828 Essex Rd Daytona Beach, FL 32117

Property Details for 828 Essex Rd

Property type

Residential income homes

Description

This exceptional investment opportunity presents a portfolio of four single-family rental homes located in Daytona Beach, Florida, within Volusia County. All four properties are situated within a 2.5-mile radius, with two conveniently located on the same street, offering ease of management and potential for synergistic operations. The portfolio boasts a current Net Operating Income (NOI) of $61,984, translating to a 7.42% capitalization rate. A pro-forma analysis projects an increased NOI of $68,000 and an 8.14% cap rate, reflecting significant upside potential. Individual property details include: 828 Essex Rd ($1200 current rent, estimated $1400 with improvements); 835 Essex Rd ($1250 current rent, estimated $1500 with improvements); 696 Grove Ave ($2000 current rent, new roof in 2023); and 170 Center St ($1650 current rent, new roof in 2023). The properties benefit from their proximity to Daytona Beach, Embry-Riddle Aeronautical University, Daytona International Speedway, and Bethune-Cookman University, ensuring strong rental demand. The total gross annual rent is $73,200, with combined insurance and taxes totaling $11,216. This portfolio offers a compelling combination of immediate cash flow and future appreciation potential, making it an attractive investment for discerning buyers. The asking price for this turnkey multifamily investment is $835,000.