20-Unit Apartment
For Sale
$2,350,000
1216 KENNEDY Road, Daytona Beach, FL 32117
Commercial Sale, DAYTONA BEACH, FL
Property Size19,854 SF
Lot Size0.81 Acres
Price / SF$118.36
Days on Market141
Property Features for 1216 KENNEDY Road
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
MASON & CARSWELLS HOLLY HIL
Directions
Daytona.
Standard status
Active
APN
424401200086
Size
19,854 SF
Lot size
0.81 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
W 137.45 FT OF S 260 FT OF N 465 FT OF LOT 8 BLK 20 MASON & CARSWELLS HOLLY HILL MB 2 PG 90 MB 12 PGS 3-4 PER OR 4050 PG 1941 PER OR 6814 PG 1926 PER OR 6950 PG 2448 PER OR 7664 PG 3055
Tax Annual Amount
24295
Legal Description
W 137.45 FT OF S 260 FT OF N 465 FT OF LOT 8 BLK 20 MASON & CARSWELLS HOLLY HILL MB 2 PG 90 MB 12 PGS 3-4 PER OR 4050 PG 1941 PER OR 6814 PG 1926 PER OR 6950 PG 2448 PER OR 7664 PG 3055
Utilities
Cooling system
Central Air
Amenities
on-site leasing office
Building Details
Year built
1974
Floors in Building
2
Number of units
20
Building materials
Block
Roof type
Shingle
Listing Agency:
FLORIDA REALTY INVESTMENTS
(407) 207-2220
Listed By:
Tito Urbano Perez · License #3470017
(407) 907-0350
Added: Apr 11
Changed: Aug 21
Last Checked: Aug 29 at 6:06PM
MLS# TB8496656
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Kennedy Garden Apartments is a 20-unit multifamily property containing 19,854 square feet on 0.81 acres. Built in 1974, the block construction building offers 20 two-bedroom, one-bathroom units, each with approximately 900 square feet of living space. Central air serves the apartments, and an on-site leasing office supports property operations. The shingle roof was replaced in 2019.
The property is located at 1216 Kennedy Road in Daytona Beach, Florida, within Volusia County. All units are fully occupied. Residents pay their own electricity, while water and sewer are paid by the landlord, providing a defined utility arrangement for ongoing management.
The property is located at 1216 Kennedy Road in Daytona Beach, Florida, within Volusia County. All units are fully occupied. Residents pay their own electricity, while water and sewer are paid by the landlord, providing a defined utility arrangement for ongoing management.
Key Highlights
- 20‑unit apartment property with 20 two‑bedroom, one‑bathroom units
- 19,854 square feet on 0.81 acres
- Approximately 900 square feet per apartment
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 - Fully occupied multifamily property with consistent two-bedroom layouts, an on-site leasing office, and central air conditioning.
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 property with 20 two‑bedroom, one‑bathroom units; 19,854 square feet on 0.81 acres; Approximately 900 square feet per apartment
