Renovated Duplex Income
For Sale
Contact for pricing
Pending
408 Henry Butts Drive, Daytona Beach, FL 32114
Turnkey duplex with brand-new roof, fresh interior updates, and two rental-ready units near an aquatic center.
Property Size1,414 SF
Days on Market80
Property Features for 408 Henry Butts Drive
General Information
Standard status
Pending
Size
1,414 SF
Property subtype
Multifamily, Land
Building Details
Year Built
1927
Units
2
Listing Agency:
One Key Realty
(305) 525-8947
Listed By:
Michael Aversano · License #3133415
Source:
Crexi
Added: Jun 1
Changed: Aug 8
Last Checked: Jul 24 at 1:20PM
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 One Key Realty
Investment Insights
Based on property information with market context.
This renovated duplex includes two separate units, each updated with new LVP flooring, fresh interior paint, and new window blinds. The roof has been replaced and includes a transferable warranty. Appliances have also been replaced for the units, each with transferable warranties, and the LVP flooring is described as water-resistant.
The property sits across from an aquatic center, which supports convenient parking for guests and helps define the day-to-day surroundings. The yard has been cleared and made usable, providing an outdoor area that can support tenant and guest enjoyment.
From an investor standpoint, the back unit is leased at $1,750 per month, and the front unit is being marketed for rent at $1,544 per month. The owner is seeking a government-guaranteed tenant for the front unit, which may be relevant for qualified occupancy criteria. Management services are offered, with ongoing operating items noted in the remarks, including taxes, insurance, and lawn care.
The property sits across from an aquatic center, which supports convenient parking for guests and helps define the day-to-day surroundings. The yard has been cleared and made usable, providing an outdoor area that can support tenant and guest enjoyment.
From an investor standpoint, the back unit is leased at $1,750 per month, and the front unit is being marketed for rent at $1,544 per month. The owner is seeking a government-guaranteed tenant for the front unit, which may be relevant for qualified occupancy criteria. Management services are offered, with ongoing operating items noted in the remarks, including taxes, insurance, and lawn care.
Key Highlights
- Year built 1927 duplex with a brand‑new roof and transferable warranty
- Back unit is leased for $1,750/month; front unit is being marketed for $1,544/month
- Recent updates include new LVP flooring throughout both units and water‑resistant LVP
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
$12,404
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
4.51%
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%
$248,080
$248.1K
Cap Rate 7%
$177,200
$177.2K
Cap Rate 9%
$137,822
$137.8K
Market Conditions
NOI Build-Up for 1,414 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
$19.7K $13.92/SF
− Vacancy
−$2.0K −$1.39/SF
EGI
$17.7K $12.53/SF
− OpEx
−$5.3K −$3.76/SF
NOI
$12.4K $8.77/SF
Area
Volusia County, FL
Vacancy
9.97%
Lease Rate
$13.92 /SF/Yr
Expense Ratio
30.00%
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%
$248,080
Cap Rate 7%
$177,200
Cap Rate 9%
$137,822
Alternative Uses
Best Use
Multifamily LT 5
$177.2K
$155.1K – $206.7K
NOI $12,404 @ 7.0% cap · market cap 4.51%
Second Best
Apartment 5plus
$153.9K
$134.7K – $179.6K
NOI $10,775 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$416.9K
$364.8K – $486.4K
NOI $29,185 @ 7.0% cap · market cap 10.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,283
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
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Frequently Asked Questions
What type of property is this?
Duplex - Turnkey duplex with brand-new roof, fresh interior updates, and two rental-ready units near an aquatic center.
Where is this duplex located?
The property is located at 408 Henry Butts Drive Daytona Beach, FL.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Year built 1927 duplex with a brand‑new roof and transferable warranty; Back unit is leased for $1,750/month; front unit is being marketed for $1,544/month; Recent updates include new LVP flooring throughout both units and water‑resistant LVP
