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Multifamily

South Daytona Apartments

1648 S Palmetto Ave, South Daytona, FL 32119

Listing Price: $5,575,000

Cap Rate
5.58%
Number of Units
56
Price/Unit
$99,554
Price/Gross SF
$108.24
Gross SF
51,508

Investment Overview

56-unit community located in South Daytona built of concrete block construction Located ten minutes from Embry Riddle University and Daytona State College

Investment Highlights

  • Ability to achieve a more than 22% 10-year IRR via implementation of unit-interior renovations and increasing NOI by over 50%
  • Unrenovated comparable properties located on the same street commanding $90-130 more than subject property
  • Recent capital improvements include replacement of all eight roofs in the last five years, recently resealed and restriped parking lot, installation of new gutter system and soffits throughout
  • Frontage to major thoroughfare U.S. Route 1 which sees 23,500 vehicles per day
  • Situated one block from Halifax River (property is not in a flood zone)
  • On-site laundry facility and leasing office
  • Attractive unit mix of 77% two-bedroom units with large floor plans averaging over 900 square feet
  • Located just minutes from Daytona International Speedway, Volusia Mall, Beaches and Downtown Daytona

Exclusively Listed By

Listing Price: $5,575,000

Cap Rate
5.58%
Number of Units
56
Price/Unit
$99,554
Price/Gross SF
$108.24
Gross SF
51,508

Investment Highlights

  • Ability to achieve a more than 22% 10-year IRR via implementation of unit-interior renovations and increasing NOI by over 50%
  • Unrenovated comparable properties located on the same street commanding $90-130 more than subject property
  • Recent capital improvements include replacement of all eight roofs in the last five years, recently resealed and restriped parking lot, installation of new gutter system and soffits throughout
  • Frontage to major thoroughfare U.S. Route 1 which sees 23,500 vehicles per day
  • Situated one block from Halifax River (property is not in a flood zone)
  • On-site laundry facility and leasing office
  • Attractive unit mix of 77% two-bedroom units with large floor plans averaging over 900 square feet
  • Located just minutes from Daytona International Speedway, Volusia Mall, Beaches and Downtown Daytona

Investment Overview

56-unit community located in South Daytona built of concrete block construction Located ten minutes from Embry Riddle University and Daytona State College

Exclusively Listed By

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