335 Ridgewood AveEdgewater, FL 32132

Property Details for 335 Ridgewood Ave

Year built

1985

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.68 AC

Property size (Sq ft)

6,446 SF

Zone code

B3

Property type

Hospitality properties

Property subtype

Motels

APN

7451-02-06-0030

APU

745102060030

Description

Prime opportunity to acquire the All-Suite Motel, a 24-key hotel in Edgewater, Florida. This two-story, two-building property, built in 1985, sits on a 0.68-acre lot and boasts a prime location directly off Route 1, offering exceptional visibility. All 24 units are one-bedroom suites, each featuring a kitchen, living area, and separate bedroom. Currently configured with 22 guest suites, one suite serves as the front desk/lobby, and one is a manager's apartment. The property includes on-site laundry and vending amenities, making it ideal for owner-operators. Its location offers easy access to several of Florida's premier beach destinations, including New Smyrna Beach (4 miles), Daytona Beach (17.4 miles), and Canaveral National Seashore (29.8 miles). The proximity to attractions like the Daytona International Speedway and Daytona Beach International Airport further enhances its appeal. The hotel is situated in a designated Opportunity Zone, providing potential tax advantages for investors. The property is in good structural condition with no major deferred maintenance. This represents a rare opportunity to acquire a well-positioned all-suite hotel in a coveted beach market with significant potential for value enhancement through operational improvements. The property's strong financial performance, with a projected Year 1 NOI of $238,655 and a projected Year 1 Cap Rate of 10.38%, makes it an attractive investment.

• CAP approach

  CAP return

  Valuation

  6%

  $1,739,598

  6.5%

  $1,605,782

  7%

  $1,491,084

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,601,376

  Geo Method

  $1,690,982

• Alternative Use

  Use

  Valuation

  Residential

  $1,753,048

  Hospitality

  $1,605,782

  Educational

  $1,335,992

  Medical

  $1,381,939

  Retail

  $2,078,210

Location Insight

City

Edgewater

County

Volusia

State

Florida

Latitude

28.9989

Longitude

-80.9108

CBSA code

19660

CBSA name

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

Property Tax & Assessments

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