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    2612 Enterprise Rd Orange City, FL 32763

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    2612 Enterprise Rd Orange City, FL 32763

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    • Lifestyle centers
    • 103,999 SF
    • 14.33 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Bealls Outlet / Clothing Store / Outlet Store
    • Home Centric / Home Decor Store / Department Store
    • Bealls Florida / Clothing Store / Home Goods Store

    Property Details for 2612 Enterprise Rd

    Year built
    1990
    Lot size
    14.33 lot acres
    Property size
    103,999 SF
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    Exceptional opportunity to acquire Crown Centre II, a 103,999 square foot, single-story shopping center in Orange City, Florida. This stabilized investment property boasts a 7.28% cap rate and a strong NOI of $1,128,726. Currently 100% occupied by six credit-rated tenants, including AT&T, Bealls, Bealls Outlet | HomeCentric, Babcock Home Furniture, Trulieve, and Amscot Financial, under NNN leases with rent bumps. The property underwent over $2.2 million in renovations in 2023, enhancing its appeal and value. Built in 1990 with additions in 2013, this fee-simple ownership sits on a 14.33-acre lot at 2612 Enterprise Rd, 32763, benefiting from high traffic counts exceeding 55,000 vehicles daily. Its prime location within the area's main retail corridor, shadow-anchored by a Publix Supermarket (which invested over $20 million in a nearby location in 2014), and proximity to major retailers like Target, Lowe's, and Hobby Lobby, ensures consistent demand. Furthermore, its close proximity to AdventHealth Fish Memorial Hospital, a 257-bed acute care facility with a recent $100 million expansion, adds to its strategic value. The property's desirable weighted average lease term and strong tenant mix make it an attractive investment opportunity. Asking price: $15,500,000 ($149.04/sq ft).

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Orange City
    County
    Volusia
    State
    Florida
    Longitude
    -81.2956
    Latitude
    28.9137

    Comparable in this City

    • Value Estimation
      $4,430,000
      37,328 SF

      2751 Enterprise Rd

      MINI-MALL • 37,328 SF
      2751 Enterprise Rd, Orange City, FL 32763-8256
      View Details
    • Value Estimation
      $1,015,000
      8,320 SF

      951 Volusia Ave

      MINI-MALL • 8,320 SF
      951 Volusia Ave, Orange City, FL 32763-4880
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    • Value Estimation
      $20,610,000
      161,349 SF

      985 Harley Strickland Blvd

      MINI-MALL • 161,349 SF
      985 Harley Strickland Blvd, Orange City, FL 32763-7980
      View Details
    • Value Estimation
      $3,765,000
      16,850 SF

      2578 Enterprise Rd, Unit 232

      MINI-MALL • 16,850 SF
      2578 Enterprise Rd, Orange City, FL 32763-7904
      View Details
    • Value Estimation
      $7,205,000
      14,308 SF

      2565 Enterprise Rd

      MINI-MALL • 14,308 SF
      2565 Enterprise Rd, Orange City, FL 32763-8016
      View Details
    • Value Estimation
      $6,785,000
      52,457 SF

      801 Harley Strickland Blvd

      MINI-MALL • 52,457 SF
      801 Harley Strickland Blvd, Orange City, FL 32763-7985
      View Details

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      Orange City Office Space Available

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      Retail space available in neighborhood shopping center with ample parking.
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    Orange City, FL 32763
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    2612 Enterprise Rd, Orange City, FL, 32763

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