208/216 Ridgewood Avenue, Holly Hill, FL 32117

Building Details

Building Size 14,737 SF More

Year Built 1949 More

Listing Agency: Realty Pros Assured

Listed By: Michael Williams · License #344170 Show Phone

Source: Marlinrealtygroup

Added: Aug 31 Changed: Nov 7 Last Checked: Nov 7 at 9:10PM

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Investment Insights

Based on property information with market context.

Across two parcels, this mixed-use property combines a motel operation, detached cabin-style accommodations, and three separate homes. The hospitality inventory includes five 2-bedroom/2-bath units and fourteen 1-bedroom/1-bath units, along with detached cabin units. The homes comprise a 2-bedroom/2-bath residence with a 2-car garage, a 5-bedroom/3-bath home, and a 7-bedroom/2-bath home. Recent work includes new roofs, HVAC systems, flooring, paint, and other interior and exterior updates; the 2-bedroom home has a new roof but has not been fully updated.

The site has 23 parking spaces, and the parking lot has been recoated. Fencing runs along the sides and rear of the property. Additional site area may allow for parking expansion or other growth, subject to applicable approvals.

Key Highlights

• Two separate parcels with hospitality and residential uses
• Hospitality inventory includes five 2‑bedroom/2‑bath units and fourteen 1‑bedroom/1‑bath units
• Three homes: 2‑bedroom/2‑bath with a 2‑car garage, 5‑bedroom/3‑bath, and 7‑bedroom/2‑bath

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$182,039

Cap Rate

7.91%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,640,780 $3.6M

Cap Rate 7%

$2,600,557 $2.6M

Cap Rate 9%

$2,022,656 $2.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 14,737 SF

Gross rent

$318.3K $21.60/SF

− Vacancy

−$27.1K −$1.84/SF

EGI

$291.3K $19.76/SF

− OpEx

−$109.2K −$7.41/SF

NOI

$182.0K $12.35/SF

Area

Volusia County, FL

Vacancy

8.50%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,640,780

Cap Rate 7%

$2,600,557

Cap Rate 9%

$2,022,656

Alternative Uses

Best Use

Mixed Use

$2.60M

$2.28M – $3.03M (±1% cap)

NOI $182,039 @ 7.0% cap · market cap 7.91%

Second Best

Hotel Hospitality

$756.0K

$661.5K – $882.0K (±1% cap)

NOI $52,921 @ 7.0% cap · market cap 2.30%

Theoretical Best

Office A

$4.35M

$3.80M – $5.07M (±1% cap)

NOI $304,172 @ 7.0% cap · market cap 13.22%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Motels

Suggested Use

Top Pick Real Estate Agency Dental Office Law Firm Bakery Skin Care Clinic Locksmith

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

603

Businesses Nearby

Explore this area Business Placement

Demographics for 32117, FL

28,223

Population

14,392

Households

2

Avg Household Size

43

Median Age

21%

College-Educated

90%

High-School Grad

12.0 sq mi

ZIP Area

2,352

Density / Sq Mi

$52,132

Median Household Income

$32,189

Median Earnings

$1,392

Median Rent

$175,500

Median Home Value

Market

Average Price Trend$/SF for Mixed-use properties in Volusia County, FL

$381 Jul

$283 Aug

$320 Sep

$274 Oct

Properties on Market for Mixed-use properties in Volusia County

Jul

Aug

Sep

Oct

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Two parcels combine a motel operation, detached cabin units, and three residential homes.

Where is this mixed-use property located?

The property is located at 208/216 Ridgewood Avenue Holly Hill, FL.

What is the asking price?

The asking price for this property is $2,300,000.

What are key features of this property?

This property features: Two separate parcels with hospitality and residential uses; Hospitality inventory includes five 2‑bedroom/2‑bath units and fourteen 1‑bedroom/1‑bath units; Three homes: 2‑bedroom/2‑bath with a 2‑car garage, 5‑bedroom/3‑bath, and 7‑bedroom/2‑bath