Four-Building Apartment
For Sale
$1,750,000
502 N Halifax Avenue, Daytona Beach, FL 32118
Residential Income, Daytona Beach, FL
Property Size7,533 SF
Lot Size0.36 Acres
Price / SF$232.31
Days on Market198
Property Features for 502 N Halifax Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
19
Bathrooms
11
Full bathrooms
10
Half bathrooms
1
Rooms
Bedroom 5, Bathroom 7, Bedroom 1, Bathroom 8, Bathroom 2, Bedroom 2, Bedroom 8, Bathroom 6, Bathroom 9, Bedroom 15, Bedroom 19, Bathroom 4, Bedroom 18, Bedroom 4, Bedroom 17, Bedroom 10, Bathroom 5, Bedroom 11, Bedroom 14, Bedroom 3, Bedroom 6, Bathroom 10, Bedroom 13, Bedroom 12, Bedroom 9, Bathroom 1, Bathroom 11, Bedroom 7, Bedroom 16, Bathroom 3
Appliances
Refrigerator, Electric Water Heater, Electric Range, Dishwasher
Subdivision
Not In Subdivision
Lot features
Corner Lot
Directions
Mason avenue east over bridge - property is on the corner of Halifax and Oakridge
Standard status
Active
APN
Multiple
Size
7,533 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Multiple Lots - 530501060110, 530501060101 and 530501060111
Tax Annual Amount
2227
Legal Description
Multiple Lots - 530501060110, 530501060101 and 530501060111
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Public
Amenities
covered wrap-around porch
private courtyard
Building Details
Year built
1900
Floors in Building
2
Number of units
9
Flooring type
Vinyl, Tile
Building materials
Concrete, Frame, Stucco, Wood Siding
Roof type
Shingle
Listing Agency:
Clayton Realty Group, LLC
(386) 316-7544
Listed By:
Julie Clayton · License #123
(386) 872-1932
Added: Mar 16
Changed: Sep 16
Last Checked: Sep 29 at 2:06PM
MLS# 1224222
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.
This apartment-building package includes four rental properties totaling 7,533 square feet on a 0.36-acre corner lot. The buildings were upgraded from foundation through roof and incorporate concrete, frame, stucco, and wood siding construction, with tile and vinyl flooring. The property includes central heating and cooling, electric systems, public water, public sewer, and a shingle roof. Refrigerators, electric ranges, dishwashers, and electric water heaters are among the listed appliances.
The corner building has a covered wrap-around porch extending across the front and side. Two rear buildings share a private fenced courtyard. The property is near the Intracoastal River and within walking distance of the beach in Daytona Beach. Built in 1900, the buildings combine historic age with reported modern upgrades and established rental use.
The corner building has a covered wrap-around porch extending across the front and side. Two rear buildings share a private fenced courtyard. The property is near the Intracoastal River and within walking distance of the beach in Daytona Beach. Built in 1900, the buildings combine historic age with reported modern upgrades and established rental use.
Key Highlights
- Four rental properties offered together as one apartment‑building package
- 7,533 square feet across a 0.36‑acre corner lot
- Buildings upgraded from the foundation through the roof
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
$57,402
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
3.28%
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%
$1,148,040
$1.1M
Cap Rate 7%
$820,029
$820.0K
Cap Rate 9%
$637,800
$637.8K
Market Conditions
NOI Build-Up for 7,533 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
$116.6K $15.48/SF
− Vacancy
−$12.2K −$1.63/SF
EGI
$104.4K $13.85/SF
− OpEx
−$47.0K −$6.23/SF
NOI
$57.4K $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%
$1,148,040
Cap Rate 7%
$820,029
Cap Rate 9%
$637,800
Alternative Uses
Best Use
Apartment 5plus
$820.0K
$717.5K – $956.7K
NOI $57,402 @ 7.0% cap · market cap 3.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.22M
$1.94M – $2.59M
NOI $155,481 @ 7.0% cap · market cap 8.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,256
Businesses Nearby
Explore this area
Business Placement
Demographics for 32118, FL
17,906
Population
16,390
Households
1.1
Avg Household Size
58
Median Age
31%
College-Educated
94%
High-School Grad
4.2 sq mi
ZIP Area
4,263
Density / Sq Mi
$60,418
Median Household Income
$36,153
Median Earnings
$1,283
Median Rent
$339,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Four upgraded rental buildings on a Daytona Beachside corner lot with covered porch and fenced courtyard areas.
Where is this apartment building located?
The property is located at 502 N Halifax Avenue Daytona Beach, FL.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Four rental properties offered together as one apartment‑building package; 7,533 square feet across a 0.36‑acre corner lot; Buildings upgraded from the foundation through the roof
