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404 S Ridgewood AVENUE, Daytona Beach, FL, 32114 | $1,999,000
$650K Price Improvement! Stabilized cash on cash return of 11. 52%!
Takeover 8. 21% takeover cap rate with opportunity to increase revenue immediately upon takeover!
Below market $119. 70 price / SF for a newly renovated portfolio.
3 vacant lots included for additional development and cash flow!
Sellers prefer cash at closing at the current reduced price.
No seller financing or creative financing offers will be entertained.
Email agent for Offering Memorandum and financials.
The Historic Daytona Portfolio offers 3 buildings on 5
contiguous parcels on 1. 5 acres in Daytona Beach, FL with 164
feet of frontage on US-1.
The crown jewel of the portfolio is the fully renovated
Victorian masterpiece featuring 8, 0000 s/f of living space
with 10 bedrooms, 5 bathrooms and 2 additional basement
apartment units. The Victorian recently is being utilized as a
short term rental.
Adjacent to the Victorian is the fully renovated Co-Living
House, featuring 13 bedrooms and 4 bathrooms. The house is
currently 100% occupied, utilizing PadSplit which is an online
platform that allows rooms to be rented by the week.
Situated west of the Victorian sits a fully renovated single
family home at 315 Live Oak St. and features 3 bedrooms and
1 bathroom, also rented by the room via PadSplit.
The property features a combined 28 bedrooms, 12
bathrooms and a total of 16, 700 square feet.
• 3 additional contiguous lots are included in the offering:
West End Parcel: Parcel ID 533901170060
. 24 acres
Middle parcel: Parcel ID: 533901170061
. 126 acres
East End Parcel: Parcel ID: 533901170064
. 143 acres
The 3 lots equal roughly half an acre.
An investor could reconfigure the existing parking area and
develop 2 or 3 of these additional lots.
• All 5 parcels are zoned T-2 which allows for a wide variety of
uses including: single family, multifamily, short term rental,
assisted living, skilled nursing, office, retail, restaurant, and
more.
Current ownership is utilizing the portfolio for residential
rentals, however, a variety of other uses are allowed including
ALF, Skilled Nursing, Office, Single Family, Multifamily, Retail
and more.
• Addresses for the Portfolio Include:
(The Victorian) 404 S. Ridgewood Ave. Daytona Beach, FL
32114
(The Co-Living House) 408 S. Ridgewood Ave. Daytona
Beach, FL 32114
(The SFR) 315 Live Oak Ave. Daytona Beach, FL 32114
*The Victorian and the Co-Living House are on the same
parcel.
*The SFR is on a separate Parcel
All 5 parcels are zoned T-2 which allows for a wide variety of
uses including: single family, multifamily, short term rental,
assisted living, skilled nursing, office, retail, restaurant, and
more.
Current ownership is utilizing the portfolio for residential
rentals, however, a variety of other uses are allowed including
ALF, Skilled Nursing, Office, Single Family, Multifamily, Retail
and more.
• Addresses for the Portfolio Include:
(The Victorian) 404 S. Ridgewood Ave. Daytona Beach, FL
32114
(The Co-Living House) 408 S. Ridgewood Ave. Daytona
Beach, FL 32114
(The SFR) 315 Live Oak Ave. Daytona Beach, FL 32114
*The Victorian and the Co-Living House are on the same
parcel.
*The SFR is on a separate Parcel
Features
- Bedrooms: 28
- Units: 17
- Laundry: Laundry Room
- Year Built: 1901
- Heating: Electric
- Cooling: Central Air
- Approx Sq. Feet: 16,700
- Acreage: 1.5
- Est. Taxes: $7,513
- MLS#: O6175921
- Days on Market: 102 days
- Website: https://www.raveis.com
/prop/O6175921/404sridgewoodavenue_daytonabeach_fl?source=qrflyer
Listing courtesy of PLAID PROPERTIES, LLC Phone: 407-702-0864
William Raveis Family of Services
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888.699.8876
Contact@raveis.com
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To learn more about our credentials, visit raveis.com today.
Melissa CohnRVP, Mortgage Banker, William Raveis Mortgage, LLC
NMLS Mortgage Loan Originator ID 16953
917.838.7300
Melissa.Cohn@raveis.com
Our Executive Mortgage Banker:
- Is available to meet with you in our office, your home or office, evenings or weekends
- Offers you pre-approval in minutes!
- Provides a guaranteed closing date that meets your needs
- Has access to hundreds of loan programs, all at competitive rates
- Is in constant contact with a full processing, underwriting, and closing staff to ensure an efficient transaction
Robert ReadeRegional SVP Insurance Sales, William Raveis Insurance
860.690.5052
Robert.Reade@raveis.com
Our Insurance Division:
- Will Provide a home insurance quote within 24 hours
- Offers full-service coverage such as Homeowner's, Auto, Life, Renter's, Flood and Valuable Items
- Partners with major insurance companies including Chubb, Kemper Unitrin, The Hartford, Progressive,
Encompass, Travelers, Fireman's Fund, Middleoak Mutual, One Beacon and American Reliable
404 S Ridgewood AVENUE, Daytona Beach, FL, 32114
$1,999,000
Customer Service
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
Melissa Cohn
RVP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 917.838.7300
Melissa.Cohn@raveis.com
NMLS Mortgage Loan Originator ID 16953
|
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
|---|---|---|---|
| Loan Amount | $1,599,200 | $1,599,200 | $1,599,200 |
| Term | 360 months | 360 months | 180 months |
| Initial Interest Rate** | 7.125% | 6.875% | 6.750% |
| Interest Rate based on Index + Margin | 8.125% | ||
| Annual Percentage Rate | 7.851% | 6.989% | 6.936% |
| Monthly Tax Payment | $626 | $626 | $626 |
| H/O Insurance Payment | $125 | $125 | $125 |
| Initial Principal & Interest Pmt | $10,774 | $10,506 | $14,151 |
| Total Monthly Payment | $11,525 | $11,257 | $14,902 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.
William Raveis Mortgage, LLC, NMLS ID 2630, 7 Trap Falls Road, Shelton, CT 06484
FL Mortgage Lender MLD1388