PALMETTO APARTMENTS
SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire The Palmetto Apartments. Palmetto Apartments is located in Daytona Beach, FL and is a single, two-story building with a total of 8 units. Half of the units are one-bedroom/one bathroom totaling 627 Sq. Ft while the other half are two-bedroom/one-bathroom totaling 664 Sq. Ft. A new owner is presented with the opportunity to unlock an additional $200+ rental premium by completing an interior renovation plan and implementing a utility reimbursement system. Palmetto Apartments is located within 6-minutes of Downtown Daytona Beach and 10-minutes of the “World Famous” Daytona Beach.
Property tours are by appointment only. Please contact one of the listing brokers below to schedule tours.
8
UNITS
5,164
SQFT
1972
YEAR BUILT
PRICED AT MARKET BID
VITAL PROPERTY DATA
Property Address: 1160 South Palmetto Ave, Daytona Beach, FL 32114
NUMBER OF UNITS: 8 Units
RENTABLE SQUARE FOOT: 5,164 SF
AVERAGE UNIT SIZE: 646 SF
NUMBER OF BUILDINGS: (1) Residential
LOT SIZE: 0.25 Acres +/-
FINANCING: Free and Clear
GREAT VALUE ADD OPPORTUNITY IN A DESIRABLE MARKET
Ability to Increase NOI 60% by Increasing Rents to Market & Implementing a Utility Reimbursement System.
Located Just Behind Ridgewood Avenue, Which Boasts a Traffic Count of 30,500 Vehicles Per Day
Located Within Three Miles From Two Major Universities; Embry Riddle Aeronautical University (1,600+ Jobs) & Bethune Cookman University (750 Jobs)
Less than 10 Miles From Major Employers (Brown & Brown Insurance, TopBuild, AdventHealth Daytona Beach, Halifax Health Medical Center, NASCAR)
CENTRALIZED LOCATION TO MAJOR EMPLOYMENT BASES
6-Minutes to Embry-Riddle Aeronautical University (1,600+ Employees)
6-Minutes to Brown & Brown Insurance Headquarters (600+ Employees)
9-Minutes to Daytona State College (1,480+ Employees)
10-Minutes to Halifax Hospital System (4,000+ Employees)
10-Minutes to Daytona Beach International Airport (2,380+ Employees)
10-Minutes to Daytona Beach Main Street Pier
11-Minutes to Florida Health Care Plans (877 Employees)
12-Minutes to NASCAR Headquarters (760 Employees)
12-Minutes to ONE Daytona Entertainment & Shopping District
19-Minutes to AdventHealth Daytona Beach (5,500+ Employees)
DAYTONA BEACH: AN EXPANDING ECONOMY
#6 Fastest-Growing Places 2020 (U.S. News & World Report)
#12 Best Places to Live in Florida 2020 (U.S. News & World Report)
#15 Best Places to Retire 2020 (U.S. News & World Report)
#74 Best Places to Live in the US 2020 (U.S. News & World Report)
12.3% Population Growth (2010-2018)
Deltona-Daytona Beach – Ormond Beach MSA Population of 553,284
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