Downtown 13-Unit Multifamily
For Sale
$1,200,000
116-128 Michigan Avenue, Daytona Beach, FL 32114
Fully occupied 13-unit portfolio across five addresses on Michigan Avenue and N Beach Street.
Property Size6,580 SF
Days on Market52
Property Features for 116-128 Michigan Avenue
General Information
Standard status
Active
Size
6,580 SF
Property subtype
Multifamily
Occupancy
100%
Additional Details
Cap Rate
9.8%
Multifamily Units
13
Building Details
Building Size
6,580 SF
Listing Agency:
SVN | Alliance Commercial Real Estate Advisors
(407) 334-4200
Listed By:
Mark Ascik · License #FL #SL3555494
(407) 334-4200
Source:
Svn
Added: Jul 3
Changed: Aug 14
Last Checked: Aug 23 at 4:08AM
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 SVN | Alliance Commercial Real Estate Advisors
Investment Insights
Based on property information with market context.
This for-sale multifamily portfolio consists of 13 tenant-occupied units within a five-address assemblage across Michigan Avenue and N Beach Street in Downtown Daytona Beach. The portfolio is currently 100% occupied, providing immediate, day-one income with no lease-up risk. The seller has indicated a 9.8% cap rate and that seller financing is available.
The offering is also positioned as a value-add opportunity, with renovations planned at turnover and potential rental rate increases. The property’s setting is described in the remarks as being steps from the Daytona Beach Riverfront Esplanade, adjacent to the 400 Beach luxury apartment community, and within proximity to Jackie Robinson Ballpark. The trade area is further supported by Brown & Brown Insurance’s global headquarters.
Overall, the scale of the five-address portfolio is presented as a way to support operational efficiencies and longer-term redevelopment optionality.
The offering is also positioned as a value-add opportunity, with renovations planned at turnover and potential rental rate increases. The property’s setting is described in the remarks as being steps from the Daytona Beach Riverfront Esplanade, adjacent to the 400 Beach luxury apartment community, and within proximity to Jackie Robinson Ballpark. The trade area is further supported by Brown & Brown Insurance’s global headquarters.
Overall, the scale of the five-address portfolio is presented as a way to support operational efficiencies and longer-term redevelopment optionality.
Key Highlights
- Fully occupied 13‑unit multifamily portfolio (100% occupancy) across five addresses
- Portfolio includes properties across Michigan Avenue and N Beach Street in Downtown Daytona Beach
- Stated 9.8% cap rate for the fully‑occupied portfolio
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
$50,140
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
4.18%
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%
$1,002,800
$1.0M
Cap Rate 7%
$716,286
$716.3K
Cap Rate 9%
$557,111
$557.1K
Market Conditions
NOI Build-Up for 6,580 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
$101.9K $15.48/SF
− Vacancy
−$10.7K −$1.63/SF
EGI
$91.2K $13.85/SF
− OpEx
−$41.0K −$6.23/SF
NOI
$50.1K $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%
$1,002,800
Cap Rate 7%
$716,286
Cap Rate 9%
$557,111
Alternative Uses
Best Use
Apartment 5plus
$716.3K
$626.8K – $835.7K
NOI $50,140 @ 7.0% cap · market cap 4.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.94M
$1.70M – $2.26M
NOI $135,811 @ 7.0% cap · market cap 11.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
13
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,047
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 - Fully occupied 13-unit portfolio across five addresses on Michigan Avenue and N Beach Street.
Where is this apartment building located?
The property is located at 116-128 Michigan Avenue Daytona Beach, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Fully occupied 13‑unit multifamily portfolio (100% occupancy) across five addresses; Portfolio includes properties across Michigan Avenue and N Beach Street in Downtown Daytona Beach; Stated 9.8% cap rate for the fully‑occupied portfolio
