13-Unit Apartment Building
For Sale
Contact for pricing
116 Michigan Avenue, Daytona Beach, FL 32114
Fully occupied multifamily holdings distributed across five addresses in downtown Daytona Beach.
Property Size6,580 SF
Price / SF$182.37
Days on Market110
Property Features for 116 Michigan Avenue
General Information
Standard status
Active
Size
6,580 SF
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$117,306
Additional Details
Cap Rate
9.8%
Multifamily Units
13
Building Details
Buildings
5
Units
13
Tenancy
Multi
Listing Agency:
SVN | Alliance Commercial Real Estate Advisors Ormond Beach
Listed By:
Mark Ascik · License #SL3555494
(407) 334-4200
Source:
Crexi
Added: Jun 30
Changed: Oct 7
Last Checked: Oct 16 at 8:34AM
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 Ormond Beach
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Investment Insights
Based on property information with market context.
This multifamily portfolio comprises 13 apartment units across five addresses, with a combined property size of 6,580 square feet. The holdings are fully occupied and include 116 Michigan Avenue along with properties situated on Michigan Avenue and N Beach Street in Daytona Beach.
The portfolio is positioned in downtown Daytona Beach, within an area described as an active redevelopment corridor. Surrounding institutional investment is bringing additional amenities, employers, and residents to the riverfront area. The properties carry a 9.8% cap rate, with renovation work and rental rate increases identified as potential avenues for improving performance.
The portfolio is positioned in downtown Daytona Beach, within an area described as an active redevelopment corridor. Surrounding institutional investment is bringing additional amenities, employers, and residents to the riverfront area. The properties carry a 9.8% cap rate, with renovation work and rental rate increases identified as potential avenues for improving performance.
Key Highlights
- 13‑unit multifamily portfolio across five addresses
- Fully occupied apartment holdings
- Combined property size of 6,580 square feet
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.
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Property Analytics
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Current Use
Lease Details
13
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily holdings distributed across five addresses in downtown Daytona Beach.
Where is this apartment building located?
The property is located at 116 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: 13‑unit multifamily portfolio across five addresses; Fully occupied apartment holdings; Combined property size of 6,580 square feet
