Five-Unit Apartment
For Sale
$650,000
610 S RIDGEWOOD AVENUE, Daytona Beach, FL 32114
Corner property includes an adjacent parcel within Downtown zoning and sits near Daytona Beach’s downtown and beachside corridors.
Property Size2,400 SF
Lot Size0.40 Acres
Price / SF$270.83
Days on Market14
Property Features for 610 S RIDGEWOOD AVENUE
General Information
Standard status
Active
Size
2,400 SF
Lot size
0.40 Acres
Property subtype
Multi-Family 5+
Additional Details
Road Access
Yes
Multifamily Units
5
Building Details
Year Built
1915
Listing Agency:
CHARLES RUTENBERG REALTY ORLANDO
(407) 622-2122
Listed By:
Husain Jaffer · License #3293364
(407) 923-7642
Source:
Dennisrealty
Added: Sep 8
Changed: Sep 20
Last Checked: Sep 20 at 8:37AM
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 CHARLES RUTENBERG REALTY ORLANDO
Investment Insights
Based on property information with market context.
This apartment property contains five units within a 2,400-square-foot building constructed in 1915. Window/wall units provide the stated interior cooling feature, and the site includes an adjacent parcel that expands the overall assemblage to approximately 0.40 acres. The property occupies a corner at S Ridgewood Ave and Cedar St in Daytona Beach, with frontage along an interstate service road and a paved road. Halifax River, the downtown core, and the beachside corridor are described as being within walking distance. Downtown zoning allows up to 40 units per acre, while the combined site has been identified for a potential 12–16-unit redevelopment concept, subject to verification with the City of Daytona Beach Planning Division.
Key Highlights
- Five‑unit apartment property with a 2,400 SF building
- Adjacent parcel creates an approximately 0.40‑acre combined site
- Corner location at S Ridgewood Ave and Cedar St
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
$18,288
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
2.81%
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%
$365,760
$365.8K
Cap Rate 7%
$261,257
$261.3K
Cap Rate 9%
$203,200
$203.2K
Market Conditions
NOI Build-Up for 2,400 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
$37.2K $15.48/SF
− Vacancy
−$3.9K −$1.63/SF
EGI
$33.3K $13.85/SF
− OpEx
−$15.0K −$6.23/SF
NOI
$18.3K $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%
$365,760
Cap Rate 7%
$261,257
Cap Rate 9%
$203,200
Alternative Uses
Best Use
Apartment 5plus
$261.3K
$228.6K – $304.8K
NOI $18,288 @ 7.0% cap · market cap 2.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$707.7K
$619.2K – $825.6K
NOI $49,536 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,196
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
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 - Corner property includes an adjacent parcel within Downtown zoning and sits near Daytona Beach’s downtown and beachside corridors.
Where is this apartment building located?
The property is located at 610 S RIDGEWOOD AVENUE Daytona Beach, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Five‑unit apartment property with a 2,400 SF building; Adjacent parcel creates an approximately 0.40‑acre combined site; Corner location at S Ridgewood Ave and Cedar St
