Furnished Duplex with Two
For Sale
$675,900
244 LEXINGTON Drive, Daytona Beach, FL 32114
Residential Income, DAYTONA BEACH, FL
Property Size2,198 SF
Lot Size0.11 Acres
Price / SF$307.51
Days on Market58
Property Features for 244 LEXINGTON Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
MFR<10
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Dining Room, Bedroom 6, Bedroom 2, Bedroom 4, Bedroom 1, Bedroom 5
Pets allowed
Dogs OK, Cats OK
Interior features
Living Room/Dining Room Combo, Open Floorplan, Solid Surface Counters, Thermostat, Window Treatments
Exterior features
Fence, Private Mailbox, Private Yard
Fencing
Fenced
Fireplace
1
Appliances
Cooktop, Dishwasher, Dryer, Electric Water Heater, Freezer, Refrigerator, Washer
Subdivision
VIRGINIA PARK
Elementary school
Turie T. Small Elem
Middle school
Campbell Middle
High school
Mainland High School
Directions
From I-95, take Exit 261 onto International Speedway Boulevard and head east toward Daytona Beach. Continue east, then turn left onto North Ridgewood Avenue/US-1. Turn right onto Fairview Avenue, then left onto Lexington Drive. The property will be located at 244 Lexington Drive.
Standard status
Active
APN
533806000230
Size
2,198 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
38-15-33 LOT 23 VIRGINIA PARK MB 6 PG 55 MB 18 PG 57 PER OR 5259 PGS 2664-2668 INC PER OR 7694 PG 1258 PER OR 7718 PG 2068 PER OR 7801 PG 2693 PER OR 7827 PG 2583
Tax Annual Amount
3869
Legal Description
38-15-33 LOT 23 VIRGINIA PARK MB 6 PG 55 MB 18 PG 57 PER OR 5259 PGS 2664-2668 INC PER OR 7694 PG 1258 PER OR 7718 PG 2068 PER OR 7801 PG 2693 PER OR 7827 PG 2583
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
front patio
side deck
indoor laundry
Building Details
Year built
1941
Building materials
Wood Siding
Roof type
Shingle
Listing Agency:
GRAND LIVING REALTY
(386) 447-0800
Listed By:
Jennifer Swanson · License #256503265
(904) 238-9368
Added: Jul 8
Changed: Sep 1
Last Checked: Sep 3 at 5:06AM
MLS# FC319866
Copyright © 2026 Stellar MLS. 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 2,198-square-foot duplex contains two furnished residences, each arranged with three bedrooms, one full bathroom, a full kitchen, indoor laundry, and a private entrance. Built in 1941, the property includes central heating and cooling, solid-surface counters, updated interiors, a fireplace, a fenced yard, a front patio, and a side deck. A four-car driveway provides off-street parking.
The upstairs unit is leased through March 2027, while the downstairs unit is vacant. The MFR<10 zoning designation supports the property's multifamily classification. Public water and sewer serve the site, which occupies 0.11 acres at 244 Lexington Drive in Daytona Beach.
The property is near Halifax Harbor Marina, public boat ramps, City Island Park, the Riverfront Esplanade, downtown Daytona Beach, restaurants, and waterfront activities. The Daytona Beach Boardwalk and Pier are approximately two miles away, with the Atlantic Ocean also accessible from the surrounding area.
The upstairs unit is leased through March 2027, while the downstairs unit is vacant. The MFR<10 zoning designation supports the property's multifamily classification. Public water and sewer serve the site, which occupies 0.11 acres at 244 Lexington Drive in Daytona Beach.
The property is near Halifax Harbor Marina, public boat ramps, City Island Park, the Riverfront Esplanade, downtown Daytona Beach, restaurants, and waterfront activities. The Daytona Beach Boardwalk and Pier are approximately two miles away, with the Atlantic Ocean also accessible from the surrounding area.
Key Highlights
- Two furnished three‑bedroom, one‑bath residences in a duplex configuration
- Upstairs unit leased through March 2027; downstairs unit is vacant
- 2,198 square feet on a 0.11‑acre lot
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
$19,282
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
2.85%
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%
$385,640
$385.6K
Cap Rate 7%
$275,457
$275.5K
Cap Rate 9%
$214,244
$214.2K
Market Conditions
NOI Build-Up for 2,198 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
$30.6K $13.92/SF
− Vacancy
−$3.1K −$1.39/SF
EGI
$27.5K $12.53/SF
− OpEx
−$8.3K −$3.76/SF
NOI
$19.3K $8.77/SF
Area
Volusia County, FL
Vacancy
9.97%
Lease Rate
$13.92 /SF/Yr
Expense Ratio
30.00%
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%
$385,640
Cap Rate 7%
$275,457
Cap Rate 9%
$214,244
Alternative Uses
Best Use
Multifamily LT 5
$275.5K
$241.0K – $321.4K
NOI $19,282 @ 7.0% cap · market cap 2.85%
Second Best
Apartment 5plus
$239.3K
$209.4K – $279.2K
NOI $16,749 @ 7.0% cap · market cap 2.48%
Theoretical Best
Office A
$648.1K
$567.1K – $756.1K
NOI $45,367 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,215
Businesses Nearby
Explore this area
Business Placement
Demographics for 32114, FL
34,943
Population
17,118
Households
2
Avg Household Size
33
Median Age
19%
College-Educated
89%
High-School Grad
16.0 sq mi
ZIP Area
2,184
Density / Sq Mi
$39,906
Median Household Income
$31,220
Median Earnings
$1,171
Median Rent
$174,900
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?
Duplex - Updated interiors, private entrances, indoor laundry, and full kitchens serve both three-bedroom units.
Where is this duplex located?
The property is located at 244 LEXINGTON Drive Daytona Beach, FL.
What is the asking price?
The asking price for this property is $675,900.
What are key features of this property?
This property features: Two furnished three‑bedroom, one‑bath residences in a duplex configuration; Upstairs unit leased through March 2027; downstairs unit is vacant; 2,198 square feet on a 0.11‑acre lot
