1033 Ridgewood AveDaytona Beach, FL 32114

Property Details for 1033 Ridgewood Ave

Year built

1954

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.38 AC

Property size (Sq ft)

2,985 SF

Zone code

T2

Property type

Healthcare properties

Property subtype

Medical offices

APN

5339-64-00-0580

APU

533964000580

Description

This 2,985 sq ft apartment building in Daytona Beach, FL, presents a compelling value-add investment. Located at 1033 S Ridgewood Ave, this 1954-built, concrete block structure underwent renovations in 2020. Currently boasting 8 units and 8 bathrooms, with 50% occupancy generating over $5,000 monthly rental income, the property offers significant upside potential. The 0.38-acre lot provides ample parking. Previously used as a medical office, the building's versatile layout allows for conversion back to office space or continued operation as a rental property. The seller is offering financing options. The property features a large parking lot and is situated on a desirable corner lot. All information is deemed reliable but should be independently verified. This is a rare opportunity to acquire a multifamily property in a prime Daytona Beach location. The building's solid construction and recent renovations provide a strong foundation for future growth. The potential for increased rental income through full occupancy makes this a highly attractive investment.

• CAP approach

  CAP return

  Valuation

  6%

  $626,967

  6.5%

  $578,739

  7%

  $537,400

• Comparable approach

  Method

  Valuation

  Relative Method

  $440,717

  Geo Method

  $333,216

• Alternative Use

  Use

  Valuation

  Residential

  $717,636

  Hospitality

  $657,351

  Educational

  $546,908

  Medical

  $565,717

  Retail

  $850,746

Location Insight

City

Daytona Beach

County

Volusia

State

Florida

Latitude

29.1929

Longitude

-81.0128

CBSA code

19660

CBSA name

DELTONA-DAYTONA BEACH-ORMOND BEACH, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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