OLD KINGS PLAZA
Adaptive Multi-Use Opportunity | $182 PSF | Submarket Vacancy 1.3% | 3m Avg. HH $91K
Marketing description
Marcus & Millichap’s TC Retail Group is pleased to present the opportunity to acquire a recently vacant 16,441-square-foot multi-use commercial property situated on 2.00 acres at 250 Old Kings Road South in Flagler Beach. Offered at $182.17/SF, below replacement cost, the property presents a rare opportunity to acquire a sizeable commercial asset in one of Flagler County’s growing coastal corridors. Originally developed in 2006 and offered for sale by the original developer for the first time since construction, the property features a flexible layout that can accommodate a single user or multi-tenant configuration for medical, childcare, education, wellness, office, retail, or other service-oriented uses.
Based on a conservative stabilized rent assumption of $15.00/SF NNN, the property is projected to generate approximately $246,615 in stabilized NOI, resulting in an estimated 8.23% pro forma cap rate, while current market rents average approximately $20.32/SF according to CoStar, providing additional upside potential. Strategically positioned near East Highway 100 and Interstate 95, the site benefits from combined traffic counts exceeding 100,000 vehicles per day, strong surrounding demographics, and proximity to national retailers including Publix, Aldi, Starbucks, Chipotle, Wawa, BJ’s Wholesale Club, AdventHealth, and more. The surrounding market continues to experience strong residential growth, with over 59,144 residents within a five-mile radius and average household incomes exceeding $91,818 within three miles.
Investment highlights
• Vacant Value-Add Opportunity: Offered vacant, the property provides investors or owner-users with immediate flexibility to pursue lease-up, repositioning, multi-tenant conversion, or owner-user occupancy for a wide range of commercial uses.
• Below Replacement Cost Pricing: Offered at $182.17/SF, the property presents an attractive opportunity to acquire a sizeable commercial asset at pricing well below today’s estimated replacement cost.
• Flexible Multi-Use Layout: The 16,441-square-foot building can accommodate a single occupant or be divided into multiple suites, making it ideal for medical, childcare, education, wellness, office, retail, therapy, or service-oriented users.
• Strong Stabilized Income Potential: Based on a conservative stabilized rent assumption of $15.00/SF NNN, the property is projected to generate approximately $246,615 in stabilized NOI, resulting in an estimated 8.23% pro forma cap rate.
• Market Rents Above Pro Forma Assumptions: Current market rents average approximately $20.32/SF according to CoStar, providing meaningful upside potential through future lease-up and rent growth.
• Limited Area Competition: The surrounding market maintains a low 4.4% overall vacancy rate, while the immediate submarket vacancy sits at just 1.3%, highlighted by the fully occupied retail center adjacent to the property.
• Strategic Regional Location: Positioned along Old Kings Road near East Highway 100 and just minutes from Interstate 95, the property benefits from combined traffic counts exceeding 100,000 vehicles per day between I-95 and Highway 100.
• Growing Coastal Demographics: The population within a 5-mile radius exceeds 59,144 residents with projected annual growth of 4–5%, while average household incomes within a 3-mile radius exceed $91,818.
• Rare First-Time Offering: Originally developed in 2006, the property is being offered for sale by the original developer for the first time since construction.
• Ample Parking & Functional Site Design: Situated on 2.00 acres, the property features strong site functionality, convenient access, and ample parking for a variety of commercial uses.
• Unique Indoor Swimming Pool Amenity: The property includes an indoor swimming pool, creating a specialized feature attractive to childcare, therapy, wellness, recreation, or aquatic-based operators.
• Surrounded by National Retailers & Demand Drivers: Nearby retailers and businesses include Publix, Aldi, Starbucks, Chipotle, Wawa, PetSmart, BJ’s Wholesale Club, AdventHealth, RaceTrac, Popeyes, Ace Hardware, Tire Outlet, Olive Garden, and more, supporting strong long-term commercial demand within the corridor.
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