WESTWOOD APARTMENTS

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SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire Westwood Apartments. The property is a 17 unit, three-building asset located in the quaint ‘Athens of Florida’ known as Deland, Florida. Westwood Apartments is within 2 miles of over 3,000 employees, and a mere 2 minutes from Downtown Deland. The property was built in 1974 & 1975 and consists of 2 studio, 5 one-bedroom and 10 two-bedroom units. Westwood Apartments offers investors the opportunity to acquire an asset with average in-place rents 63% below the average rents achieved by all directly comparable properties and has the ability to increase NOI by 63% after following a property renovation strategy.

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

17
UNITS

12,900
SQFT

1974 & 1975
YEAR BUILT

PRICED AT MARKET BID

VITAL PROPERTY DATA

  • Property Address: 125 South Salisbury Ave, Deland, FL

  • NUMBER OF UNITS: 17 Units

  • RENTABLE SQUARE FOOT: 12,900 SF

  • AVERAGE UNIT SIZE: 759 SF

  • NUMBER OF BUILDINGS: (3) Residential

  • LOT SIZE: 0.68 Acres +/-

  • FINANCING: Free and Clear

RARE OPPORTUNITY TO ACQUIRE DELAND PROPERTY

  • Ability to Acquire Highly Accessible Asset and Immediately Increase Value Upon Completion of Strategic Property Renovations

  • Diverse Unit Mix Allows for Maximum Tenant Exposure

  • In-Place Average Effective Rents are an Average 63% Below the Average of All Rent Comparables

  • Located Within Two Miles of Some of Volusia County’s Largest Employers (3,000+ Employees)

  • Ability to Increase Net Operating Income by 63% Within the First Twelve to Fifteen Months Following Acquisition

  • Located Off Deland’s Major Throughfare, New York Ave (10,800 AADT)

CENTRALLY LOCATED IN THE “ATHENS OF FLORIDA”

  • 2-Minutes to Downtown Deland

  • 4-Minutes to Stetson University (1,921 Employees)

  • 5-Minutes to AdventHealth Deland

  • 6-Minutes to Sykes Communication (800 Employees)

  • 10-Minutes to Deland Municipal Airport

  • 10-Minutes to I-4 Corridor (Coast-to-Coast Access)

  • 11-Minutes to Daytona State College–Deland Campus

  • 15-Minutes to Victoria Park Village Center (Retail Center)

CITY OF DELAND HIGHLIGHTS

  • #5 Best Regional Universities - South (Stetson University) (U.S. News & World Report)

  • $72,928 Average Household Income (City of Deland)

  • 24.4% Population Growth (2010-2020)

  • 18% Growth in Renter Occupied Housing Units (City of Deland)

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