431 Nova RdOrmond Beach, FL 32174

Property Details for 431 Nova Rd

Year built

1988

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

5.93 AC

Property size (Sq ft)

42,224 SF

Zone code

B8

Property type

Retail properties

Property subtype

Community centers

APN

4221-07-00-0010

APU

422107000010

Description

The Renaissance Center, located at 431 S Nova Rd, Ormond Beach, FL 32174, presents a compelling investment opportunity. This exceptional retail property encompasses 58,682 square feet of net rentable space, distributed across two single-story buildings on a substantial 258,178 square foot lot. Currently boasting 100% occupancy with 16 diverse tenants, this multi-tenant property offers immediate cash flow and a stable income stream. Built in 1988 and renovated in 1996, the property features robust concrete construction, minimizing maintenance needs and ensuring long-term durability. The property operates under a NNN lease structure with credit-rated tenants, providing further security and predictability. Situated in Volusia County, this prime location within the thriving Ormond Beach/Daytona Beach area guarantees high visibility and accessibility. The asking price for this exceptional retail investment is $8,500,000. This represents a rare opportunity to acquire a well-established, high-performing commercial property with significant growth potential. The property's diverse tenant mix, including restaurants, shopping center spaces, and storefronts, ensures resilience and minimizes risk. Don't miss this chance to secure a valuable asset in a dynamic market.

• CAP approach

  CAP return

  Valuation

  6%

  $10,565,470

  6.5%

  $9,752,742

  7%

  $9,056,117

• Comparable approach

  Method

  Valuation

  Relative Method

  $11,877,932

  Geo Method

  $11,877,932

• Alternative Use

  Use

  Valuation

  Residential

  $8,226,802

  Hospitality

  $7,535,707

  Educational

  $6,269,620

  Medical

  $6,485,242

  Retail

  $9,752,742

Location Insight

City

Ormond Beach

County

Volusia

State

Florida

Latitude

29.2692

Longitude

-81.0792

CBSA code

19660

CBSA name

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

Property Tax & Assessments

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