Downtown 13-Unit Multifamily
For Sale
$1,200,000
116-128 Michigan Avenue, Daytona Beach, FL 32114
Fully occupied 13-unit portfolio across five addresses on Michigan Avenue and N Beach Street.
Property Size6,580 SF
Days on Market121
Property Features for 116-128 Michigan Avenue
General Information
Standard status
Active
Size
6,580 SF
Property subtype
Multifamily
Occupancy
100%
Additional Details
Cap Rate
9.8%
Multifamily Units
13
Building Details
Building Size
6,580 SF
Listing Agency:
SVN | Alliance Commercial Real Estate Advisors
Listed By:
Mark Ascik · License #FL #SL3555494
(407) 334-4200
Source:
Svn
Added: Jul 3
Changed: Oct 25
Last Checked: Oct 30 at 12:11PM
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 SVN | Alliance Commercial Real Estate Advisors
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This for-sale multifamily portfolio consists of 13 tenant-occupied units within a five-address assemblage across Michigan Avenue and N Beach Street in Downtown Daytona Beach. The portfolio is currently 100% occupied, providing immediate, day-one income with no lease-up risk. The seller has indicated a 9.8% cap rate and that seller financing is available.
The offering is also positioned as a value-add opportunity, with renovations planned at turnover and potential rental rate increases. The property’s setting is described in the remarks as being steps from the Daytona Beach Riverfront Esplanade, adjacent to the 400 Beach luxury apartment community, and within proximity to Jackie Robinson Ballpark. The trade area is further supported by Brown & Brown Insurance’s global headquarters.
Overall, the scale of the five-address portfolio is presented as a way to support operational efficiencies and longer-term redevelopment optionality.
The offering is also positioned as a value-add opportunity, with renovations planned at turnover and potential rental rate increases. The property’s setting is described in the remarks as being steps from the Daytona Beach Riverfront Esplanade, adjacent to the 400 Beach luxury apartment community, and within proximity to Jackie Robinson Ballpark. The trade area is further supported by Brown & Brown Insurance’s global headquarters.
Overall, the scale of the five-address portfolio is presented as a way to support operational efficiencies and longer-term redevelopment optionality.
Key Highlights
- Fully occupied 13‑unit multifamily portfolio (100% occupancy) across five addresses
- Portfolio includes properties across Michigan Avenue and N Beach Street in Downtown Daytona Beach
- Stated 9.8% cap rate for the fully‑occupied portfolio
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$50,140
Cap Rate
4.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,002,800
$1.0M
Cap Rate 7%
$716,286
$716.3K
Cap Rate 9%
$557,111
$557.1K
Market Conditions
NOI Build-Up for 6,580 SF
Gross rent
$101.9K $15.48/SF
− Vacancy
−$10.7K −$1.63/SF
EGI
$91.2K $13.85/SF
− OpEx
−$41.0K −$6.23/SF
NOI
$50.1K $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 Rate 5%
$1,002,800
Cap Rate 7%
$716,286
Cap Rate 9%
$557,111
Alternative Uses
Best Use
Apartment 5plus
$716.3K
$626.8K – $835.7K
NOI $50,140 @ 7.0% cap · market cap 4.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.94M
$1.70M – $2.26M
NOI $135,811 @ 7.0% cap · market cap 11.32%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
13
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,047
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
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied 13-unit portfolio across five addresses on Michigan Avenue and N Beach Street.
Where is this apartment building located?
The property is located at 116-128 Michigan Avenue Daytona Beach, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Fully occupied 13‑unit multifamily portfolio (100% occupancy) across five addresses; Portfolio includes properties across Michigan Avenue and N Beach Street in Downtown Daytona Beach; Stated 9.8% cap rate for the fully‑occupied portfolio
