Old Kings Plaza 2 Retail Properties Offered at $4,327,352 CAD in Flagler Beach, FL

Marcus & Millichap is pleased to present the exclusive opportunity to acquire Old Kings Plaza, a
15,000-square-foot neighborhood retail center located in Flagler Beach, Florida. Built in 2005 and situated on
1.84 acres, the property consists of two single-story stucco buildings with excellent visibility along Old Kings
Road, just off State Road 100 and Interstate 95. The plaza is 100 percent occupied across eight suites, providing investors with immediate in-place cash flow in one of Florida’s fastest-growing coastal markets.
Old Kings Plaza presents a compelling mark-to-market opportunity, with in-place rents averaging approximately $13.75 per square foot NNN, well below the CoStar-reported submarket average of $19.67 per square foot NNN. This gap represents more than 40 percent upside potential through re-leasing and renewals. Given the existing tenant base and portfolio of lease expirations, the property is well positioned to capture substantial rental growth and drive value creation over time.
A key differentiator for this offering is the seller’s willingness to provide owner financing at a 5.5% interest rate with 35 percent down, Interest Only, offering a rare path to acquisition without depending entirely on conventional debt. This structure enables a strong leveraged return profile, with a 8.45 percent cash-on-cash yield in Year 1, rising to 9.69 percent in Year 2. In a market where traditional underwriting is tightening, this ease of financing significantly enhances investment flexibility and certainty.
The property further benefits from favorable fundamentals, robust traffic exposure, and a powerful development tailwind. Located just under a half-mile from I-95, the site sees over 26,000 vehicles per day on Moody Boulevard and more than 93,000 on I-95. Palm Coast currently has 18,883 residential units in various stages of the pipeline—as of April 2025—with over 13,300 units having final plat or site plan approval and thus able to be built immediately. With continued population growth projected, this wave of new rooftops will generate long-term demand for neighborhood service, retail, and convenience-anchored tenants—making Old Kings Plaza a compelling asset for both income and upside.