Daytona Beach Multifamily Investment
For Sale
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1115 S Ridgewood Avenue, Daytona Beach, FL 32114
15-unit property with expansion potential in a prime location.
Property Size9,534 SF
Price / SF$220.26
Days on Market657
Property Features for 1115 S Ridgewood Avenue
General Information
Standard status
Active
Size
9,534 SF
Property subtype
Multifamily
Building Details
Year Built
1926
Units
15
Listing Agency:
eXp Realty Siesta Key
Listed By:
Sean Sedita · License #FL
Source:
Crexi
Added: Nov 3, 2024
Changed: Aug 8
Last Checked: Aug 8 at 11:38AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of eXp Realty Siesta Key
Investment Insights
Based on property information with market context.
Located at 1115 S Ridgewood Avenue in Daytona Beach, Florida, this 15-unit multifamily property offers an investment opportunity in a high-demand area. The property includes 12 apartments and 3 single family homes. Situated on a 9534 square foot lot, the property allows for potential value-added enhancements with room for 8 additional units. The location provides easy access to Daytona's core amenities, including shopping, dining, and employment centers. Daytona Beach's year-round attractions, such as its beaches and proximity to educational institutions, enhance the desirability of the location for tenants and future investors. This listing includes 6 additional adjoining parcels.
Key Highlights
- Prime location in Daytona Beach with easy access to shopping, dining, employment, and beaches.
- Mix of 12 apartments and 3 single‑family homes provides diverse rental income streams.
- Potential to add 8 additional units for increased value and income.
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
$72,649
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
3.46%
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%
$1,452,980
$1.5M
Cap Rate 7%
$1,037,843
$1.0M
Cap Rate 9%
$807,211
$807.2K
Market Conditions
NOI Build-Up for 9,534 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
$147.6K $15.48/SF
− Vacancy
−$15.5K −$1.63/SF
EGI
$132.1K $13.85/SF
− OpEx
−$59.4K −$6.23/SF
NOI
$72.6K $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%
$1,452,980
Cap Rate 7%
$1,037,843
Cap Rate 9%
$807,211
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$908.1K – $1.21M
NOI $72,649 @ 7.0% cap · market cap 3.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.81M
$2.46M – $3.28M
NOI $196,782 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
449
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?
Apartment building - 15-unit property with expansion potential in a prime location.
Where is this apartment building located?
The property is located at 1115 S Ridgewood Avenue Daytona Beach, FL.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Prime location in Daytona Beach with easy access to shopping, dining, employment, and beaches.; Mix of 12 apartments and 3 single‑family homes provides diverse rental income streams.; Potential to add 8 additional units for increased value and income.
