1305 Ridgewood AveDaytona Beach, FL 32114

Property Details for 1305 Ridgewood Ave

Year built

1948

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

2.00 AC

Property size (Sq ft)

9,352 SF

Zone code

T2

Property type

Hospitality properties

Property subtype

Motels

APN

5340-13-00-0090

APU

534013000090

Description

This exceptional 29-key motel in Daytona Beach, Florida, presents a compelling investment opportunity. Boasting 14,000 square feet on a prime location just minutes from the Halifax River, this property currently operates as an extended-stay motel, commanding weekly rental rates between $400 and $450 per room. The property generates substantial revenue, with an annual gross revenue approaching $600,000 and a net operating income (NOI) exceeding $450,000. This translates to an attractive cap rate of 13.24% and a price per square foot of $242.86. The asking price for this lucrative asset is $3,400,000. A significant advantage is the inclusion of an additional acre lot, providing potential for future expansion and development of additional units, further enhancing the property's value and income potential. The property is situated at 1305 S Ridgewood Ave, Daytona Beach, FL 32114, in Volusia County. This is a rare chance to acquire a high-performing motel with significant upside potential in a desirable tourist destination.

• CAP approach

  CAP return

  Valuation

  6%

  $2,231,412

  6.5%

  $2,059,765

  7%

  $1,912,639

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,245,368

  Geo Method

  $2,453,315

• Alternative Use

  Use

  Valuation

  Residential

  $2,248,665

  Hospitality

  $2,059,765

  Educational

  $1,713,700

  Medical

  $1,772,637

  Retail

  $2,665,756

Location Insight

City

Daytona Beach

County

Volusia

State

Florida

Latitude

29.1885

Longitude

-81.0101

CBSA code

19660

CBSA name

DELTONA-DAYTONA BEACH-ORMOND BEACH, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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