5202 Riverside Dr Port Orange, FL 32127

Property Details for 5202 Riverside Dr

Property type

Residential income homes

Description

This exceptional seven-unit multifamily property in Port Orange, Florida, presents a lucrative investment opportunity. Boasting 158 feet of waterfront and full riparian rights, the property includes a main house with two units (a 3-bedroom and a 2-bedroom, both currently AirBnB rentals), three studios, and two one-bedroom units, all generating substantial rental income. The main house offers breathtaking river views, while the separate units provide additional income streams. Amenities include a 50-foot solar-heated pool, a hot tub, a Finnish wet-dry sauna, and a private 900 sq ft dock with 20-mile views. The property sits on nearly an acre of land, fully fenced with two drive gates, and features extensive parking for boats and RVs. Built with old Florida coquina stone and featuring custom interiors of western and California redwood, the property combines charm with modern conveniences. The asking price is $1,400,000, with a current NOI of $170,000 (12.14% cap rate) and a pro-forma cap rate of 16%. The property was renovated in 2023 and offers an assumable loan. This turnkey investment provides a unique blend of income generation and a luxurious waterfront lifestyle in a highly desirable location near Daytona Beach, offering easy access to beaches, recreational activities, shopping, dining, and excellent schools. The property's layout ensures privacy for both the owner and tenants.