128 S Beach St Daytona Beach, FL 32114

Property Details for 128 S Beach St

Year built

2008

Lot size

0.67 lot acres

Property size

33,607 SF

Property type

Retail space

Property subtype

Storefront properties

APN

22 Parcels

Description

This exceptional three-story mixed-use development in Daytona Beach, Florida, presents a compelling investment opportunity. Located at 128 S Beach Street, this 33,607 square foot property, built in 2008, sits on a 0.67-acre lot and features one building with 12 secure parking spaces. The property boasts a diverse income stream, combining 12 upscale residential condos with high-end finishes and appealing views, generating steady rental income. The first floor comprises ten commercial condos, including a fully equipped restaurant with a lounge, banquet room, and a separate pizza kitchen capable of seating over 100 patrons. Additionally, two vacant commercial units totaling 2,208 square feet with mezzanines are available, offering significant leasing potential. The property is zoned RDD-1 and benefits from its prime location on Beach Street, ensuring high visibility and accessibility to local amenities and attractions. The asking price is $5,900,000, representing a pro-forma cap rate of 7.44% and a pro-forma NOI of $439,014. This investment is further enhanced by the proximity to the $31,000,000 Riverfront Esplanade Park and numerous planned improvements to the surrounding area, promising strong returns and ongoing growth. The property's combination of residential and commercial units, coupled with its strategic location, makes it an ideal addition to any investment portfolio. This is a rare opportunity to acquire a well-established, high-performing mixed-use property in a rapidly developing downtown area. The property consists of 22 parcels.