60-Unit Apartment
For Sale
$8,888,888
1208 S Ridgewood Ave, Daytona Beach, FL 32114
Nine-building rental property with renovated units and US-1 frontage.
Property Size41,397 SF
Lot Size1.72 Acres
Price / SF$214.72
Days on Market30
Property Features for 1208 S Ridgewood Ave
General Information
Standard status
Active
Size
41,397 SF
Lot size
1.72 Acres
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
40 x 1BR, 13 x studio, 7 x 2BR
Multifamily Units
60
Building Details
Buildings
9
Listing Agency:
The Keyes Company
(786) 624-7335
Listed By:
Madelyn Andrade · License #3188906
Source:
Thepennteam
Added: Aug 1
Changed: Aug 28
Last Checked: Aug 29 at 11:49AM
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.
This apartment portfolio contains 60 units distributed among nine buildings on 1.72 acres, with a total property size of 41,397 square feet. The unit mix includes 40 one-bedroom apartments, 13 studios, and seven two-bedroom apartments. Approximately 51 units have been renovated and rented, while the remaining units are scheduled for completion before closing. Renovated interiors include updated kitchens, appliances, designer finishes, and luxury vinyl flooring.
The property fronts US-1 along S Ridgewood Ave in Daytona Beach and is near Embry-Riddle Aeronautical University and Daytona State College. The assemblage consists of multiple folios, and the zoning allows potential hotel conversion. The property is offered as a multifamily portfolio with existing building improvements and a range of unit configurations.
The property fronts US-1 along S Ridgewood Ave in Daytona Beach and is near Embry-Riddle Aeronautical University and Daytona State College. The assemblage consists of multiple folios, and the zoning allows potential hotel conversion. The property is offered as a multifamily portfolio with existing building improvements and a range of unit configurations.
Key Highlights
- 60 units across nine buildings on 1.72 acres
- Unit mix: 40 one‑bedroom units, 13 studios, and 7 two‑bedroom units
- 41,397‑square‑foot apartment portfolio with US‑1 frontage
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Nine-building rental property with renovated units and US-1 frontage.
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 units across nine buildings on 1.72 acres; Unit mix: 40 one‑bedroom units, 13 studios, and 7 two‑bedroom units; 41,397‑square‑foot apartment portfolio with US‑1 frontage
