20-Unit Garden-Style Apartment
For Sale
$3,000,000
119 Thomasson Avenue, Daytona Beach, FL 32117
Multifamily property with community laundry, wood-frame construction, and vinyl flooring improvements.
Property Size15,212 SF
Price / SF$197.21
Days on Market21
Property Features for 119 Thomasson Avenue
General Information
Standard status
Active
Size
15,212 SF
Property subtype
Residential Income
Units
Unit Mix
8 x 1BR, 12 x 2BR
Multifamily Units
20
Taxes and HOA fees
Annual Taxes
$30,232
Amenities
community laundry facilities
Building Details
Construction
garden-style
Listing Agency:
FlatFee.com
(954) 965-3990
Listed By:
Cliff Glansen · License #278017259
(954) 965-3990
Source:
Exprealty
Added: Jul 24
Changed: Aug 13
Last Checked: Aug 13 at 4:41AM
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 FlatFee.com
Investment Insights
Based on property information with market context.
This 20-unit apartment property offers a garden-style layout with wood-frame construction and a balanced mix of 8 one-bedroom units and 12 two-bedroom units. The improvements include a replaced roof with warranty coverage, vinyl flooring, fixture updates, and community laundry facilities. The property contains 15,212 square feet of building area.
Located at 119 Thomasson Avenue in Daytona Beach, the asset provides a defined multifamily configuration in an established residential setting. Its unit mix and on-site laundry facilities support a straightforward apartment operating format.
Located at 119 Thomasson Avenue in Daytona Beach, the asset provides a defined multifamily configuration in an established residential setting. Its unit mix and on-site laundry facilities support a straightforward apartment operating format.
Key Highlights
- 20‑unit apartment property with 8 one‑bedroom units and 12 two‑bedroom units
- 15,212 square feet of building area
- Garden‑style configuration with wood‑frame construction
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
$115,916
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
3.86%
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%
$2,318,320
$2.3M
Cap Rate 7%
$1,655,943
$1.7M
Cap Rate 9%
$1,287,956
$1.3M
Market Conditions
NOI Build-Up for 15,212 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
$235.5K $15.48/SF
− Vacancy
−$24.7K −$1.63/SF
EGI
$210.8K $13.85/SF
− OpEx
−$94.8K −$6.23/SF
NOI
$115.9K $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%
$2,318,320
Cap Rate 7%
$1,655,943
Cap Rate 9%
$1,287,956
Alternative Uses
Best Use
Apartment 5plus
$1.66M
$1.45M – $1.93M
NOI $115,916 @ 7.0% cap · market cap 3.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.49M
$3.92M – $5.23M
NOI $313,976 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
988
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 - Multifamily property with community laundry, wood-frame construction, and vinyl flooring improvements.
Where is this apartment building located?
The property is located at 119 Thomasson Avenue Daytona Beach, FL.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 20‑unit apartment property with 8 one‑bedroom units and 12 two‑bedroom units; 15,212 square feet of building area; Garden‑style configuration with wood‑frame construction
