Two Apartment Communities
For Sale
$6,000,000
1890 S Palmetto Ave, South Daytona, FL 32119
Portfolio of 60 units across two vintage apartment communities with documented renovations and ongoing interior upgrade scope.
Property Size33,000 SF
Price / SF$181.82
Days on Market105
Property Features for 1890 S Palmetto Ave
General Information
Standard status
Active
Size
33,000 SF
Property subtype
Commercial
Additional Details
Multifamily Units
60
Building Details
Year Built
1973
Stories
2
Tenancy
Multi
Listing Agency:
FlatFee.com
Listed By:
Cliff Glansen · License #278017259
(954) 965-3990
Source:
Findpalmcoasthouses
Added: Jun 1
Changed: Sep 9
Last Checked: Sep 12 at 10:12AM
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 FlatFee.com
Investment Insights
Based on property information with market context.
This for-sale multifamily portfolio includes two apartment communities totaling 60 units: Whispering Winds (20 units) and Riverside at South Daytona (40 units). Whispering Winds is a 1984 vintage, two-story frame complex with one- and two-bedroom units ranging from 625 to 851 SF. Riverside at South Daytona is a 1973 vintage stucco-on-block property offering one- and two-bedroom units at 650 SF and 800 or 850 SF. Current ownership has invested more than $900,000 in capital improvements across both assets, including more than $600,000 in Riverside exterior and interior renovations and approximately $300,000 in Whispering Winds upgrades such as roof replacement, vinyl flooring, and fixture improvements in select units.
The communities are located approximately four miles apart along the Halifax River corridor off US-1, with convenient access to I-95 and I-4. Whispering Winds sits less than one mile west of the Halifax River. Riverside at South Daytona is located just one half mile south of Beville Road and is at 1890 S. Palmetto Avenue, South Daytona.
For tenants and operators, the mix of one- and two-bedroom layouts supports a broad residential demand base, while the renovation history offers a practical path for maintaining and improving unit presentation. Riverside has completed major interior and exterior work to modernize all units, and Whispering Winds presents additional scope to continue implementing consistent interior finishes across the property.
The communities are located approximately four miles apart along the Halifax River corridor off US-1, with convenient access to I-95 and I-4. Whispering Winds sits less than one mile west of the Halifax River. Riverside at South Daytona is located just one half mile south of Beville Road and is at 1890 S. Palmetto Avenue, South Daytona.
For tenants and operators, the mix of one- and two-bedroom layouts supports a broad residential demand base, while the renovation history offers a practical path for maintaining and improving unit presentation. Riverside has completed major interior and exterior work to modernize all units, and Whispering Winds presents additional scope to continue implementing consistent interior finishes across the property.
Key Highlights
- Portfolio of two apartment communities totaling 60 units in Daytona Beach, FL: Whispering Winds (20) and Riverside at South Daytona (40)
- Whispering Winds: 1984 vintage, two‑story frame complex with one- and two‑bedroom units ranging from 625–851 SF
- Riverside at South Daytona: 1973 vintage, stucco‑on‑block construction with one- and two‑bedroom units; 650 SF and 800–850 SF
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
$251,461
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
4.19%
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%
$5,029,220
$5.0M
Cap Rate 7%
$3,592,300
$3.6M
Cap Rate 9%
$2,794,011
$2.8M
Market Conditions
NOI Build-Up for 33,000 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
$510.8K $15.48/SF
− Vacancy
−$53.6K −$1.63/SF
EGI
$457.2K $13.85/SF
− OpEx
−$205.7K −$6.23/SF
NOI
$251.5K $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%
$5,029,220
Cap Rate 7%
$3,592,300
Cap Rate 9%
$2,794,011
Alternative Uses
Best Use
Apartment 5plus
$3.59M
$3.14M – $4.19M
NOI $251,461 @ 7.0% cap · market cap 4.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.73M
$8.51M – $11.35M
NOI $681,120 @ 7.0% cap · market cap 11.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
60
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
529
Businesses Nearby
Explore this area
Business Placement
Demographics for 32119, FL
22,498
Population
12,629
Households
1.8
Avg Household Size
50
Median Age
27%
College-Educated
91%
High-School Grad
7.8 sq mi
ZIP Area
2,884
Density / Sq Mi
$53,795
Median Household Income
$37,675
Median Earnings
$1,371
Median Rent
$215,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Portfolio of 60 units across two vintage apartment communities with documented renovations and ongoing interior upgrade scope.
Where is this apartment building located?
The property is located at 1890 S Palmetto Ave South Daytona, FL.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: Portfolio of two apartment communities totaling 60 units in Daytona Beach, FL: Whispering Winds (20) and Riverside at South Daytona (40); Whispering Winds: 1984 vintage, two‑story frame complex with one- and two‑bedroom units ranging from 625–851 SF; Riverside at South Daytona: 1973 vintage, stucco‑on‑block construction with one- and two‑bedroom units; 650 SF and 800–850 SF
