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$ 1,200,000
Est. payment /mo
New
116 Michigan AVE Daytona Beach, FL 32114
2 Baths
6,580 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 6,580 sqft
Price per Sqft $182
MLS Listing ID 1228094
Year Built 1920
Annual Tax Amount $2,014
Lot Size 4,356 Sqft
Lot Dimensions 0.1
Property Sub-Type Multi Family
Source Daytona Beach Area Association of REALTORS®
Property Description
A rare opportunity to acquire a fully-occupied, 13-unit multifamily portfolio in the heart of Downtown Daytona Beach. Spanning five addresses across Michigan Avenue and N Beach Street, this portfolio delivers immediate income at a compelling 9.8% cap rate -- with meaningful upside through unit renovations and rental rate increases.
Positioned at the center of one of Daytona Beach's most active redevelopment corridors, the properties benefit from proximity to transformative projects redefining the city's riverfront. The surrounding area is experiencing substantial institutional investment, bringing new amenities, employers, and residents that support continued rent growth for years to come. -9.8% cap rate -- strong current yield with proven, stabilized income from a fully-occupied portfolio across five contiguous addresses.
- 100% occupancy -- all 13 units are tenant-occupied, providing immediate day-one cash flow with no lease-up risk.
- Seller Financing available
- Value-add upside -- renovate units at turnover to capture significant rental rate increases in a strengthening downtown submarket.
- Riverfront Esplanade -- steps from the new Daytona Beach Riverfront Esplanade, a major public infrastructure investment enhancing walkability and neighborhood appeal.
- 400 Beach luxury development -- adjacent to the 304-unit luxury apartment community at 400 Beach, validating strong rental demand and supporting market rent growth.
- Major employer anchor -- Brown & Brown Insurance's global headquarters provides a substantial base of high-income professionals in the immediate trade area.
- Jackie Robinson Ballpark -- proximity to a historic, active venue that drives foot traffic, local commerce, and neighborhood vitality throughout the year.
Portfolio scale -- five-address assemblage across Michigan Ave and N Beach St offers operational efficiencies and long-term redevelopment optionality.
Positioned at the center of one of Daytona Beach's most active redevelopment corridors, the properties benefit from proximity to transformative projects redefining the city's riverfront. The surrounding area is experiencing substantial institutional investment, bringing new amenities, employers, and residents that support continued rent growth for years to come. -9.8% cap rate -- strong current yield with proven, stabilized income from a fully-occupied portfolio across five contiguous addresses.
- 100% occupancy -- all 13 units are tenant-occupied, providing immediate day-one cash flow with no lease-up risk.
- Seller Financing available
- Value-add upside -- renovate units at turnover to capture significant rental rate increases in a strengthening downtown submarket.
- Riverfront Esplanade -- steps from the new Daytona Beach Riverfront Esplanade, a major public infrastructure investment enhancing walkability and neighborhood appeal.
- 400 Beach luxury development -- adjacent to the 304-unit luxury apartment community at 400 Beach, validating strong rental demand and supporting market rent growth.
- Major employer anchor -- Brown & Brown Insurance's global headquarters provides a substantial base of high-income professionals in the immediate trade area.
- Jackie Robinson Ballpark -- proximity to a historic, active venue that drives foot traffic, local commerce, and neighborhood vitality throughout the year.
Portfolio scale -- five-address assemblage across Michigan Ave and N Beach St offers operational efficiencies and long-term redevelopment optionality.
Location
State FL
County Volusia
Direction Nestled in the heart of Daytona Beach, the area surrounding the property offers an enticing blend of coastal charm and urban convenience.
Exterior
Parking Features Other
Building
Lot Description Other
Others
Senior Community No
Tax ID 5338-41-00-0170
Listed by SVN Alliance Commercial Real Estate Advisors
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