Sprucewood Apartment
For Sale
Contact for pricing
1450 S PALMETTO AVE, Daytona Beach, FL 32114
Two-story multifamily property with refreshed landscaping and predominantly newer HVAC systems.
Property Size14,992 SF
Price / SF$186.77
Days on Market190
Property Features for 1450 S PALMETTO AVE
General Information
Standard status
Active
Size
14,992 SF
Property subtype
Multifamily
Investment Type
Core
Net Operating Income
$218,441
Property Condition
Severity
Repairs Needed
Evidence
the current roof is nearing the end of its useful life
Units
Unit Mix
20 x 1BR/1BA
Multifamily Units
20
Building Details
Year Built
1987
Buildings
1
Stories
2
Units
20
Construction
concrete block and frame
Listing Agency:
The Apartment Brokers
Listed By:
Tito Urbano · License #SL3470017
Source:
Crexi
Added: Apr 11
Changed: Oct 3
Last Checked: Oct 16 at 6:29AM
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 Apartment Brokers
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Investment Insights
Based on property information with market context.
Sprucewood Apartments is a 20-unit multifamily property comprising one-bedroom, one-bath residences. Constructed in 1987, the two-story building combines a concrete-block first level with a framed second level. Landscaping and exterior curb-appeal improvements have been completed, and the seller estimates that more than 80% of the HVAC systems are less than three years old.
The property is located at 1450 S Palmetto Ave in Daytona Beach, Florida. The existing roof is nearing the end of its useful life, although it is not currently reported as leaking. The seller has offered a $20,000 credit toward a replacement roof.
The property is located at 1450 S Palmetto Ave in Daytona Beach, Florida. The existing roof is nearing the end of its useful life, although it is not currently reported as leaking. The seller has offered a $20,000 credit toward a replacement roof.
Key Highlights
- 20 one‑bedroom, one‑bath apartment units
- 1987 construction with two‑story configuration
- Concrete‑block first floor and framed second floor
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$114,239
Cap Rate
4.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,284,780
$2.3M
Cap Rate 7%
$1,631,986
$1.6M
Cap Rate 9%
$1,269,322
$1.3M
Market Conditions
NOI Build-Up for 14,992 SF
Gross rent
$232.1K $15.48/SF
− Vacancy
−$24.4K −$1.63/SF
EGI
$207.7K $13.85/SF
− OpEx
−$93.5K −$6.23/SF
NOI
$114.2K $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%
$2,284,780
Cap Rate 7%
$1,631,986
Cap Rate 9%
$1,269,322
Alternative Uses
Best Use
Apartment 5plus
$1.63M
$1.43M – $1.90M
NOI $114,239 @ 7.0% cap · market cap 4.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.42M
$3.87M – $5.16M
NOI $309,435 @ 7.0% cap · market cap 11.05%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
540
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
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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?
Apartment building - Two-story multifamily property with refreshed landscaping and predominantly newer HVAC systems.
Where is this apartment building located?
The property is located at 1450 S PALMETTO AVE Daytona Beach, FL.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 20 one‑bedroom, one‑bath apartment units; 1987 construction with two‑story configuration; Concrete‑block first floor and framed second floor
