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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    228 N Ridgewood Ave Daytona Beach, FL 32114

    • Investment properties
    • 20,823 SF
    • 1.06 lot acres
    For Sale
    View listing
    $1,500,000
    Last Sale
    Mar 04, 2021
    $556,500
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US19-0428960
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Investment properties

    Property Details for 228 N Ridgewood Ave

    Year built
    1957
    Construction
    CONCRETE
    Lot size
    1.06 lot acres
    Property size
    20,823 SF
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    5339-02-53-0071
    APU
    533902530071

    Description

    This exceptional mixed-use property, located at 228 N Ridgewood Ave in Daytona Beach, Florida, presents a prime investment opportunity. The 20,822 square foot building, constructed in 1957 and extensively renovated in 2024, is currently vacant and ready for immediate occupancy. Its versatile design allows for a variety of uses, including medical office, storefront retail, and traditional office space. The property boasts a two-story building situated on a high-visibility location in a rapidly growing area of Daytona Beach. Ample parking is available, ensuring convenience for tenants and customers. The asking price is $1,999,750, translating to $96.04 per square foot. Daytona Beach's thriving economy, fueled by tourism and ongoing development projects, promises strong rental potential and a high return on investment. The property's zoning allows for flexible development options, offering further expansion or redevelopment opportunities. Its proximity to hotels, beaches, retail centers, and apartments enhances customer foot traffic and visibility. This is an ideal investment for those seeking to capitalize on the burgeoning commercial landscape of Daytona Beach. The property offers a unique blend of established infrastructure and significant growth potential, making it a compelling investment opportunity in a dynamic market. This is a rare chance to own a strategically positioned commercial property in a high-growth area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $500,000
      ML approach
      $800,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $908,000
      Market price range: $909k - $3.90M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Daytona Beach
    County
    Volusia
    State
    Florida
    Longitude
    -81.0252
    Latitude
    29.2134
    CBSA code
    19660
    CBSA name
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $9,782
    $204,050
    $312,735
    $516,785
    -
    $204,050
    $312,735
    $516,785

    Comparable in this City

    • Value Estimation
      $6,385,000
      55,677 SF

      950 Bellevue Ave

      STORE/OFFICE (MIXED USE) • 55,677 SF
      950 Bellevue Ave, Daytona Beach, FL 32114-5108
      View Details
    • Value Estimation
      $2,065,000
      11,500 SF

      2395 Bellevue Ave, Unit G

      STORE/OFFICE (MIXED USE) • 11,500 SF
      2395 Bellevue Ave, Daytona Beach, FL 32114-5613
      View Details
    • Value Estimation
      $15,955,000
      74,813 SF

      2450 Mason Ave

      STORE/OFFICE (MIXED USE) • 74,813 SF
      2450 Mason Ave, Daytona Beach, FL 32114-5110
      View Details
    • Value Estimation
      $4,240,000
      28,148 SF

      425 Williamson Blvd

      STORE/OFFICE (MIXED USE) • 28,148 SF
      425 Williamson Blvd, Daytona Beach, FL 32114-7101
      View Details
    • Value Estimation by Request
      1,388 SF

      1326 1920th S Ridgewood Ave

      STORE/OFFICE (MIXED USE) • 1,388 SF
      1326 1920th S Ridgewood Ave, Daytona Beach, FL 32114
      View Details
    • Value Estimation
      $635,000
      3,416 SF

      220 Marion St

      STORE/OFFICE (MIXED USE) • 3,416 SF
      220 Marion St, Daytona Beach, FL 32114-4219
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

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      Prime Retail, Multiple Units Available
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      Retail or restaurant spaces available for lease on International Speedway.
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    • $8,333 /Mo
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      Daytona Beach Restaurant Space Available

      Restaurant space with Intracoastal Waterway views and outdoor dining.
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      View Details
    • $1,200 /Mo
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      Daytona Beach Commercial Space

      Retail/office/warehouse space near Intracoastal waterway available for lease.
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      View Details
    • $0.02 SF/Yr
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      View Details
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    Daytona Beach, FL 32114
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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