Multifamily Portfolio with US-1
For Sale
$8,888,888
1208 S Ridgewood Ave, Daytona Beach, FL 32114
60-unit, 9-building income property with major renovations underway and US-1 visibility in Daytona Beach.
Property Size41,397 SF
Lot Size1.72 Acres
Price / SF$214.72
Days on Market147
Property Features for 1208 S Ridgewood Ave
General Information
Standard status
Active
Size
41,397 SF
Lot size
1.72 Acres
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Business Included
Yes
Multifamily Units
60
Building Details
Tenancy
Multi
Listing Agency:
(786) 624-7335
Listed By:
The Keyes Company
(786) 624-7335
Source:
Xome
Added: Mar 13
Changed: Jul 10
Last Checked: Jul 23 at 7:44AM
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 The Keyes Company
Investment Insights
Based on property information with market context.
The property is a 60-unit multifamily portfolio comprised of 9 buildings. The asset spans 1.72 acres and includes a unit mix of 40 one-bedroom units, 13 studios, and 7 two-bedroom units. Capital improvements totaling over $500,000 have been completed, with approximately 51 units renovated and rented, and the remaining units scheduled for completion prior to closing. Renovated units include modern kitchens, updated appliances, updated finishes, and luxury vinyl flooring.
The portfolio is located at 1208 S Ridgewood Ave in Daytona Beach, Florida, along the US-1 corridor. The surrounding area includes nearby higher-education demand drivers mentioned in the offering, including Embry-Riddle and Daytona State College.
This configuration is well suited to multifamily operators and investors seeking a scaled holding with in-place rental operations across multiple buildings. The existing renovation progress and the planned completion of remaining units prior to closing support an operational transition for tenants and leasing momentum. The property is presented as a multifamily portfolio for sale, with the flexibility described in the remarks for long-term hold, refinancing, repositioning, or redevelopment planning.
The portfolio is located at 1208 S Ridgewood Ave in Daytona Beach, Florida, along the US-1 corridor. The surrounding area includes nearby higher-education demand drivers mentioned in the offering, including Embry-Riddle and Daytona State College.
This configuration is well suited to multifamily operators and investors seeking a scaled holding with in-place rental operations across multiple buildings. The existing renovation progress and the planned completion of remaining units prior to closing support an operational transition for tenants and leasing momentum. The property is presented as a multifamily portfolio for sale, with the flexibility described in the remarks for long-term hold, refinancing, repositioning, or redevelopment planning.
Key Highlights
- 60‑unit multifamily portfolio across 9 buildings on 1.72 acres in Daytona Beach
- US‑1 frontage with high‑visibility corridor location
- 78 parking spaces with guest parking and a shared driveway
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
$315,446
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
3.55%
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%
$6,308,920
$6.3M
Cap Rate 7%
$4,506,371
$4.5M
Cap Rate 9%
$3,504,956
$3.5M
Market Conditions
NOI Build-Up for 41,397 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
$640.8K $15.48/SF
− Vacancy
−$67.3K −$1.63/SF
EGI
$573.5K $13.85/SF
− OpEx
−$258.1K −$6.23/SF
NOI
$315.4K $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%
$6,308,920
Cap Rate 7%
$4,506,371
Cap Rate 9%
$3,504,956
Alternative Uses
Best Use
Apartment 5plus
$4.51M
$3.94M – $5.26M
NOI $315,446 @ 7.0% cap · market cap 3.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.21M
$10.68M – $14.24M
NOI $854,434 @ 7.0% cap · market cap 9.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
60
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
434
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 - 60-unit, 9-building income property with major renovations underway and US-1 visibility in Daytona Beach.
Where is this apartment building located?
The property is located at 1208 S Ridgewood Ave Daytona Beach, FL.
What is the asking price?
The asking price for this property is $8,888,888.
What are key features of this property?
This property features: 60‑unit multifamily portfolio across 9 buildings on 1.72 acres in Daytona Beach; US‑1 frontage with high‑visibility corridor location; 78 parking spaces with guest parking and a shared driveway
