lot size
0.89 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
N 100 FT OF S 200 FT N OF ARROYA PKWY W OF NOVA RD LOT 21 BLK 6 FLEMING FITCH GRANT MB 1 PG 1 PER OR 1810 PG 300 PER OR 6842 PG 0905 PER OR 6960 PG 1016 PER OR 7155 PG 1802
Tax Annual Amount
6867
Legal Description
N 100 FT OF S 200 FT N OF ARROYA PKWY W OF NOVA RD LOT 21 BLK 6 FLEMING FITCH GRANT MB 1 PG 1 PER OR 1810 PG 300 PER OR 6842 PG 0905 PER OR 6960 PG 1016 PER OR 7155 PG 1802
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating), Central
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Amenities
employee breakroom
executive area
walk-in vault
Building Details
Year built
1976
Floors in Building
2
Flooring type
Tile
Building materials
Block
Listing Agency:
Adams, Cameron & Co., Realtors
(386) 673-2100
Listed By:
Toni Wright
(386) 290-5146
Added: Mar 20
Changed: Sep 12
Last Checked: Sep 27 at 8:06AM
MLS# 1224399
Copyright © 2026 Daytona Beach Area Association of Realtors. 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 concrete-block flex property at 974 S Nova Road includes approximately 5,650 square feet arranged as 3,350 square feet of high-clearance warehouse space and 2,300 square feet of climate-controlled offices. Built in 1976, the facility includes a freestanding walk-in vault, custom woodworking, a dedicated employee breakroom, and a second-story executive area. Interior framing is in place for additional private offices. Tile flooring, central air, central electric heating, ceiling fans, and secured parking are among the existing improvements.
The site covers 0.89 acres in Ormond Beach and provides drive-through circulation with separate access points from S Nova Road and Arroyo Parkway. A 20,000-square-foot fenced and cleared yard occupies the rear of the building. The yard is identified for distribution, boat storage, or RV parking as permitted by right. Public water and septic service support the property, and chain-link fencing encloses the secured exterior area.
The site covers 0.89 acres in Ormond Beach and provides drive-through circulation with separate access points from S Nova Road and Arroyo Parkway. A 20,000-square-foot fenced and cleared yard occupies the rear of the building. The yard is identified for distribution, boat storage, or RV parking as permitted by right. Public water and septic service support the property, and chain-link fencing encloses the secured exterior area.
Key Highlights
- Approximately 5,650 square feet total: 3,350 square feet of warehouse and 2,300 square feet of office space
- 20,000‑square‑foot cleared, fenced, secured yard
- Freestanding walk‑in vault remains within the facility
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
$84,665
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%
$1,693,300
$1.7M
Cap Rate 7%
$1,209,500
$1.2M
Cap Rate 9%
$940,722
$940.7K
Market Conditions
NOI Build-Up for 5,650 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
$122.0K $21.60/SF
− Vacancy
−$9.2K −$1.62/SF
EGI
$112.9K $19.98/SF
− OpEx
−$28.2K −$5.00/SF
NOI
$84.7K $14.99/SF
Area
Volusia County, FL
Vacancy
7.50%
Lease Rate
$21.60 /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%
$1,693,300
Cap Rate 7%
$1,209,500
Cap Rate 9%
$940,722
Alternative Uses
Best Use
Office B
$1.21M
$1.06M – $1.41M
NOI $84,665 @ 7.0% cap · market cap 6.27%
Second Best
Flex RnD
$910.2K
$796.4K – $1.06M
NOI $63,712 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$1.67M
$1.46M – $1.94M
NOI $116,616 @ 7.0% cap · market cap 8.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
522
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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
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 - Concrete-block facility combines warehouse capacity, climate-controlled offices, and a freestanding walk-in vault.
Where is this flex space located?
The property is located at 974 S Nova Road Ormond Beach, FL.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Approximately 5,650 square feet total: 3,350 square feet of warehouse and 2,300 square feet of office space; 20,000‑square‑foot cleared, fenced, secured yard; Freestanding walk‑in vault remains within the facility
