Two-Bedroom Multifamily Apartment
For Sale
$2,350,000
1216 KENNEDY ROAD, Daytona Beach, FL 32117
Meticulously maintained 20-unit building with 2BR/1BA apartments and a replaced roof in 2019.
Property Size19,854 SF
Days on Market125
Property Features for 1216 KENNEDY ROAD
General Information
Standard status
Active
Size
19,854 SF
Occupancy
100%
Additional Details
Multifamily Units
20
Taxes and HOA fees
Annual Taxes
$24,295
Building Details
Building Size
19,854 SF
Year Built
1974
Listing Agency:
FLORIDA REALTY INVESTMENTS
(407) 907-0350
Listed By:
Tito Urbano Perez · License #3470017
(407) 907-0350
Source:
Swannre
Added: Apr 11
Changed: Aug 8
Last Checked: Aug 13 at 3:04AM
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 FLORIDA REALTY INVESTMENTS
Investment Insights
Based on property information with market context.
Kennedy Garden Apartments is a 20-unit apartment building offering a consistent unit layout, with each apartment configured as two bedrooms and one bathroom and sized at approximately 900 square feet. The property is described as meticulously maintained, and the building roof was replaced in 2019. An on-site leasing office is in place to streamline tenant interactions, leasing activity, and property management.
The building is located at 1216 Kennedy Road in Daytona Beach, Florida. The ownership and operating expense split noted for the property includes tenants responsible for electricity, while the landlord covers water and sewer.
For investors and buyers seeking a straightforward residential income property, this building’s uniform 2BR/1BA mix supports ease of operations and consistent marketing to prospective tenants. The on-site leasing office can help keep day-to-day leasing and management activity organized, while the roof replacement provides a documented capital improvement from 2019. The property is reported as fully occupied, providing an established rental position as part of the offering.
The building is located at 1216 Kennedy Road in Daytona Beach, Florida. The ownership and operating expense split noted for the property includes tenants responsible for electricity, while the landlord covers water and sewer.
For investors and buyers seeking a straightforward residential income property, this building’s uniform 2BR/1BA mix supports ease of operations and consistent marketing to prospective tenants. The on-site leasing office can help keep day-to-day leasing and management activity organized, while the roof replacement provides a documented capital improvement from 2019. The property is reported as fully occupied, providing an established rental position as part of the offering.
Key Highlights
- 20‑unit apartment building in Daytona Beach, FL, built in 1974
- All units feature 2BR/1BA layouts with approximately 900 SF of living space
- Roof replacement completed in 2019
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
$151,288
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
6.44%
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%
$3,025,760
$3.0M
Cap Rate 7%
$2,161,257
$2.2M
Cap Rate 9%
$1,680,978
$1.7M
Market Conditions
NOI Build-Up for 19,854 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
$307.3K $15.48/SF
− Vacancy
−$32.3K −$1.63/SF
EGI
$275.1K $13.85/SF
− OpEx
−$123.8K −$6.23/SF
NOI
$151.3K $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%
$3,025,760
Cap Rate 7%
$2,161,257
Cap Rate 9%
$1,680,978
Alternative Uses
Best Use
Apartment 5plus
$2.16M
$1.89M – $2.52M
NOI $151,288 @ 7.0% cap · market cap 6.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.85M
$5.12M – $6.83M
NOI $409,787 @ 7.0% cap · market cap 17.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
611
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 - Meticulously maintained 20-unit building with 2BR/1BA apartments and a replaced roof in 2019.
Where is this apartment building located?
The property is located at 1216 KENNEDY ROAD Daytona Beach, FL.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: 20‑unit apartment building in Daytona Beach, FL, built in 1974; All units feature 2BR/1BA layouts with approximately 900 SF of living space; Roof replacement completed in 2019
