8-Unit Apartment Building with
For Sale
$899,000
601 STATE Avenue, Daytona Beach, FL 32117
MULTI_FAMILY - DAYTONA BEACH, FL
Property Size5,194 SF
Lot Size0.14 Acres
Price / SF$173.08
Days on Market428
Property Features for 601 STATE Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
09R7
Bedrooms
11
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 2, Bedroom 7, Bedroom 1, Bedroom 6, Bathroom 8, Bedroom 9, Bedroom 5, Bedroom 11, Bedroom 2, Bathroom 5, Bathroom 7, Bedroom 4, Bedroom 8, Bathroom 6, Bedroom 3, Bedroom 10, Bathroom 3, Bathroom 1, Bathroom 4
Interior features
Ninguno
Exterior features
Balcony
Subdivision
PINE CREST ADD HOLLY HILL
Directions
Go south bound on Ridgewood Ave, take a right on 6th St and another right on State Ave. Building is on the right.
Standard status
Active
APN
5337-01-00-0760
Size
5,194 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LOT 76 PINE CREST ADD HOLLY HILL MB 6 PG 56 PER OR 4665 PG 1288 PER OR 7901 PG 2079 PER OR 7901 PG 4177
Tax Annual Amount
9158
Legal Description
LOT 76 PINE CREST ADD HOLLY HILL MB 6 PG 56 PER OR 4665 PG 1288 PER OR 7901 PG 2079 PER OR 7901 PG 4177
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air, Wall/Window Unit(s), Window Unit(s)
Water source
Public
Amenities
central air conditioning
Building Details
Year built
1973
Number of units
8
Building materials
Concrete
Roof type
Shingle
Listing Agency:
FLORIDA REALTY INVESTMENTS
(407) 207-2220
Listed By:
Tito Urbano Perez · License #3470017
(407) 907-0350
Added: Jun 12, 2025
Changed: Aug 11
Last Checked: Aug 13 at 9:06AM
MLS# TB8396339
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.
Crosscreek Apartments is an 8-unit apartment building built in 1973. The property totals 5,194 square feet on a 0.14-acre lot and is constructed with block exterior walls on slab foundations. Units include three 2-bedroom/1-bath layouts and five 1-bedroom/1-bath layouts.
The building is equipped with central air conditioning, and each unit has separately metered electric. The landlord is responsible for city water, sewer, and trash services. Exterior features include balconies.
Additional utility and building details include public water and public sewer, electric heating, and a shingle roof.
The building is equipped with central air conditioning, and each unit has separately metered electric. The landlord is responsible for city water, sewer, and trash services. Exterior features include balconies.
Additional utility and building details include public water and public sewer, electric heating, and a shingle roof.
Key Highlights
- 8‑unit apartment building with 3 two‑bedroom/1‑bath units and 5 one‑bedroom/1‑bath units
- 5,194 square feet on a 0.14‑acre lot
- Built in 1973 with block exterior walls on slab foundations
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
$39,578
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
4.40%
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%
$791,560
$791.6K
Cap Rate 7%
$565,400
$565.4K
Cap Rate 9%
$439,756
$439.8K
Market Conditions
NOI Build-Up for 5,194 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
$80.4K $15.48/SF
− Vacancy
−$8.4K −$1.63/SF
EGI
$72.0K $13.85/SF
− OpEx
−$32.4K −$6.23/SF
NOI
$39.6K $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%
$791,560
Cap Rate 7%
$565,400
Cap Rate 9%
$439,756
Alternative Uses
Best Use
Apartment 5plus
$565.4K
$494.7K – $659.6K
NOI $39,578 @ 7.0% cap · market cap 4.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.53M
$1.34M – $1.79M
NOI $107,204 @ 7.0% cap · market cap 11.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
810
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 - 8-unit multifamily built in 1973 with balconies, central air, and separately metered electric.
Where is this apartment building located?
The property is located at 601 STATE Avenue Daytona Beach, FL.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 8‑unit apartment building with 3 two‑bedroom/1‑bath units and 5 one‑bedroom/1‑bath units; 5,194 square feet on a 0.14‑acre lot; Built in 1973 with block exterior walls on slab foundations
