2550 Tulane Ave Daytona Beach, FL 32118

Property Details for 2550 Tulane Ave

Year built

1967

Property size

1,020 SF

Property type

Commercial real estate

Description

This exceptional 14-unit apartment building, located at 2550 Tulane Ave, Daytona Beach, FL 32118, presents a compelling investment opportunity. The property boasts a desirable location, just one block from the beach and within walking distance of restaurants and a Publix shopping center. Built in 1967 and extensively renovated in 2019, this Class B multifamily property features 1,020 square feet on a 14,188 square foot lot, encompassing a two-story building. All 14 units are two-bedroom apartments, each equipped with a washer and dryer. Recent upgrades include updated kitchens with granite countertops, modern bathrooms, premium tile flooring, and new windows, doors, stucco, appliances, and HVAC systems. Separate electric and water meters ensure tenants cover their utility costs, resulting in significant annual savings for the owner. A new roof was installed in 2021. Current lease renewals are at $1,650 and $1,500 per unit. The property is zoned MFR-40 and is offered at $2,590,000, representing a price per unit of $185,000 and a 6.90% cap rate. This offering includes a contiguous parcel. A package sale, including a neighboring building at 2525 N Oleander Ave, is also available for $5,320,000. The seller will consider selling either building individually or as a package. All information is deemed reliable but not guaranteed