INDUSTRIAL WAREHOUSE 405 N Charles St 37,175 SF 35% Leased Industrial Building Daytona Beach, FL 32114 $4,100,000 ($110.29/SF) 5.39% Cap Rate

Apex Capital Realty is proud to present 405 N Charles Street, a versatile multi-bay industrial asset ideally positioned in the heart of Daytona Beach. The property offers direct frontage along George W Engram Blvd/Fairview Avenue, providing immediate access to the Boardwalk, Main Street Pier, and one of the area’s most active commercial corridors.
The asset consists of a 37,125-square-foot warehouse situated on an oversized 3.45-acre (150,265 SF) lot, offering a highly functional layout with a low site coverage ratio. Originally constructed in 1970, the building is configured into five bays and features nine grade-level loading doors, 16-foot clear heights, and approximately 10% office buildout per bay. The property is currently 82% occupied, with four tenants occupying approximately 30,850 square feet.
405 N Charles Street presents a compelling value-add opportunity, priced below comparable sales and offering inplace cash flow with significant near-term upside. The property is currently generating approximately $221,000 in net operating income, with multiple tenants paying below-market rents and three leases rolling within the next 12 months, providing a clear path to mark rents to market and stabilize the asset.
Upon lease-up of the remaining vacancy, increases in the current rent roll and repositioning rents to approximately $11.50/SF NNN, the property is projected to achieve a stabilized cap rate of 10.59%, representing a meaningful increase in income within a short-term hold.
Overall, the property represents a well located industrial asset with strong fundamentals, combining in-place income, below-market rents, near-term rollover, and an oversized site that supports tenant demand, all at a basis below comparable sales.