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    Oceanwalk Condo Ready to Move Title is generated by Realmo AI

    5300 S ATLANTIC AVENUE 1-203, New Smyrna Beach, FL 32169

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    For Sale
    $380,000

    Beautiful 2 bedroom condo with numerous recent upgrades.

    Type:Condo/Townhome
    Property size:
    1,280 SF
    Lot size:
    0.59 Acres
    Price / SF:
    $296/SF
    Added:
    Dec 2, 2024
    Days on Market:
    550
    Last Refresh:
    May 20 at 12:53 am

    Property Features for 5300 S ATLANTIC AVENUE 1-203

    General Information

    Standard status
    Active
    Size
    1,280 SF
    Lot size
    0.59 Acres
    Property subtype
    Condo/Townhome

    Building Details

    Year Built
    2000

    We can help!

    Listing Contact
    James Archimbaud

    Listing agent James Archimbaud License #554954

    Listing office THE KEYES COMPANY

    Listing date Dec 2, 2024

    Source Exitrealty

    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

    HighLights

    • Extensive recent renovations (Jan 2024) including new kitchen and bathroom cabinets, countertops, backsplash, sinks, and faucets.
    • New, high‑end appliances (Jan 2024) including refrigerator, stove, microwave, and dishwasher.
    • Building has completed major assessments including roof replacement (2024) and walkway replacement, balcony repainting, and building repainting (approx. 4 years ago).
    • Low monthly cable and internet cost of $24/month.
    • Recently replaced flooring with ceramic tile (Nov. 2023) and freshly painted rooms (Dec. 2023).
    • Second‑floor location offers convenient access without relying on elevators.

    Overview

    This well-maintained 2-bedroom Oceanwalk condo is ready for immediate occupancy. Building 1 had its roof replaced in 2024, funded by an $18,000 assessment. The building was repainted, and the walkway on each floor was replaced approximately 4 years ago. The balcony was repainted and the railing replaced about 3 years ago. New, high-end appliances were installed in January 2024, including a refrigerator, stove, microwave, dishwasher, and dryer. A washing machine that matches the dryer was installed in September 2020. The kitchen was upgraded in January 2024 with new plywood cabinets, quartz countertops, a new backsplash, a new sink, faucet, disposal, and a new light fixture with day and night modes. The bathrooms were upgraded in January 2024 with new matching cabinets, countertops, and sinks and faucets. Additional upgrades in January 2024 include a new light fixture in the laundry room with day and night modes, a new light fixture in the dining room, and a new fan with light and remote control in the living room. A fan was added to the second bedroom. The entire unit was painted with high-quality Sherwin Williams paint in December 2023, and most of the flooring was replaced with ceramic tile in November 2023. The air conditioner was replaced in June 2018. The front door was refurbished and an electronic door lock added in December 2023. A 50-inch Visio television was installed in the living room in October 2022. The property size is 1280 square feet. Recurring expenses include Spectrum Cable TV and Internet at $24 per month, a Sentry Management Condo Maintenance Monthly Assessment of $920, and Volusia County property taxes of $4,416 per year in 2024. Average monthly utilities, including electric, water, and sewage, are approximately $110. Personal property insurance through Universal is $439 per year, paid in September 2024.
    Location Intelligence

    Current Use by Public Records

    Residential income properties

    Suggested Use

    Law Firm Real Estate Agency Spa & Massage Center Pharmacy Department Store Hotel & Motel Bed & Breakfast (Bike/Boat/Book/etc) Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Smyrna Beach
    County
    Volusia
    State
    Florida
    Longitude
    -80.856306
    Latitude
    28.973965

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    FAQs

    What type of property is this?
    Residential income property - Beautiful 2 bedroom condo with numerous recent upgrades.
    Where is this residential income property located?
    The property is located at 5300 S ATLANTIC AVENUE 1-203 New Smyrna Beach, FL.
    What is the asking price?
    The asking price for this property is $380,000.
    What are key features of this property?
    This property features: Extensive recent renovations (Jan 2024) including **new kitchen and bathroom cabinets, countertops, backsplash, sinks, and faucets.**; **New, high‑end appliances (Jan 2024) including refrigerator, stove, microwave, and dishwasher.**; Building has completed major assessments including roof replacement (2024) and walkway replacement, balcony repainting, and building repainting (approx. 4 years ago).
    (386) 451-3521
    We can help!
    Listing Contact
    James Archimbaud
    Real Estate License ID: 554954
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    5300 S ATLANTIC AVENUE 1-203, NEW SMYRNA BEACH, FL 32169
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