900 S Peninsula Dr Daytona Beach, FL 32118
- Commercial real estate
- 18,000 SF
Current Use by Public Records
- Newport Apartments / Apartment Building
- HEAVILY MEDICATED PRODUCTIONS LLC / Recording Studio
Property Details for 900 S Peninsula Dr
- Year built
- 1972
- Property size
- 18,000 SF
- Property type
- Commercial real estate
Description
This exceptional investment opportunity presents a 3-story, 18,000-square-foot Class C special purpose property located at 900 S Peninsula Drive, Daytona Beach, Florida, 32118. The property, built in 1972, boasts 18 units, each a two-bedroom, one-bathroom apartment featuring central air conditioning. All units are situated within a larger 39-unit building. The asking price is $2,350,000, translating to $130.56 per square foot, with a current Net Operating Income (NOI) of $165,000 and a 7.02% capitalization rate. Significant value-add potential exists, as the property currently operates at a 6% cap rate. The building is constructed of concrete block and features new roofs installed in 2019. A key advantage is the waterfront location, providing immediate access to pristine beaches and a private boat dock. This prime Daytona Beach location offers convenient access to local attractions, restaurants, shopping, and hospitals. Daytona Beach's vibrant atmosphere, international airport, and renowned events like the Daytona 500 contribute to strong rental demand. The lot size is not specified.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Daytona Beach
- County
- Volusia
- State
- Florida
- Longitude
- -81.0083685
- Latitude
- 29.2148513
