Multifamily Property with
New
For Sale
$1,050,000
61 Division Ave, Ormond Beach, FL 32174
A renovated main residence is paired with three apartments, each offering separate living space.
Property Size5,006 SF
Price / SF$209.75
Days on Market5
Property Features for 61 Division Ave
General Information
Standard status
Active
Size
5,006 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 4BR/3BA, 1 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$5,569
Listing Agency:
RE/MAX Signature
(386) 236-0760
Listed By:
Amy Hall · License #SL3504678
(386) 566-3828
Source:
Exprealty
Added: Sep 20
Changed: Sep 24
Last Checked: Sep 24 at 2:50PM
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 RE/MAX Signature
Investment Insights
Based on property information with market context.
The property includes a 4-bedroom, 3-bathroom main residence and three apartments: one 1-bedroom, 1-bathroom unit and two 2-bedroom, 1-bathroom units. Improvements include roofs, HVAC systems, appliances, flooring, and cabinetry. The apartments have separate electrical meters.
The property is one block from the river and near dining, shopping, and entertainment along Granada Boulevard. Its mix of a main home and independent apartment units provides multiple residential spaces on one property.
The property is one block from the river and near dining, shopping, and entertainment along Granada Boulevard. Its mix of a main home and independent apartment units provides multiple residential spaces on one property.
Key Highlights
- Main residence has 4 bedrooms and 3 bathrooms
- Three apartments: one 1‑bedroom/1‑bathroom unit and two 2‑bedroom/1‑bathroom units
- Apartments have separate electrical meters
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
$38,146
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
3.63%
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%
$762,920
$762.9K
Cap Rate 7%
$544,943
$544.9K
Cap Rate 9%
$423,844
$423.8K
Market Conditions
NOI Build-Up for 5,006 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
$77.5K $15.48/SF
− Vacancy
−$8.1K −$1.63/SF
EGI
$69.4K $13.85/SF
− OpEx
−$31.2K −$6.23/SF
NOI
$38.1K $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%
$762,920
Cap Rate 7%
$544,943
Cap Rate 9%
$423,844
Alternative Uses
Best Use
Apartment 5plus
$544.9K
$476.8K – $635.8K
NOI $38,146 @ 7.0% cap · market cap 3.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.48M
$1.29M – $1.72M
NOI $103,324 @ 7.0% cap · market cap 9.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
672
Businesses Nearby
Explore this area
Business Placement
Demographics for 32174, FL
53,097
Population
26,303
Households
2
Avg Household Size
55
Median Age
33%
College-Educated
93%
High-School Grad
125.4 sq mi
ZIP Area
423
Density / Sq Mi
$67,817
Median Household Income
$41,452
Median Earnings
$1,316
Median Rent
$315,100
Median Home Value
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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?
Multifamily property - A renovated main residence is paired with three apartments, each offering separate living space.
Where is this multifamily property located?
The property is located at 61 Division Ave Ormond Beach, FL.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Main residence has 4 bedrooms and 3 bathrooms; Three apartments: one 1‑bedroom/1‑bathroom unit and two 2‑bedroom/1‑bathroom units; Apartments have separate electrical meters
