599 Atlantic Ave, Ormond Beach, FL 32176-7755
- Manufacturing properties
- 6,637 SF
- 0.74 lot acres
Current Use by Public Records
- Oceanfront Inn and Suites - Ormond / Hotel & Motel
Property Details for 599 Atlantic Ave
- Year built
- 1957
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.74 lot acres
- Zone code
- B6
- Property type
- Manufacturing properties
- APN
- 4223-05-08-0110
- APU
- 422305080110
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Mar 5, 2018 | — | Ormond Innkeepers LLC | — | Deed · related | $2M · Friends Bank |
| Feb 11, 2011 | — | Ormond Innkeepers LLC | Ocean Waters Hotel Co LLC | Grant Deed | — |
| Jul 22, 2009 | — | Ocean Waters Holding Co LLC | — | Deed Of Trust · related | $20M · Wachovia Bank NA |
| May 16, 2006 | $3,450,000 | Bray & Gillespie LLC Xlix | Ekrem Buljina | Warranty Deed | $3.5M · Wachovia Bank NA |
| Nov 30, 2001 | $1,175,000 | Ekrem Buljina | Atlantic International INC | Grant Deed | $775k · Atlantic International INC |
| — | — | Ormond Innkeepers LLC | — | Deed Of Trust · related | $250k · Y- Mc LLC |
| — | — | Ormond Innkeepers LLC | — | Deed Of Trust · related | $880k · Homebanc |
| — | — | Ormond Innkeepers LLC | — | Deed Of Trust · related | $600k · Gujarati Investments LLC |
Description
This exceptional 40-key oceanfront hotel in Ormond Beach, Florida, presents a rare investment opportunity. Boasting 13,215 square feet across two, two-story concrete buildings on a 32,293 square foot lot (APN: 4223-05-08-0110), this property underwent a complete renovation within the past year. The hotel features 80 beds and offers direct beach access with a swimming pool. A significant investment has been made in fortifying the seawall with concrete and steel, providing enhanced protection against hurricane damage. The elevated location minimizes flood risk. Each of the meticulously maintained rooms includes a dehumidifier. An open space by the pool presents potential for expansion, such as a Tiki bar. The property benefits from year-round tourism driven by events like the Daytona 500 and Bike Week. The seller is offering generous financing terms. This fee-simple ownership (no ground lease) is suitable for a 1031 exchange. The property is zoned commercial. Built in 1957, this hotel is a turnkey operation ready for a new owner to capitalize on its prime location and recent renovations. The property is offered at $9,500,000.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $440,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $660,000
- 6.5%
- $610,000
- 7%
- $565,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $586,000
Market price range: $139k - $587k -
Alternative Use
- Use
- Estimation
- INDUSTRIAL (GENERAL)
- $860,000 Current use
- WAREHOUSE, STORAGE
- $815,000 Change: -5% Conversion: Easy
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Ormond Beach
- County
- Volusia
- State
- Florida
- Longitude
- -81.0318
- Latitude
- 29.2767
- CBSA code
- 19660
- CBSA name
- DELTONA-DAYTONA BEACH-ORMOND BEACH, FL METROPOLITAN STATISTICAL AREA
