Freestanding Restaurant
For Sale
$390,000
2309 S Ridgewood Avenue, South Daytona, FL 32119
Commercial Sale, South Daytona, FL
Property Size2,170 SF
Lot Size0.91 Acres
Price / SF$179.72
Days on Market94
Property Features for 2309 S Ridgewood Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking features
Off Street
Subdivision
West Shore Park
Lot features
Cleared
Directions
From Beville Rd east to US-1: south on US-1 1.23 miles to Ridge Rd. U-turn at Ridge Rd heading north on US-1 it is the second property on the right.
Standard status
Active
APN
5344-13-00-0460
Size
2,170 SF
Lot size
0.91 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 46 & 47 & LOTS 49 & 50 EXC N 55 FT WEST SHORE PARK SEC 4 EXC PART IN SR 5 MB 9 PG 289 PER OR 4476 PG 0371 PER OR 6784 PG 0864 PER OR 6793 PG 2671 PER OR 8626 PG 1312
Tax Annual Amount
4754
Legal Description
LOTS 46 & 47 & LOTS 49 & 50 EXC N 55 FT WEST SHORE PARK SEC 4 EXC PART IN SR 5 MB 9 PG 289 PER OR 4476 PG 0371 PER OR 6784 PG 0864 PER OR 6793 PG 2671 PER OR 8626 PG 1312
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1954
Floors in Building
1
Number of units
1
Flooring type
Terrazzo, Carpet, Tile
Building materials
Block, Stucco
Roof type
Metal, Mansard, Membrane
Listing Agency:
Coastal Realty of Volusia County
Listed By:
Carl Velie
(386) 679-4080
Added: Jun 30
Changed: Sep 12
Last Checked: Oct 1 at 10:06PM
MLS# 1228116
Copyright © 2026 Daytona Beach Area Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The property includes a 2,170 SF, one-story restaurant building constructed in 1954 with block and stucco construction. The improvements previously served an 80-seat restaurant and include kitchen equipment, a walk-in cooler, tile, carpet, terrazzo flooring, and an on-site bathroom. The sale is offered as-is, without warranties.
The building occupies the northwestern portion of a cleared site with frontage on both US-1, also identified as S Ridgewood Ave., and South Palmetto. Access includes an existing DOT-approved curb cut to US-1. Public water and public sewer serve the property, and water is available. If the existing structure is removed and replaced, credits for County Road Impact Fees and City Water/Sewer Impact Fees are available.
The building occupies the northwestern portion of a cleared site with frontage on both US-1, also identified as S Ridgewood Ave., and South Palmetto. Access includes an existing DOT-approved curb cut to US-1. Public water and public sewer serve the property, and water is available. If the existing structure is removed and replaced, credits for County Road Impact Fees and City Water/Sewer Impact Fees are available.
Key Highlights
- 2,170 SF one‑story restaurant building constructed in 1954
- Previously operated as an 80‑seat restaurant
- Kitchen equipment and walk‑in cooler remain
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
$32,952
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
8.45%
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%
$659,040
$659.0K
Cap Rate 7%
$470,743
$470.7K
Cap Rate 9%
$366,133
$366.1K
Market Conditions
NOI Build-Up for 2,170 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
$47.7K $21.96/SF
− Vacancy
−$3.7K −$1.71/SF
EGI
$43.9K $20.25/SF
− OpEx
−$11.0K −$5.06/SF
NOI
$33.0K $15.19/SF
Area
Volusia County, FL
Vacancy
7.80%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$659,040
Cap Rate 7%
$470,743
Cap Rate 9%
$366,133
Alternative Uses
Best Use
Specialty Retail
$470.7K
$411.9K – $549.2K
NOI $32,952 @ 7.0% cap · market cap 8.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$639.8K
$559.9K – $746.5K
NOI $44,789 @ 7.0% cap · market cap 11.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
534
Businesses Nearby
90k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 32%
Shops & Services 30%
Dining 30%
Home Improvements & Furnishings 8%
Publix
Groceries
28,211 visits/mo
0.2 miles
SONIC Drive In
Dining
10,431 visits/mo
0.4 miles
Taco Bell
Dining
9,250 visits/mo
0.1 miles
Sunoco
Shops & Services
8,582 visits/mo
0.4 miles
Dollar Tree
Shops & Services
7,802 visits/mo
0.2 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Existing restaurant improvements include kitchen equipment and a walk-in cooler.
Where is this conventional restaurant located?
The property is located at 2309 S Ridgewood Avenue South Daytona, FL.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: 2,170 SF one‑story restaurant building constructed in 1954; Previously operated as an 80‑seat restaurant; Kitchen equipment and walk‑in cooler remain
