Spa and Wellness Commercial
For Sale
$430,000
B114-101 Palm Harbor Pkwy, Palm Coast, FL 32137
Existing treatment rooms and support areas accommodate wellness, medical, and professional office uses subject to approvals.
Property Size1,125 SF
Price / SF$382.22
Days on Market35
Property Features for B114-101 Palm Harbor Pkwy
General Information
Standard status
Active
Size
1,125 SF
Additional Details
Asking Price
$430,000
Highway Access
Yes
Building Details
Tenancy
Single
Listing Agency:
Realty Pros Commercial
(386) 295-6855
Listed By:
Briana Quinones
(386) 295-6855
Source:
Exprealty
Added: Jul 23
Changed: Aug 21
Last Checked: Aug 25 at 11:21AM
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 Realty Pros Commercial
Investment Insights
Based on property information with market context.
This 1,125 SF commercial condominium is configured as an operating spa with six private treatment rooms, including a double room with storefront frontage. The suite also contains one restroom and a combined storage and office area. Its existing layout is suited to spa, wellness, massage, chiropractic, aesthetics, medical, and professional office operations, with retail or restaurant conversion subject to approvals.
The property is located at B114-101 Palm Harbor Pkwy within European Village, a mixed-use destination with restaurants, boutiques, live entertainment, festivals, farmers markets, and nightlife. Residential condominiums, including units used for short-term rentals, are also part of the surrounding setting. Access to I-95, the Intracoastal Waterway, and Flagler beaches adds to the property's regional connectivity.
The property is located at B114-101 Palm Harbor Pkwy within European Village, a mixed-use destination with restaurants, boutiques, live entertainment, festivals, farmers markets, and nightlife. Residential condominiums, including units used for short-term rentals, are also part of the surrounding setting. Access to I-95, the Intracoastal Waterway, and Flagler beaches adds to the property's regional connectivity.
Key Highlights
- 1,125 SF commercial condominium in European Village
- Six private treatment rooms, including a double room with storefront frontage
- Existing spa configuration with one restroom and storage/office area
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
$15,731
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
3.66%
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%
$314,620
$314.6K
Cap Rate 7%
$224,729
$224.7K
Cap Rate 9%
$174,789
$174.8K
Market Conditions
NOI Build-Up for 1,125 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
$29.3K $26.04/SF
− Vacancy
−$3.1K −$2.73/SF
EGI
$26.2K $23.31/SF
− OpEx
−$10.5K −$9.32/SF
NOI
$15.7K $13.98/SF
Area
Flagler County, FL
Vacancy
10.50%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
40.00%
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%
$314,620
Cap Rate 7%
$224,729
Cap Rate 9%
$174,789
Alternative Uses
Best Use
Healthcare Medical
$224.7K
$196.6K – $262.2K
NOI $15,731 @ 7.0% cap · market cap 3.66%
Second Best
Office B
$186.2K
$162.9K – $217.2K
NOI $13,031 @ 7.0% cap · market cap 3.03%
Theoretical Best
Office A
$270.3K
$236.6K – $315.4K
NOI $18,924 @ 7.0% cap · market cap 4.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
256
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32137, FL
46,258
Population
24,717
Households
1.9
Avg Household Size
57
Median Age
37%
College-Educated
95%
High-School Grad
62.4 sq mi
ZIP Area
741
Density / Sq Mi
$78,731
Median Household Income
$42,249
Median Earnings
$1,790
Median Rent
$360,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Similar Off Market Nearby
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- YourChiro - Palm Coast — 250 Palm Coast Pkwy NE UNIT 504, Palm Coast, FL 32137
- East West Massage and Bodywork — 1 Florida Park Dr N #203, Palm Coast, FL 32137
- One Love Nutrition Of Palm Coast — 1 Florida Park Dr N 105 C, Palm Coast, FL 32137
Frequently Asked Questions
What type of property is this?
Spa & wellness property - Existing treatment rooms and support areas accommodate wellness, medical, and professional office uses subject to approvals.
Where is this spa & wellness property located?
The property is located at B114-101 Palm Harbor Pkwy Palm Coast, FL.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: 1,125 SF commercial condominium in European Village; Six private treatment rooms, including a double room with storefront frontage; Existing spa configuration with one restroom and storage/office area
