1648 S Palmetto Ave, South Daytona, FL 32119

General Information

Standard status Active

Property subtype Multifamily

Additional Details

Multifamily Units 57

Amenities

Upside from burning off loss-to-lease: Trailing 3-month loss-to-lease is $69,060 a year, or 7.3% of gross potential rent. Much of that can be captured through normal lease renewals and turnover, with

Value-add runway on 57 units: 17 units are unrenovated and 40 are only partially renovated. Two-bedroom rents of $1,250–$1,413 also sit well below the market average

Utility reimbursement upside: Ownership currently pays water, sewer and trash, including $91,821 a year in water and sewer alone, about $134/unit/month. Several nearby comps already bill these utiliti

Large, two-bedroom-weighted floor plans: 75% of units are two-bedrooms (938–1,010 SF). The 916 SF average unit is larger than 7 of the 10 rent comps, which appeals to roommates and families

Durable construction with replaced roofs: The buildings are concrete block with copper wiring and central HVAC, and the roofs were replaced in within the last 10 years. Both help with insurability and reduce near-term capital needs

Infill South Daytona location: The property is 0.2 miles from US-1 (31,000 VPD), a few blocks from the Halifax River, and 5.2 miles from Daytona Beach International Airport and Embry-Riddle

Healthcare and education job base: Education and health services is the metro's largest employment sector, with 47,500 jobs, and it added the most jobs in the year to Q2 2025 (+1,300, or 2.8%). AdventHealth, Halifax Health and Embry-Riddle are among the six largest employers.

Regional highway access: Located less than 6 miles from major interstates I-95 and I-4, widening the employment base beyond Volusia County for tenants