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 Market145
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: Sep 1
Last Checked: Aug 31 at 8:34PM
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
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 = 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
$114,239
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
4.08%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
