Double Eagle Apartments | 1050 Wayne Ave
This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
thank you
Your email has been sent!
Double Eagle Apartments 1050 Wayne Ave
37 Unit Apartment Building $6,700,000 ($181,081/Unit) 6.63% Cap Rate New Smyrna Beach, FL 32168
Investment Highlights
- Current ownership will agree to hold $1MM at 6% interest rate which will run concurrently with their mortgage
- Less than $1.5MM needed for potential acquisition
- Existing 0.15 acre concrete slab which could be utilized for additional units or common area amenities
- Assumable Fannie Mae Loan with seven years remaining at 4.9% interest rate
- Nearly $150,000 of capital expenditures invested within the last few years
- Six 2-story buildings with a centrally located pond situated on 4.14 acres
Executive Summary
Double Eagle is a 37-unit Class B apartment community located in New Smyrna Beach, Florida. The asset was constructed in 1980 with frame construction on concrete slab. The community consists of 37 units with a favorable unit mix of (24) two bedroom/one bathroom units and (13) three bedroom/two bathroom units that average nearly 1,100 square feet each. The community is situated on approximately 4.14 acres with a centrally located pond.
Double Eagle’s average in-place rent is approximately 15% under market values with the opportunity to elevate both organically and through light interior upgrades. The community is being offered to the market with an assumable loan from Fannie Mae. The loan has multiple years remaining at below market interest rate.
Double Eagle offers a rare opportunity to acquire a well-maintained asset in an irreplaceable neighborhood setting within New Smyrna Beach.
Please contact Andrew Green (Andrew.Green@foundrycommercial.com) to discuss the offering.
Double Eagle’s average in-place rent is approximately 15% under market values with the opportunity to elevate both organically and through light interior upgrades. The community is being offered to the market with an assumable loan from Fannie Mae. The loan has multiple years remaining at below market interest rate.
Double Eagle offers a rare opportunity to acquire a well-maintained asset in an irreplaceable neighborhood setting within New Smyrna Beach.
Please contact Andrew Green (Andrew.Green@foundrycommercial.com) to discuss the offering.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts Under Contract
Price | $6,700,000 | Building Class | C |
Price Per Unit | $181,081 | Lot Size | 4.14 AC |
Sale Type | Investment | Building Size | 32,407 SF |
Cap Rate | 6.63% | Average Occupancy | 97% |
No. Units | 37 | No. Stories | 2 |
Property Type | Multifamily | Year Built/Renovated | 1980/2019 |
Property Subtype | Apartment | Parking Ratio | 1.88/1,000 SF |
Apartment Style | Garden |
Price | $6,700,000 |
Price Per Unit | $181,081 |
Sale Type | Investment |
Cap Rate | 6.63% |
No. Units | 37 |
Property Type | Multifamily |
Property Subtype | Apartment |
Apartment Style | Garden |
Building Class | C |
Lot Size | 4.14 AC |
Building Size | 32,407 SF |
Average Occupancy | 97% |
No. Stories | 2 |
Year Built/Renovated | 1980/2019 |
Parking Ratio | 1.88/1,000 SF |
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Microwave
- Washer/Dryer Hookup
- Heating
- Tile Floors
- Kitchen
- Granite Countertops
- High Speed Internet Access
- Ice Maker
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Walk-In Closets
- Carpet
- Double Pane Windows
- Family Room
- Pantry
- Vinyl Flooring
- Window Coverings
Site Amenities
- Gas Range
- Pond
Unit Mix Information
Description | No. Units | Avg. Rent/Mo | SF |
---|---|---|---|
2+1 | 24 | - | 1,012 |
3+2 | 13 | - | 1,250 |
PROPERTY TAXES
Parcel Number | 7313-00-00-0022 | Improvements Assessment | $3,400,237 |
Land Assessment | $555,000 | Total Assessment | $3,955,237 |
PROPERTY TAXES
Parcel Number
7313-00-00-0022
Land Assessment
$555,000
Improvements Assessment
$3,400,237
Total Assessment
$3,955,237
zoning
Zoning Code | 10R4 |
10R4 |
1 of 14
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Presented by
Double Eagle Apartments | 1050 Wayne Ave
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.