Harvey Ave Daytona Beach, FL 32118

Property Details for 0 Harvey Ave

Property type

Apartment buildings

Description

This exceptional 4-unit apartment building presents a compelling investment opportunity in the vibrant Daytona Beach, Florida market. Located on Harvey Avenue, this property boasts a prime location just minutes from the beach and a short distance from Daytona International Speedway, Volusia Mall, and the Daytona Beach Boardwalk. Each unit features a spacious 1-bedroom, 1-bathroom layout spanning approximately 400 square feet, complete with air conditioning, hardwood and tile floors, walk-in closets, and select units offering balcony access. Modern conveniences such as cable readiness and high-speed internet availability are also included. The property currently enjoys 100% occupancy, generating a substantial net operating income (NOI) of $60,000, resulting in a current cap rate of 10.54% and a pro-forma cap rate of 13%. Water utilities are included in the rent, simplifying management and enhancing tenant appeal. The property's proximity to Embry-Riddle Aeronautical University, Daytona State College, and Bethune-Cookman University ensures a consistent pool of potential tenants. Daytona Beach's thriving tourism industry, coupled with its numerous annual events, contributes to strong rental demand and low vacancy risk. This multifamily investment offers significant potential for both immediate cash flow and long-term appreciation, making it an ideal addition to any investor's portfolio. The property's attractive features, combined with its strategic location and strong rental market, position it for continued success. The asking price is $569,000.