440 Caroline St Daytona Beach, FL 32114

This exceptional 32,670 square foot lot, located at 440 S Caroline Street in Daytona Beach, Florida (zip code 32114), presents a lucrative multifamily development opportunity. Zoned for multifamily use, this property is ideally situated just one block from Nova Road, offering convenient access to Daytona Beach's vibrant attractions, including the beach, colleges, and the airport. The seller is including architectural plans for an eleven-unit townhome development, each featuring two bedrooms and one and a half bathrooms, along with 24 parking spaces. Preliminary estimates suggest a construction cost of approximately $1.9 million (including land acquisition), with a projected post-construction value exceeding $4 million. This translates to a potentially high cap rate, estimated at 8.98%, due to the low maintenance and operating expenses associated with new construction. The asking price for this exceptional development site is $325,000. Note that all zoning regulations and construction cost estimates should be independently verified by the prospective buyer. This property offers significant upside potential for investors and developers seeking a prime location with a well-defined development plan. The property is classified as Land and Multifamily, specifically a duplex/triplex/quadruplex.