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Multifamily

Legacy Daytona Suites

209 S Ridgewood Ave, Daytona Beach, FL 32114

Listing Price: $1,400,000

Cap Rate
7.32%
Number of Units
25
Price/Unit
$56,000

Investment Overview

209 S Ridgewood is a 3-story rental property built in 1915 featuring fourteen (14) one bedroom/one bathroom floorplans and 11 studio-style units. The property has high historical occupancy and very dependable cash flow, with nearly 50% of the tenants being there for over 3 years and some longer than 7 years. Recent improvements made by the current owner include fully renovated dormitory-style hallway bathrooms on the 1st and 3rd floors; new storage shed in the back of the property; grilling area with pavilion and ice vending machine as resident amenities; added kitchenettes in the majority of the units which includes sinks, cabinets, and in some cases mini-fridges. An on-site laundry facility generates additional income and there are two one bed/one bath units currently being renovated which will be available for rent at $800/month after completion. Legacy Daytona Suites offers attractive cash-flow returns at takeover with many long-term paying tenants, with the value-add potential to add several individual unit bathrooms in existing common area space and capture rent upside with conversion of studios to one bedroom/one bathroom floorplans.

Investment Highlights

  • All Tenants on 12 Month Initial Term Lease Agreements
  • History of High Occupancy & Very Dependable Cash Flow
  • Current Owner Added Kitchenettes With Sinks, Cabinets, and Mini-Fridges in Majority of Units; Desirable Property Amenities Added as well
  • Full Alarm & Sprinkler Fire Protection & Monitoring
  • Located Only 1,000 Feet From International Speedway Boulevard
  • Less Than 1.5 Miles to World's Most Famous Daytona Beach
  • Numerous Top Retailers in 3 Mile Radius

Exclusively Listed By

Listing Price: $1,400,000

Cap Rate
7.32%
Number of Units
25
Price/Unit
$56,000

Investment Highlights

  • All Tenants on 12 Month Initial Term Lease Agreements
  • History of High Occupancy & Very Dependable Cash Flow
  • Current Owner Added Kitchenettes With Sinks, Cabinets, and Mini-Fridges in Majority of Units; Desirable Property Amenities Added as well
  • Full Alarm & Sprinkler Fire Protection & Monitoring
  • Located Only 1,000 Feet From International Speedway Boulevard
  • Less Than 1.5 Miles to World's Most Famous Daytona Beach
  • Numerous Top Retailers in 3 Mile Radius

Investment Overview

209 S Ridgewood is a 3-story rental property built in 1915 featuring fourteen (14) one bedroom/one bathroom floorplans and 11 studio-style units. The property has high historical occupancy and very dependable cash flow, with nearly 50% of the tenants being there for over 3 years and some longer than 7 years. Recent improvements made by the current owner include fully renovated dormitory-style hallway bathrooms on the 1st and 3rd floors; new storage shed in the back of the property; grilling area with pavilion and ice vending machine as resident amenities; added kitchenettes in the majority of the units which includes sinks, cabinets, and in some cases mini-fridges. An on-site laundry facility generates additional income and there are two one bed/one bath units currently being renovated which will be available for rent at $800/month after completion. Legacy Daytona Suites offers attractive cash-flow returns at takeover with many long-term paying tenants, with the value-add potential to add several individual unit bathrooms in existing common area space and capture rent upside with conversion of studios to one bedroom/one bathroom floorplans.

Exclusively Listed By

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