8-Unit Apartment
New
For Sale
$429,000
228 Bay Street, Daytona Beach, FL 32114
Downtown Daytona Beach multifamily property near the Halifax River and Atlantic Ocean.
Property Size2,747 SF
Days on Market5
Property Features for 228 Bay Street
General Information
Standard status
Active
Size
2,747 SF
Property subtype
Multi-Family
Building Details
Building Size
2,747 SF
Units
8
Listing Agency:
SVN | Alliance Commercial Real Estate Advisors
(386) 999-1762
Listed By:
Michael Baxter · License #SL3451680
Source:
Commercialcafe
Added: Aug 15
Changed: Aug 16
Last Checked: Aug 18 at 5:14AM
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 SVN | Alliance Commercial Real Estate Advisors
Investment Insights
Based on property information with market context.
This Downtown Daytona Beach apartment property contains 8 units with a varied residential mix: 1 two-bedroom apartment, 4 one-bedroom apartments, and 3 studio apartments. Each unit includes 1 bath, providing a compact configuration across the building.
The property is positioned just west of Beach Street and the Halifax River. Residents are within walking distance of the Halifax River and the Brown & Brown Insurance headquarters, with the Atlantic Ocean only minutes away.
The property is positioned just west of Beach Street and the Halifax River. Residents are within walking distance of the Halifax River and the Brown & Brown Insurance headquarters, with the Atlantic Ocean only minutes away.
Key Highlights
- 8‑unit apartment property in Downtown Daytona Beach
- Unit mix includes 1 two‑bedroom, 4 one‑bedroom, and 3 studio apartments
- All units include 1 bath
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
$20,932
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
4.88%
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%
$418,640
$418.6K
Cap Rate 7%
$299,029
$299.0K
Cap Rate 9%
$232,578
$232.6K
Market Conditions
NOI Build-Up for 2,747 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
$42.5K $15.48/SF
− Vacancy
−$4.5K −$1.63/SF
EGI
$38.1K $13.85/SF
− OpEx
−$17.1K −$6.23/SF
NOI
$20.9K $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%
$418,640
Cap Rate 7%
$299,029
Cap Rate 9%
$232,578
Alternative Uses
Best Use
Apartment 5plus
$299.0K
$261.7K – $348.9K
NOI $20,932 @ 7.0% cap · market cap 4.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$810.0K
$708.7K – $945.0K
NOI $56,698 @ 7.0% cap · market cap 13.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,743
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 - Downtown Daytona Beach multifamily property near the Halifax River and Atlantic Ocean.
Where is this apartment building located?
The property is located at 228 Bay Street Daytona Beach, FL.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: 8‑unit apartment property in Downtown Daytona Beach; Unit mix includes 1 two‑bedroom, 4 one‑bedroom, and 3 studio apartments; All units include 1 bath
