TWIN OAKS APARTMENTS

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SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire the Twin Oaks Apartments. The property is a 24-unit, three-building opportunity located in the growing market of Daytona Beach, FL. Twin Oaks Apartments is within 10 minutes of many top employers in the area, to include Daytona International Speedway, Halifax Health Medical Center and Embry-Riddle Aeronautical University. The property was built in 1973 and consists of 6 one-bedroom and 18 two-bedroom units. Twin Oaks Apartments offers investors the opportunity to increase NOI by ~80% by implementing strategic property upgrades within the first 12-15 months, giving a pro forma cap rate just shy of 8%.

Property tours are by appointment only. Please contact one of the listing brokers below to schedule tours.

24
UNITS

18,900
SQFT

1973
YEAR BUILT

$2,400,000
PRICE

VITAL PROPERTY DATA

  • Property Addresses: 1217, 1221, & 1225 Kennedy Rd., Daytona Beach, FL

  • NUMBER OF UNITS: 24

  • RENTABLE SQUARE FOOT: 18,900

  • NUMBER OF BUILDINGS: 3 (Residential)

  • LOT SIZE: 0.88 Acres +/- In Total

  • FINANCING: Free and Clear

GREAT OPERATIONAL VALUE ADD OPPORTUNITY

  • Optimal Unit Mix of 1x1 and 2x1 Floorplans, Offering Flexibility to the Marketplace

  • Ability to Install Individual Water Meters, Substantially Reducing Annual Expenses

  • Potential NOI Increase of ~80% by Implementing Strategic Property Upgrades Within the First 12-15 Months, Pro Forma Cap Rate Shy of 8%.

  • Opportunity to Increase Cash Flow Immediately By Making Operational and Physical Adjustments

  • Current In-Place Effective Rents are Between 18% and 24% Below Current Market Comparable Rents

  • Ability to See 35% Two-Year Return on Invested Capital Upon Implementing Interior and Exterior Renovations

CENTRALIZED LOCATION WITH UNPARALLED ACCESS

  • 6-Minutes to Bethune Cookman University

  • 7-Minutes to Halifax Health Medical Center

  • 8-Minutes to Daytona State College

  • 8-Minutes to Tomoka Town Center

  • 10-Minutes to Daytona International Speedway

  • 10-Minutes to ONE DAYTONA Entertainment Center

  • 10-Minutes to Trader Joes Distribution Center & Amazon Delivery Station

  • 10-Minutes to Embry-Riddle Aeronautical University

  • 10-Minutes to Daytona Beach International Airport

  • 10-Minutes to AdventHealth Daytona Beach

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