Renovated Duplex with Vacant
For Sale
Contact for pricing
921 Winchester Street, Daytona Beach, FL 32114
Two-unit duplex with recent mechanical upgrades, one leased and one vacant, giving an owner flexible occupancy options.
Property Size1,785 SF
Price / SF$150.98
Days on Market64
Property Features for 921 Winchester Street
General Information
Standard status
Active
Size
1,785 SF
Property subtype
Multifamily
Occupancy
50%
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Year Built
1954
Units
2
Tenancy
Multi
Listing Agency:
Rhynes Real Estate
(386) 516-9923
Listed By:
Takeshia Rhynes
Source:
Crexi
Added: Jun 11
Changed: Aug 10
Last Checked: Aug 13 at 6:50AM
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 Rhynes Real Estate
Investment Insights
Based on property information with market context.
This turnkey duplex includes two separate units. One unit is configured as a 3-bedroom, 1-bathroom layout and is currently leased for $1,650 per month. The second unit offers a 1-bedroom, 1-bathroom configuration and is currently vacant, allowing an owner to place a new tenant or occupy the space themselves. Recent updates include a new AC system and a new water heater, supporting straightforward maintenance and day-to-day operations.
Located in the heart of Daytona Beach, the property is positioned for convenient access to shopping and dining, as well as major roadways and the beaches. The surrounding area offers practical everyday needs within a short drive.
For investors and owner-occupants, the current setup provides immediate rental income through the leased unit while keeping flexibility for the vacant unit. The property also reflects meaningful recent improvements with the new AC and water heater. If you’re looking for a manageable duplex that combines an in-place tenant with the option to control occupancy on the second unit, this is worth a close look.
Located in the heart of Daytona Beach, the property is positioned for convenient access to shopping and dining, as well as major roadways and the beaches. The surrounding area offers practical everyday needs within a short drive.
For investors and owner-occupants, the current setup provides immediate rental income through the leased unit while keeping flexibility for the vacant unit. The property also reflects meaningful recent improvements with the new AC and water heater. If you’re looking for a manageable duplex that combines an in-place tenant with the option to control occupancy on the second unit, this is worth a close look.
Key Highlights
- Two‑unit duplex built in 1954 with one 3‑bedroom, 1‑bath unit leased for $1,650/month
- Second unit is 1 bedroom, 1 bathroom and currently vacant for flexible occupancy or re‑leasing
- New AC system and new water heater included
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
$15,659
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
5.81%
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%
$313,180
$313.2K
Cap Rate 7%
$223,700
$223.7K
Cap Rate 9%
$173,989
$174.0K
Market Conditions
NOI Build-Up for 1,785 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
$24.8K $13.92/SF
− Vacancy
−$2.5K −$1.39/SF
EGI
$22.4K $12.53/SF
− OpEx
−$6.7K −$3.76/SF
NOI
$15.7K $8.77/SF
Area
Volusia County, FL
Vacancy
9.97%
Lease Rate
$13.92 /SF/Yr
Expense Ratio
30.00%
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%
$313,180
Cap Rate 7%
$223,700
Cap Rate 9%
$173,989
Alternative Uses
Best Use
Multifamily LT 5
$223.7K
$195.7K – $261.0K
NOI $15,659 @ 7.0% cap · market cap 5.81%
Second Best
Apartment 5plus
$194.3K
$170.0K – $226.7K
NOI $13,602 @ 7.0% cap · market cap 5.05%
Theoretical Best
Office A
$526.3K
$460.5K – $614.0K
NOI $36,842 @ 7.0% cap · market cap 13.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
638
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit duplex with recent mechanical upgrades, one leased and one vacant, giving an owner flexible occupancy options.
Where is this duplex located?
The property is located at 921 Winchester Street Daytona Beach, FL.
What is the asking price?
The asking price for this property is $269,500.
What are key features of this property?
This property features: Two‑unit duplex built in 1954 with one 3‑bedroom, 1‑bath unit leased for $1,650/month; Second unit is 1 bedroom, 1 bathroom and currently vacant for flexible occupancy or re‑leasing; New AC system and new water heater included
