Eight-Unit Apartment Building with
For Sale
$549,900
1202 Ridgewood Avenue, Daytona Beach, FL 32117
Residential Income, Daytona Beach, FL
Property Size2,112 SF
Price / SF$260.37
Days on Market23
Property Features for 1202 Ridgewood Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Condominium
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 6, Bathroom 4, Bathroom 7, Bathroom 2, Bathroom 8, Bathroom 5, Bathroom 1, Bathroom 3
Parking features
Assigned, Parking Lot
Pool private
1
Appliances
Refrigerator
Subdivision
Mapleleaf Gardens Condo Motel
Lot features
Cleared
View
City
Directions
from 95 and LPGA, head east bound on LPGA until the intersection of LPGA and Ridgewood Ave, turn left onto Ridgewood Ave, the complex will be on the left hand side.
Standard status
Active
APN
424288001340
Size
2,112 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
UNIT 134 MAPLELEAF GARDENS CONDO MOTEL PER OR 2490 PG 1677 PER OR 4579 PG 0513 PER OR 6291 PG 0800 PER OR 7156 PG 2688 PER OR 7167 PG 3605 PER OR 7167 PGS 3607-3609 INC PER OR 7946 PG 3775 PER OR 8245 PG 0601 PER OR 8263 PG 4925 PER OR 8373 PG 2476
Tax Annual Amount
4619
HOA Fee
$2,800 Monthly
Legal Description
UNIT 134 MAPLELEAF GARDENS CONDO MOTEL PER OR 2490 PG 1677 PER OR 4579 PG 0513 PER OR 6291 PG 0800 PER OR 7156 PG 2688 PER OR 7167 PG 3605 PER OR 7167 PGS 3607-3609 INC PER OR 7946 PG 3775 PER OR 8245 PG 0601 PER OR 8263 PG 4925 PER OR 8373 PG 2476
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Amenities
swimming pool
Building Details
Year built
1984
Floors in Building
2
Number of units
8
Flooring type
Tile
Building materials
Block
Listing Agency:
3 Dot Realty, LLC
(386) 313-6154
Listed By:
Rodolphe Charles Brun · License #BK3267171
(386) 235-0670
Added: Aug 3
Changed: Aug 20
Last Checked: Aug 25 at 9:06PM
MLS# 1229341
Copyright © 2026 Daytona Beach Area Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,112-square-foot apartment property contains eight rented efficiency units and was built in 1984. The building has block construction, tile flooring, electric heating, and window or wall/window air-conditioning units. Each unit is served by a refrigerator, and the property includes assigned parking within a parking lot. Public water and public sewer serve the site.
A private commercial-grade swimming pool was completed in 2023. The property is located on Ridgewood Avenue in Daytona Beach, within the Holly Hill area, with access to Daytona Beach, Ormond Beach, shopping, dining, public transportation, and area beaches. The units are fully occupied, providing an existing rental operation in one location.
A private commercial-grade swimming pool was completed in 2023. The property is located on Ridgewood Avenue in Daytona Beach, within the Holly Hill area, with access to Daytona Beach, Ormond Beach, shopping, dining, public transportation, and area beaches. The units are fully occupied, providing an existing rental operation in one location.
Key Highlights
- Eight rented efficiency units in a 2,112‑square‑foot apartment property
- Private commercial‑grade swimming pool completed in 2023
- Fully occupied property built in 1984
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$16,094
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.93%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$321,880
$321.9K
Cap Rate 7%
$229,914
$229.9K
Cap Rate 9%
$178,822
$178.8K
Market Conditions
NOI Build-Up for 2,112 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$32.7K $15.48/SF
− Vacancy
−$3.4K −$1.63/SF
EGI
$29.3K $13.85/SF
− OpEx
−$13.2K −$6.23/SF
NOI
$16.1K $7.62/SF
Area
Volusia County, FL
Vacancy
10.50%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$321,880
Cap Rate 7%
$229,914
Cap Rate 9%
$178,822
Alternative Uses
Best Use
Apartment 5plus
$229.9K
$201.2K – $268.2K
NOI $16,094 @ 7.0% cap · market cap 2.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$622.7K
$544.9K – $726.5K
NOI $43,592 @ 7.0% cap · market cap 7.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
618
Businesses Nearby
Explore this area
Business Placement
Demographics for 32117, FL
28,223
Population
14,392
Households
2
Avg Household Size
43
Median Age
21%
College-Educated
90%
High-School Grad
12.0 sq mi
ZIP Area
2,352
Density / Sq Mi
$52,132
Median Household Income
$32,189
Median Earnings
$1,392
Median Rent
$175,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied efficiency-unit property with a private pool, assigned parking, and public water and sewer service.
Where is this apartment building located?
The property is located at 1202 Ridgewood Avenue Daytona Beach, FL.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Eight rented efficiency units in a 2,112‑square‑foot apartment property; Private commercial‑grade swimming pool completed in 2023; Fully occupied property built in 1984
