115 Ridgewood AveDaytona Beach, FL 32114

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.