South Daytona Multifamily Investment
For Sale
$960,000
644 Northern Road, South Daytona, FL 32119
COMMERCIAL - South Daytona, FL
Property Size8,016 SF
Lot Size0.45 Acres
Price / SF$119.76
Days on Market246
Property Features for 644 Northern Road
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
12
Full bathrooms
90
Rooms
Bathroom 19, Bathroom 54, Bathroom 44, Bathroom 63, Bathroom 73, Bathroom 3, Bathroom 51, Bathroom 61, Bathroom 21, Bathroom 32, Bathroom 72, Bathroom 11, Bathroom 58, Bathroom 90, Bathroom 50, Bathroom 60, Bathroom 26, Bathroom 33, Bathroom 68, Bathroom 22, Bathroom 87, Bathroom 80, Bathroom 59, Bathroom 76, Bathroom 28, Bathroom 43, Bathroom 9, Bathroom 55, Bathroom 16, Bathroom 37, Bathroom 24, Bathroom 75, Bathroom 47, Bathroom 45, Bathroom 64, Bathroom 84, Bathroom 46, Bathroom 67, Bathroom 17, Bathroom 70, Bathroom 2, Bathroom 77, Bathroom 25, Bathroom 29, Bathroom 69, Bathroom 71, Bathroom 38, Bathroom 18, Bathroom 40, Bathroom 88, Bathroom 31, Bathroom 34, Bathroom 62, Bathroom 66, Bathroom 81, Bathroom 6, Bathroom 74, Bathroom 57, Bathroom 13, Bathroom 10, Bathroom 52, Bathroom 35, Bathroom 8, Bathroom 56, Bathroom 41, Bathroom 7, Bathroom 4, Bathroom 42, Bathroom 36, Bathroom 89, Bathroom 86, Bathroom 15, Bathroom 85, Bathroom 12, Bathroom 14, Bathroom 39, Bathroom 30, Bathroom 5, Bathroom 83, Bathroom 49, Bathroom 20, Bathroom 48, Bathroom 27, Bathroom 65, Bathroom 53, Bathroom 1, Bathroom 82, Bathroom 23, Bathroom 79, Bathroom 78
Parking features
Off Street, Assigned
Subdivision
Golfview
Lot features
Corner Lot
Directions
Beville east from Nova - right on Jacobs to Northern
Standard status
Active
APN
5329-13-19-0011
Size
8,016 SF
Lot size
0.45 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
E 139.67 FT OF LOT 1 BLK 19 GOLFVIEW SEC 11 MB 32 PG 167 PER OR 4852 PG 4281 PER OR 7000 PG 2317 PER OR 7253 PG 3409 PER OR 8250 PG 2358 PER OR 8483 PG 1146
Tax Annual Amount
13803
Legal Description
E 139.67 FT OF LOT 1 BLK 19 GOLFVIEW SEC 11 MB 32 PG 167 PER OR 4852 PG 4281 PER OR 7000 PG 2317 PER OR 7253 PG 3409 PER OR 8250 PG 2358 PER OR 8483 PG 1146
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1981
Floors in Building
2
Number of units
6
Flooring type
Tile, Laminate
Building materials
Block, Frame, Stucco
Roof type
Rolled Hot Mop
Listing Agency:
Realty Pros Assured
(386) 441-7653
Listed By:
Matthew Renshaw
(386) 566-1233
Added: Dec 10, 2025
Changed: Aug 4
Last Checked: Aug 13 at 9:06AM
MLS# 1220741
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.
Located in South Daytona, this multifamily complex features six two-bedroom townhouse-style units. The units are fully rented on annual leases, with some long-term tenants. Tenants are responsible for their own utilities, which minimizes owner expenses. The complex is situated a short drive from the beach and offers proximity to schools, shopping, restaurants, medical facilities, and golf courses. The property size is 8016 square feet, situated on a 0.45-acre lot.
Key Highlights
- 6 x 2‑bedroom townhouse‑style units; all units are fully rented on annual leases
- Approximately 7.5% cap rate (as stated in the remarks)
- Tenants pay their own utilities, helping keep owner expenses minimal (as stated in the remarks)
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
$61,082
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
6.36%
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%
$1,221,640
$1.2M
Cap Rate 7%
$872,600
$872.6K
Cap Rate 9%
$678,689
$678.7K
Market Conditions
NOI Build-Up for 8,016 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
$124.1K $15.48/SF
− Vacancy
−$13.0K −$1.63/SF
EGI
$111.1K $13.85/SF
− OpEx
−$50.0K −$6.23/SF
NOI
$61.1K $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%
$1,221,640
Cap Rate 7%
$872,600
Cap Rate 9%
$678,689
Alternative Uses
Best Use
Apartment 5plus
$872.6K
$763.5K – $1.02M
NOI $61,082 @ 7.0% cap · market cap 6.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.36M
$2.07M – $2.76M
NOI $165,450 @ 7.0% cap · market cap 17.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
844
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six townhouse-style units, fully rented, near beach, schools, and amenities.
Where is this apartment building located?
The property is located at 644 Northern Road South Daytona, FL.
What is the asking price?
The asking price for this property is $960,000.
What are key features of this property?
This property features: 6 x 2‑bedroom townhouse‑style units; all units are fully rented on annual leases; Approximately 7.5% cap rate (as stated in the remarks); Tenants pay their own utilities, helping keep owner expenses minimal (as stated in the remarks)
