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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.

Data Room Click Here to Access

Property Facts Under Contract

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

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
  • Listing ID: 31609159

  • Date on Market: 4/25/2024

  • Last Updated:

  • Address: 1050 Wayne Ave, New Smyrna Beach, FL 32168

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