Two-Residence Income
For Sale
$425,000
Pending
306 WASHINGTON STREET, New Smyrna Beach, FL 32168
Includes a 3-bedroom home and a separate 2-bedroom rental on one parcel.
Property Size2,153 SF
Days on Market1092
Property Features for 306 WASHINGTON STREET
General Information
Standard status
Pending
Size
2,153 SF
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$3,750
Building Details
Year Built
1915
Listing Agency:
COLLADO REAL ESTATE
Listed By:
Pat Collado · License #636547
(386) 427-0002
Source:
Exitrealty
Added: Oct 22, 2023
Changed: Oct 7
Last Checked: Oct 14 at 8:54PM
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 COLLADO REAL ESTATE
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Investment Insights
Based on property information with market context.
This residential income property includes a 3-bedroom, 2-bath home at 306 Washington St. The residence features pine flooring and a front porch, while a second rental at 215 Alma Ct. provides 2 bedrooms and 1 bath. Both addresses are included within the offering on an 8,640-square-foot lot.
The property sits along a corridor connecting US #1 with the beaches, with drive-by traffic noted in the surrounding area. The Washington Street residence dates to 1915.
The property sits along a corridor connecting US #1 with the beaches, with drive-by traffic noted in the surrounding area. The Washington Street residence dates to 1915.
Key Highlights
- 8,640‑square‑foot lot
- 306 Washington St. includes a 3‑bedroom, 2‑bath residence
- 215 Alma Ct. includes a 2‑bedroom, 1‑bath rental
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,406
Cap Rate
3.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$328,120
$328.1K
Cap Rate 7%
$234,371
$234.4K
Cap Rate 9%
$182,289
$182.3K
Market Conditions
NOI Build-Up for 2,153 SF
Gross rent
$33.3K $15.48/SF
− Vacancy
−$3.5K −$1.63/SF
EGI
$29.8K $13.85/SF
− OpEx
−$13.4K −$6.23/SF
NOI
$16.4K $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 Rate 5%
$328,120
Cap Rate 7%
$234,371
Cap Rate 9%
$182,289
Alternative Uses
Best Use
Apartment 5plus
$234.4K
$205.1K – $273.4K
NOI $16,406 @ 7.0% cap · market cap 3.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$634.8K
$555.5K – $740.6K
NOI $44,438 @ 7.0% cap · market cap 10.46%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,555
Businesses Nearby
Explore this area
Business Placement
Demographics for 32168, FL
30,058
Population
16,439
Households
1.8
Avg Household Size
54
Median Age
31%
College-Educated
93%
High-School Grad
153.9 sq mi
ZIP Area
195
Density / Sq Mi
$72,967
Median Household Income
$41,076
Median Earnings
$1,608
Median Rent
$310,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Residential income property - Includes a 3-bedroom home and a separate 2-bedroom rental on one parcel.
Where is this residential income property located?
The property is located at 306 WASHINGTON STREET New Smyrna Beach, FL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 8,640‑square‑foot lot; 306 Washington St. includes a 3‑bedroom, 2‑bath residence; 215 Alma Ct. includes a 2‑bedroom, 1‑bath rental
