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    115 Ridgewood Ave Daytona Beach, FL 32114

    Sponsored
    For Sale
    $2,000,000

    15-unit apartment building, high NOI.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This exceptional 15-unit apartment building presents a compelling value-add investment opportunity in Daytona Beach, Florida. Located at 115 N Ridgewood Ave, 32114, this Class B property boasts a strong net operating income (NOI) of $228,915, yielding an attractive 11.45% cap rate at an asking price of $2,000,000. The unit mix includes thirteen two-bedroom, one-bathroom units, one three-bedroom, one-bathroom unit, and one one-bedroom, one-bathroom unit. Currently, eight units are fully renovated, two are under renovation, and four are occupied by tenants outside of Veteran Services and Workforce Housing programs. The property features on-site laundry and sits on seven parcels, offering potential for expansion with room to build an additional eight units. The current tenant base, including a significant portion from Veteran Services and Workforce Housing, ensures consistent occupancy at market rates. Significant capital expenditures have already been made, totaling $225,500, covering various phases of renovation, including demolition, core and shell improvements, HVAC, electrical, plumbing, drywall, flooring, kitchen, and bathroom upgrades. Further optional capital expenditures are outlined, totaling $52,000. This property's prime location in Daytona Beach provides easy access to shopping, dining, entertainment, schools, and parks, enhancing tenant appeal and ensuring strong rental demand. This multifamily investment offers a blend of immediate income and significant future growth potential.

    Property Features for 115 Ridgewood Ave

    General Information

    Property type
    Multifamily properties
    Class
    B

    Building Details

    Units
    15

    HighLights

    • $2,000,000 asking price for a 15‑unit multifamily value‑add opportunity in Daytona Beach, FL.
    • 11.45% cap rate with a $228,915 NOI.
    • 15 units totaling $133,333 per unit.
    • Unit mix includes thirteen two‑bedroom/one‑bathroom, one three‑bedroom/one‑bathroom, and one one‑bedroom/one‑bathroom units.
    • Property features on‑site laundry and seven parcels with potential to add eight more units.
    • Eight units are fully renovated, two are under renovation, and four are occupied by non‑Veteran Services/Workforce Housing tenants.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Building Supply Law Firm Dental Office Spa & Massage Wholesale Shop Hair Salon Auto Repair Shop Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Daytona Beach
    County
    Volusia
    State
    Florida
    Longitude
    -81.0226862
    Latitude
    29.2115175

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    FAQs

    What type of property is this?
    Multifamily property - 15-unit apartment building, high NOI.
    Where is this multifamily property located?
    The property is located at 115 Ridgewood Ave Daytona Beach, FL.
    What is the asking price?
    The asking price for this property is $2,000,000.
    What are key features of this property?
    This property features: $2,000,000 asking price for a 15-unit multifamily value-add opportunity in Daytona Beach, FL.; 11.45% cap rate with a $228,915 NOI.; 15 units totaling $133,333 per unit.
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    115 Ridgewood Ave Daytona Beach, FL 32114
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