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    Property profile & analytics

    2323 S Ridgewood Ave Daytona Beach, FL 32119

    • Grocery and convenience stores
    • 2,407 SF
    • 0.66 lot acres
    For Sale
    View listing
    $695,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US19-0381422
    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

    • Grocery and convenience stores

    Property Details for 2323 S Ridgewood Ave

    Year built
    1962
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.66 lot acres
    Property size
    2,407 SF
    Zone code
    BA
    Property type
    Grocery and convenience stores
    APN
    5344-12-00-0400
    APU
    534412000400

    Description

    This exceptional South Daytona, Florida commercial property presents a lucrative investment opportunity. Located at 2323 S Ridgewood Avenue, this 2,407 square foot retail building sits on a prominent corner lot with high visibility and exceptional traffic counts, boasting 28,500 AADT. Currently operating as a convenience store under a triple net (NNN) lease extending until 2035, this property offers immediate income potential. The building, constructed in 1962, is ideally situated across from Publix and Sunshine Park Mall, ensuring consistent customer flow. The property's zoning allows for a variety of uses, including restaurants, retail shops, or offices, providing flexibility for future development. The asking price is $695,000. This is a turnkey operation with a long-term lease, making it an attractive investment for those seeking a stable, income-generating asset. Note that gas stations and automotive uses are prohibited per the lease agreement. The property is situated in Volusia County, Florida, zip code 32119. This prime location offers significant potential for growth and return on investment. The property is offered as-is. Serious inquiries only.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $255,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $216,000
      Market price range: $216k - $589k

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

    Location Insight

    • Map
    • Local Demand
    City
    South Daytona
    County
    Volusia
    State
    Florida
    Longitude
    -80.9995
    Latitude
    29.168
    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
    $4,395
    $206,640
    $12,329
    $218,969
    -
    $206,640
    $12,329
    $218,969

    Comparable in this City

    • Value Estimation
      $290,000
      1,856 SF

      1980 Ridgewood Ave

      CONVENIENCE STORE • 1,856 SF
      1980 Ridgewood Ave, South Daytona, FL 32119-2239
      View Details
    • Value Estimation
      $590,000
      2,520 SF

      2625 Beville Rd

      CONVENIENCE STORE • 2,520 SF
      2625 Beville Rd, Daytona Beach, FL 32119-1384
      View Details
    • Value Estimation
      $340,000
      2,994 SF

      1999 Nova Rd

      CONVENIENCE STORE • 2,994 SF
      1999 Nova Rd, South Daytona, FL 32119-1734
      View Details
    • Value Estimation
      $7,220,000
      3,080 SF

      1401 Beville Rd

      CONVENIENCE STORE • 3,080 SF
      1401 Beville Rd, Daytona Beach, FL 32119-8110
      View Details
    • Value Estimation
      $475,000
      4,368 SF

      1379 Beville Rd

      CONVENIENCE STORE • 4,368 SF
      1379 Beville Rd, Daytona Beach, FL 32119-1529
      View Details
    • Value Estimation
      $295,000
      3,264 SF

      1800 Nova Rd

      CONVENIENCE STORE • 3,264 SF
      1800 Nova Rd, South Daytona, FL 32119-1730
      View Details

    Similar Nearby for Sale

    • $695,000
      Pending

      NNN Leased Retail Opportunity

      Retail property on a bustling corner with high visibility.
      2323 S Ridgewood Ave, Daytona Beach, FL 32119
      View Details
    • $595,000
      2,400 SF

      South Daytona Retail Property

      Prime renovated storefront, ideal owner-user.
      599 Beville Rd, South Daytona, FL 32119
      View Details
    • $1,990,000
      10,500 SF

      South Daytona Commercial Gem

      10,500 SF Multi-Use Building
      3090 Ridgewood Ave, South Daytona, FL 32119
      View Details
    • $2,900,000
      12,610 SF

      Prime South Daytona Commercial Building

      12,610 SF, 2-Story Bank Building
      2111 Ridgewood Ave, South Daytona, FL 32119
      View Details
    • Contact for pricing
      12,778 SF

      Beville Road Commercial Opportunity

      Office, retail, and warehouse spaces available on Beville Road.
      815 Beville Rd, South Daytona, FL 32119
      View Details
    • $799,000
      4,926 SF

      South Daytona Multi-Use Property

      16-unit income-producing property, owner financing available.
      1018 Cutters Way, South Daytona, FL 32119
      View Details

    Similar Nearby for Lease

    • $3,170 /Mo
      2,200 SF

      Retail Space in South Daytona

      2,200 SF retail space available in established plaza.
      2030 S Ridgewood Ave, Daytona Beach, FL 32119
      View Details
    • $14 SF/Yr
      12,610 SF

      Prime South Daytona Retail Space

      12,610 SF Former Bank, 2.2 Acres
      2111 Ridgewood Ave, South Daytona, FL 32119
      View Details
    • $2,998 /Mo
      78,753 SF

      Retail Space on US Highway 1

      Retail space available in well-established South Daytona location.
      2018 S Ridgewood Ave, Daytona Beach, FL 32119
      View Details
    • $14 SF/Yr
      12,610 SF

      Two-Story Building on Ridgewood Avenue

      Freestanding 12,610 SF building for lease with ample parking.
      2111 S Ridgewood Ave, Daytona Beach, FL 32119
      View Details
    • $20 SF/Yr
      5,329 SF

      Office/Showroom with Warehouse Space

      Office/Showroom for lease with warehouse space and parking.
      1952 S Ridgewood Ave, Daytona Beach, FL 32119
      View Details
    • $17 SF/Yr
      2,200 SF

      Big Tree Plaza Retail Space

      Prime Retail Space, US Hwy 1
      2030 Ridgewood Ave, South Daytona, FL 32119
      View Details
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    Daytona Beach, FL 32119
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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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