Historic Multifamily Apartment
For Sale
$1,500,000
934 S Ridgewood Avenue, Daytona Beach, FL 32114
COMMERCIAL - Daytona Beach, FL
Property Size9,012 SF
Lot Size1.02 Acres
Price / SF$166.44
Days on Market101
Property Features for 934 S Ridgewood Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Bathrooms
25
Full bathrooms
25
Rooms
Bathroom 12, Bathroom 3, Bathroom 20, Bathroom 22, Bathroom 7, Bathroom 2, Bathroom 24, Bathroom 25, Bathroom 8, Bathroom 23, Bathroom 4, Bathroom 11, Bathroom 1, Bathroom 5, Bathroom 14, Bathroom 9, Bathroom 17, Bathroom 6, Bathroom 15, Bathroom 10, Bathroom 21, Bathroom 16, Bathroom 13, Bathroom 19, Bathroom 18
Parking features
Covered
Subdivision
Bellevue Business Park
Directions
From International Speedway Blvd turn R onto S Ridgewood Ave.
Standard status
Active
APN
5339-03-68-0040
Size
9,012 SF
Lot size
1.02 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
39-15-33 LOT 4 BLK 68 HIGBEES ADD TO DAYTONA DB L PG 704 MB 12 PG 98 PER OR 4108 PGS 3467-3468 PER OR 5665 PG 2529 PER OR 8126 PG 3541 PER OR 8308 PG 2360
Tax Annual Amount
15100
Legal Description
39-15-33 LOT 4 BLK 68 HIGBEES ADD TO DAYTONA DB L PG 704 MB 12 PG 98 PER OR 4108 PGS 3467-3468 PER OR 5665 PG 2529 PER OR 8126 PG 3541 PER OR 8308 PG 2360
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Energy Star Qualified Equipment (Heating), Central
Cooling system
Multi Units
Water source
Public
Building Details
Year built
1910
Floors in Building
3
Flooring type
Laminate
Building materials
Block, Brick, Stucco
Listing Agency:
Adams, Cameron & Co., Realtors
(386) 673-2100
Listed By:
David Hart
(770) 789-2483
Added: Apr 29
Changed: Aug 4
Last Checked: Aug 7 at 12:06AM
MLS# 1225812
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.
934 S. Ridgewood Avenue in Daytona Beach, Florida is a restored landmark property originally built in 1910. The building has been renovated with a new roof, new windows, updated electrical, plumbing, and HVAC systems. The current configuration includes 25 bedrooms, with many bedrooms noted as having private bathrooms, along with five fully independent apartments.
The property sits on 1.02 acres and is described as being minutes from the beach and along the Ridgewood Avenue corridor. The listing notes proximity to retail, dining, and major thoroughfares.
As a turnkey investment property, it offers a versatile layout centered on multiple independent apartment units and bedroom accommodations within a historic, renovated building.
The property sits on 1.02 acres and is described as being minutes from the beach and along the Ridgewood Avenue corridor. The listing notes proximity to retail, dining, and major thoroughfares.
As a turnkey investment property, it offers a versatile layout centered on multiple independent apartment units and bedroom accommodations within a historic, renovated building.
Key Highlights
- Landmark property originally built in 1910, located at 934 S. Ridgewood Avenue in Daytona Beach, FL
- Approximately 9,012 SF on 1.02 acres featuring 25 bedrooms and multiple bathrooms, with many bedrooms having private bathrooms
- Five fully independent apartments designed for multiple income approaches, including co‑living, workforce housing, short‑term rentals, or traditional multifamily leasing
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
Yes
Paved road access
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 - Restored landmark built in 1910 with five independent apartments and 25 bedrooms, including many with private bathrooms.
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: Landmark property originally built in 1910, located at 934 S. Ridgewood Avenue in Daytona Beach, FL; Approximately 9,012 SF on 1.02 acres featuring 25 bedrooms and multiple bathrooms, with many bedrooms having private bathrooms; Five fully independent apartments designed for multiple income approaches, including co‑living, workforce housing, short‑term rentals, or traditional multifamily leasing
