1050 Wayne Ave New Smyrna Beach, FL 32168

Property Details for 1050 Wayne Ave

Year built

1980

Lot size

4.14 lot acres

Property type

Commercial real estate

APN

7313-00-00-0022

Description

This exceptional 37-unit apartment community in New Smyrna Beach, Florida, presents a compelling value-add investment opportunity. Built in 1980 and renovated in 2019, the property comprises six two-story buildings situated on a 4.14-acre lot featuring a central pond. The complex boasts a desirable unit mix of 24 two-bedroom/one-bathroom and 13 three-bedroom/two-bathroom units, averaging nearly 1,100 square feet each. Currently, rents are approximately 15% below market value, offering significant upside potential through organic growth and light interior upgrades. The property benefits from a 0.15-acre concrete slab, providing potential for expansion or amenity additions. Located across from the New Smyrna Golf Club and minutes from I-95, US-1, and the New Smyrna Beach Municipal Airport, the property enjoys a prime location. The asking price is $6,700,000, representing a pro-forma cap rate of 6.63% and a pro-forma NOI of $443,911. An attractive feature is the availability of seller financing: $1 million at 6% interest, concurrent with buyer financing, requiring less than $1.5 million in equity. Furthermore, an assumable Fannie Mae loan with seven years remaining at a 4.9% interest rate is in place. Recent capital expenditures exceeding $150,000 further enhance this remarkable investment prospect. The property's Class B designation and strong underlying fundamentals make it an ideal acquisition for discerning investors seeking significant returns.