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    Property profile & analytics

    424 Luna Bella Ln New Smyrna Beach, FL 32168

    • Retail properties
    • 2,015 SF
    For Lease
    View listing
    $22 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties

    Property Details for 424 Luna Bella Ln

    Year built
    2007
    Property size
    2,015 SF
    Property type
    Retail properties
    Property subtype
    Restaurants

    Description

    This exceptional 2,015-square-foot restaurant/deli space is available for lease in the thriving Venetian Bay Town Center in Volusia County. Built in 2007, this single-tenancy property is zoned PUD and offers unparalleled visibility and accessibility within a rapidly growing residential community. The location boasts prime exposure and benefits from a substantial existing customer base of approximately 2,900 homes within walking distance, with plans for further expansion to over 4,000 homes. Adding to the already strong demographics, 322 new apartments are currently under construction directly across the street, significantly increasing the potential customer pool to an estimated 7,000+. The average household income in the area exceeds $75,000, presenting a highly attractive market for a food service business. The property offers excellent building signage opportunities. The space is currently vacant and ready for immediate occupancy. Estimated common area maintenance (CAM), real estate taxes, and insurance are $7.35 per square foot. Strategically located west of Interstate 95, between Pioneer Trail and State Road 44, just off Airport Road, this property provides convenient access and high visibility for optimal business success.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    New Smyrna Beach
    County
    Volusia
    State
    Florida
    Longitude
    -81.0316
    Latitude
    29.0338

    Comparable in this City

    • Value Estimation by Request
      1,750 SF

      2373 Sr 44

      Restaurants • 1,750 SF
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    • Value Estimation by Request
      1.06 Acres

      1906 Fl-44

      Restaurants • 1.06 Acres
      1906 Fl-44, New Smyrna Beach, FL 32168
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    • Value Estimation by Request

      306 Washington St

      Retail properties
      306 Washington St, New Smyrna Beach, FL 32168
      View Details
    • Value Estimation
      $595,000
      7,436 SF

      2800 Dixie Fwy

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 7,436 SF
      2800 Dixie Fwy, New Smyrna Beach, FL 32168-5776
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    • Value Estimation by Request
      1,681 SF

      502 Dixie Fwy

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 1,681 SF
      502 Dixie Fwy, New Smyrna Beach, FL 32168-6708
      View Details
    • Value Estimation
      $1,965,000
      11,030 SF

      1899 State Rd 44

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 11,030 SF
      1899 State Rd 44, New Smyrna Beach, FL 32168-8342
      View Details

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    Similar Nearby for Lease

    • $22 SF/Yr
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      Venetian Bay Deli Space For Lease

      Prime 2,015 SF Deli, High-Traffic Location
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      Canal Street Mixed-Use Space

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      Prime Retail Condo, Volusia County

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      Prime commercial space in the heart of New Smyrna Beach.
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    New Smyrna Beach, FL 32168
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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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