Palmetto Palms || Buy Commercial Property in Daytona Beach, Florida

1888-1890 S Palmetto Avenue

Daytona Beach, FL 32119

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$2,200,000

25 Units

21,250 SF

0.76 acres

Built in 1973

Contact Agents

Contact the Listing Agents

Ray Turchi
Senior Managing Director Investments
[email protected]

(407) 557-3847 (office)

(321) 297-6576 (mobile)

David Vaughan
First Vice President Investments
[email protected]

(407) 557-3829 (office)

(407) 718-2874 (mobile)

Rob Wright
Real Estate Investment Advisor
[email protected]

(407) 557-3800 (office)

(407) 617-4958 (mobile)

Radford Crouppen
Real Estate Investment Advisor
[email protected]

(407) 557-3826 (office)

(561) 542-4029 (mobile)

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Property Documents

Investment Highlights

25-Unit Apartment Community
Located Less Than Three Miles From Heart of Daytona Beach
Beautifully Maintained, Strong Cash-Flowing Asset With High Occupancy
Strong Value-Add Potential With Average $60 Per Unit Per Month Upside Available
Immediate 8.5% Cash-on-Cash Return Upon Takeover | Opportunity to Increase to 13% With Rent Growth
Spacious Floorplans Averaging 850 Square Feet
Agency Financing Available
On-Site Laundry Facility

Key Metrics

Cap Rate Current Year: 6.75%

Cap Rate Year 1: 7.96%

GRM: 7.92

GRM Year 1: 7.41

Leveraged Cash-on-Cash Return Current Year: 8.76%

Leveraged Cash-on-Cash Return Year 1: 13.60%

DSCR (Current) 1.48

DSCR (Year 1) 1.75

Price/ Unit $88,000

Price/ SF $103.53

Listing Agents: