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| GL - Daytona| Daytona Beach, FL |
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| Daytona Beach, FL |
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| Purchase Price |
$3,100,000 |
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| Cap Rate |
-1.25% |
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| Property Type |
Residential |
| Rentable Square Feet |
0 |
| Price per RSF |
NA |
| Number of Tenants |
112 |
| | | Property Description |
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The project was an apartment building that was built in 1986 and converted to condos at 2006.
The property includes 168 condos, 56 of them sold to owner occupied tenants.
112 units are all vacant.
Average rent in the project and the vicinity is $600 for 1 bedroom and $800 for 2 bedrooms.
HOA is an average of $100 per unit.
comparable condos are selling today (foreclosures) at $35,000 for 1 bedroom and $70,000 for 2 bedrooms.
Property appraiser's value is $$70,000 for 1 bedroom and $110,000 for 2 bedroom.
The demographics in the 5 mile radius show a population of 55,000 people with an average household income of $55,000, vacancy of 11% and 61% of the homes are owner occupied.
59% are white color jobs and the unemployment rate is 7%.
*** Once vacancy is stabilized at 10% the net cash on cash return will be 16%.
*** IRR - sale after 5 years - 31%.
*** Cumulative ROI - after 5 years - 348%. |
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| Presented To You By |
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Sean Glickman, CIPS TRC CSP
561-488-7766
seanglickman@gmail.com
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STIRLING SOTHEBY'S
INTERNATIONAL REALTY |
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The information above has been obtained from sources believed reliable. While
we do not doubt its accuracy we
have not verified it and make no guarantee, warranty or representation about
it. It is your responsibility to independently confirm its accuracy and
completeness. Any projections, opinions, assumptions, or estimates used are for
example only and do not represent the current or future performance of the
property.
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