Multifamily
Double Eagle Apartments
1050 Wayne Ave, New Smyrna Beach, FL 32168
Listing Price: $6,700,000
Cap Rate
5.47%
Number of Units
37
Price/Unit
$181,081
Price/Gross SF
$165.28
Gross SF
40,538
Investment Overview
A 37-unit Class B community located in New Smyrna Beach, FL
Double Eagle Apartments
Investment Highlights
- A 37-unit Class B community located in New Smyrna Beach, FL
- Seller has a Fannie Mae loan that must be assumed by the new buyer. The loan has eight years remaining on the term with two years left of IO payments at a 4.9% interest rate
- Ability to achieve north of a 6.25% cap rate by year two after bringing rents up to market levels with little capital infusion required
- Ability to increase NOI over $100,000 in 24 months
- Favorable mix of 2- and 3-bedroom units with an average unit size of over 1,100 square feet
- Buildings received substantial interior and exterior improvements in 2019. This includes but is not limited to tile or luxury vinyl plank flooring in some units, new exterior paint, new roofs, updated plumbing and new HVACs
- Space to build additional units on-site
- Located directly across the street from the New Smyrna Beach Golf Course
Exclusively Listed By
Listing Price: $6,700,000
Cap Rate
5.47%
Number of Units
37
Price/Unit
$181,081
Price/Gross SF
$165.28
Gross SF
40,538
Investment Highlights
- A 37-unit Class B community located in New Smyrna Beach, FL
- Seller has a Fannie Mae loan that must be assumed by the new buyer. The loan has eight years remaining on the term with two years left of IO payments at a 4.9% interest rate
- Ability to achieve north of a 6.25% cap rate by year two after bringing rents up to market levels with little capital infusion required
- Ability to increase NOI over $100,000 in 24 months
- Favorable mix of 2- and 3-bedroom units with an average unit size of over 1,100 square feet
- Buildings received substantial interior and exterior improvements in 2019. This includes but is not limited to tile or luxury vinyl plank flooring in some units, new exterior paint, new roofs, updated plumbing and new HVACs
- Space to build additional units on-site
- Located directly across the street from the New Smyrna Beach Golf Course
Investment Overview
A 37-unit Class B community located in New Smyrna Beach, FL
Exclusively Listed By
