Fully Renovated Apartment
For Sale
$1,500,000
934 S Ridgewood Avenue, Daytona Beach, FL 32114
Turnkey multifamily with 25 bedrooms and five independent apartments, supported by roof, window, and systems upgrades.
Property Size9,012 SF
Price / SF$166.44
Days on Market104
Property Features for 934 S Ridgewood Avenue
General Information
Standard status
Active
Size
9,012 SF
Property subtype
Mixed Use
Additional Details
Business Included
Yes
Multifamily Units
5
Building Details
Year Built
1910
Tenancy
Multi
Listing Agency:
ADAMS, CAMERON & CO., REALTORS
(386) 673-2100
Listed By:
Ashlee Selman · License #3511847
Source:
Xome
Added: Apr 25
Changed: Jul 10
Last Checked: Jul 16 at 6:56AM
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 ADAMS, CAMERON & CO., REALTORS
Investment Insights
Based on property information with market context.
This fully renovated apartment building was originally constructed in 1910 as a private residence and has since been adapted into a versatile income property. The current configuration includes 25 bedrooms, many with private baths, along with five fully independent apartments. The renovations are top-to-bottom, with a new roof, new windows, and completely updated electrical, plumbing, and HVAC systems, creating a turnkey option for operators seeking a recently modernized interior.
Located in Daytona Beach on South Ridgewood Avenue, the property benefits from highly visible frontage. It is described as being one block from Daytona’s redevelopment district, with close proximity to the beach, retail, dining, and major thoroughfares.
From a tenant and operating standpoint, the layout is designed to support multiple residential use cases, including co-living, workforce housing, short-term rentals, or traditional multifamily leasing, depending on how the units are configured and marketed. With five separate apartments already in place and a bedroom-focused arrangement throughout, the property offers a practical framework for both straightforward leasing and more flexible accommodation models, while the extensive system upgrades help reduce near-term capital concerns for day-to-day operations.
Located in Daytona Beach on South Ridgewood Avenue, the property benefits from highly visible frontage. It is described as being one block from Daytona’s redevelopment district, with close proximity to the beach, retail, dining, and major thoroughfares.
From a tenant and operating standpoint, the layout is designed to support multiple residential use cases, including co-living, workforce housing, short-term rentals, or traditional multifamily leasing, depending on how the units are configured and marketed. With five separate apartments already in place and a bedroom-focused arrangement throughout, the property offers a practical framework for both straightforward leasing and more flexible accommodation models, while the extensive system upgrades help reduce near-term capital concerns for day-to-day operations.
Key Highlights
- Built in 1910: historic Daytona Beach commercial property originally constructed as a private residence
- 9012 SF building with a 25‑bedroom configuration, including many bedrooms with private baths (as described)
- Five fully independent apartments, creating separate income streams within the multifamily layout
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
$68,672
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
4.58%
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%
$1,373,440
$1.4M
Cap Rate 7%
$981,029
$981.0K
Cap Rate 9%
$763,022
$763.0K
Market Conditions
NOI Build-Up for 9,012 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
$139.5K $15.48/SF
− Vacancy
−$14.6K −$1.63/SF
EGI
$124.9K $13.85/SF
− OpEx
−$56.2K −$6.23/SF
NOI
$68.7K $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%
$1,373,440
Cap Rate 7%
$981,029
Cap Rate 9%
$763,022
Alternative Uses
Best Use
Apartment 5plus
$981.0K
$858.4K – $1.14M
NOI $68,672 @ 7.0% cap · market cap 4.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.66M
$2.33M – $3.10M
NOI $186,008 @ 7.0% cap · market cap 12.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
493
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?
Apartment building - Turnkey multifamily with 25 bedrooms and five independent apartments, supported by roof, window, and systems upgrades.
Where is this apartment building located?
The property is located at 934 S Ridgewood Avenue Daytona Beach, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Built in 1910: historic Daytona Beach commercial property originally constructed as a private residence; 9012 SF building with a 25‑bedroom configuration, including many bedrooms with private baths (as described); Five fully independent apartments, creating separate income streams within the multifamily layout
