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Office

Park Plaza

533 N Nova Rd, Ormond Beach, FL 32174

Listing Price: $2,500,000

Cap Rate
6.62%
Gross SF
40,216
Rentable SF
32,969
Price/Gross SF
$62.16
Lot Size
2.23 acres
Year Built
1983

Investment Overview

Marcus & Millichap is pleased to present a 32,000+sf office plaza in the Fun Coast of Florida, also – one of the most popular and highly rated tourist destinations in the United State. Park Plaza provides an excellent opportunity for a dedicated value-add investor to come in and immediately make an impact through lease up of vacant units. Current leases are gross-modified and below market rent, which also provides an opportunity. The nearly 33,000 sf building is listed at about $75 per square foot, priced below the replacement cost for the building. The property is located on a major artery in Ormond Beach, Florida with easy access to I-95, US-1, and Highway 40. The property has frontage on Nova Road which has daily traffic of 25,500 VPD. This property is a value-add investors dream property, with multiple avenues to explore to maximize the investment return.

Investment Highlights

  • Excellent Value-Add Opportunity!
  • Priced At Below Replacement Cost ($75 Per Square Foot)!
  • Located on a Main Artery of Ormond Beach!

Exclusively Listed By

Financing By

Listing Price: $2,500,000

Cap Rate
6.62%
Gross SF
40,216
Rentable SF
32,969
Price/Gross SF
$62.16
Lot Size
2.23 acres
Year Built
1983

Investment Highlights

  • Excellent Value-Add Opportunity!
  • Priced At Below Replacement Cost ($75 Per Square Foot)!
  • Located on a Main Artery of Ormond Beach!

Investment Overview

Marcus & Millichap is pleased to present a 32,000+sf office plaza in the Fun Coast of Florida, also – one of the most popular and highly rated tourist destinations in the United State. Park Plaza provides an excellent opportunity for a dedicated value-add investor to come in and immediately make an impact through lease up of vacant units. Current leases are gross-modified and below market rent, which also provides an opportunity. The nearly 33,000 sf building is listed at about $75 per square foot, priced below the replacement cost for the building. The property is located on a major artery in Ormond Beach, Florida with easy access to I-95, US-1, and Highway 40. The property has frontage on Nova Road which has daily traffic of 25,500 VPD. This property is a value-add investors dream property, with multiple avenues to explore to maximize the investment return.

Exclusively Listed By

Financing By

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