GRANDVIEW APARTMENTS

CLICK HERE TO VIEW DUE DILIGENCE

SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire Grandview Apartments in Daytona Beach, FL. Grandview Apartments is a well-maintained 17-unit multifamily property constructed in 1926, and has a unit mix consisting of one (1) studio, four (4) one-bedroom units, and twelve (12) two-bedroom units. Furthermore, the property has a premier location just blocks from the “World’s Most Famous Beach”, Daytona Beach, the Daytona Beach Amusement Park, and the Ocean Center Convention Center. Furthermore, Grandview Apartments is within 10 minutes of many of the area’s top employers, such as the Daytona International Speedway, Halifax Health Medical Center and Brown & Brown Insurance’s newly constructed corporate headquarters.

Presently, Grandview Apartments offers an investor the opportunity to acquire a well-located asset with average in-place rents ranging between 11% and 40% below market comparables. The asset is also uniquely positioned in that many of the units are on month-to-month leases, presenting investors with a more controllable path to increasing cash flow. All said, Grandview Apartments provides an investor with the potential to increase NOI by approximately 52% through the completion of renovations and by adjusting rents to be in-line with market comparables.

17
UNITS

12,612
SQFT

1926
YEAR BUILT

PRICED AT
MARKET BID

VITAL PROPERTY DATA

  • Property Addresses: 307-311 Grandview Avenue, Daytona Beach, FL

  • NUMBER OF UNITS: 17

  • RENTABLE SQUARE FOOT: 12,612

  • NUMBER OF BUILDINGS: 2 (Residential)

  • LOT SIZE: 0.27 Acres +/- In Total

  • FINANCING: Free and Clear

EXCEPTIONAL CASH FLOWING ASSET

  • Architecturally-Significant Historic Asset Located One Block from Daytona Beach and the Daytona Beach Amusement Park

  • Optimal Unit Mix Consisting of 1x1’s, 2x1’s, and a Penthouse Studio Floorplan, Offering Flexibility to Meet Market Demand

  • Current In-Place Rents Range From 11% to 40% Below Market Comparables

  • Opportunity to Increase Cash Flow Immediately By Filling Vacancies and Turning Over the Large Number of Month-to-Month Tenants

  • Potential NOI Increase of Approximately 52% by Completing Renovations and Increasing Rents to be In-Line with Market Comparables

UNIQUELY LOCATED NEAR WORK AND PLAY

  • 2-Minutes to World’s Most Famous Daytona Beach

  • 2-Minutes to the Ocean Center Convention Center

  • 3-Minutes to Daytona Beach Main Street Pier Amusement Park & Slingshot

  • 4-Minutes to Bethune Cookman University

  • 5-Minutes to Brown & Brown Insurance Headquarters (800 Employees)

  • 8-Minutes to Daytona State College (600+ Employees)

  • 9-Minutes to Halifax Health Medical Center

  • 10- Minutes to Daytona International Speedway

  • 11-Minutes to Shoppes at ONE DAYTONA

  • 11-Minutes to Embry-Riddle Aeronautical University

  • 15-Minutes to Daytona Beach International Airport

DAYTONA BEACH: A GROWTH MARKET

  • #6 Fastest-Growing Places (US News & World Report)

  • #12 Best Places to Live in Florida (US News & World Report

  • #74 Best Places to Live in the U.S. (US News & World Report)

  • 12.3% Population Growth (US Census Bureau)

  • Current population of 69,186

  • 6.8% Unemployment rate – Below National Avg (US Bureau of Labor Statistics)

  • Home to 5 National Headquarters (NASCAR, Brown & Brown Insurance, Halifax Health, LPGA and TopBuild

  • Over 1 Million SF of office and retail space under construction and planned at the Avalon Park Development

DEAL TEAM CONTACTS

Jhamil Moore
Investment Associate
O. (407) 557-3830
Jhamil.Moore@marcusmillichap.com

Benjamin Skinner
Associate Director | Senior Investment Associate
O. (407) 557-3889
Benjamin.Skinner@marcusmillichap.com

Matthew Prozzillo
Associate Director | Senior Investment Associate
O. (407) 557-3888
Matthew.Prozzillo@marcusmillichap.com

Contact an Agent Listed Above to Schedule Property Tours