For Sale
$325,000

440 Caroline StDaytona Beach, FL 32114

Prime Daytona Beach lot, 32,670 sq ft, high income potential.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional 32,670 square foot lot, located at 440 S Caroline Street in Daytona Beach, Florida (zip code 32114), presents a lucrative multifamily development opportunity. Zoned for multifamily use, this property is ideally situated just one block from Nova Road, offering convenient access to Daytona Beach's vibrant attractions, including the beach, colleges, and the airport. The seller is including architectural plans for an eleven-unit townhome development, each featuring two bedrooms and one and a half bathrooms, along with 24 parking spaces. Preliminary estimates suggest a construction cost of approximately $1.9 million (including land acquisition), with a projected post-construction value exceeding $4 million. This translates to a potentially high cap rate, estimated at 8.98%, due to the low maintenance and operating expenses associated with new construction. The asking price for this exceptional development site is $325,000. Note that all zoning regulations and construction cost estimates should be independently verified by the prospective buyer. This property offers significant upside potential for investors and developers seeking a prime location with a well-defined development plan. The property is classified as Land and Multifamily, specifically a duplex/triplex/quadruplex.

Property Details for 440 Caroline St

Property type
Land, Apartment buildings

Location Insight

City
Daytona Beach
County
Volusia
State
Florida
Latitude
29.1979926
Longitude
-81.0349593
440 Caroline St, Daytona Beach, Florida

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440 Caroline St
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