1 Ridgewood AvePort Orange, FL 32127

Property Details for 1 Ridgewood Ave

Lot size

3.94 AC

Property size (Sq ft)

84,438 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a 92-unit multifamily portfolio comprising two properties, each with 46 units. Located in Port Orange and Daytona Beach, Florida, these properties boast a desirable Class B designation and offer significant value-add potential. The portfolio includes six two-story buildings totaling 84,438 to 119,204 square feet on a 3.94-acre lot, providing 153 parking spaces. The unit mix consists of 58 two-bedroom units, 30 one-bedroom units, and 4 townhomes, currently operating at 100% occupancy. Built in 1974 and 1965, these properties benefit from recent capital expenditures, including exterior painting, parking lot improvements, and upgraded interiors featuring modern kitchens and appliances. The properties are strategically located near major interstates, the Atlantic beach, Halifax River, Halifax Hospital, Daytona International Speedway, and various educational institutions and employers, including Amazon fulfillment centers. The Daytona Beach area is experiencing robust rental growth, projected to continue, making this a compelling value-add investment with a current 7.00% cap rate and a pro-forma cap rate of 8.00%. The asking price is $13,000,000 and is offered as a 1031 exchange opportunity. This portfolio presents a rare chance to acquire a well-positioned multifamily asset in a high-growth market.

Location Insight

City

Port Orange

County

Volusia

State

Florida

Latitude

29.1132

Longitude

-80.9732

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