Land For Sale ** BUILDING DESIGN INCLUDED ** | 400 S Caroline St
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Land For Sale ** BUILDING DESIGN INCLUDED ** 400 S Caroline St
11 Unit Apartment Building $295,000 ($26,818/Unit) Daytona Beach, FL 32114
Executive Summary
BUILDING DESIGN INCLUDED ---Sale includes architectural design to build 11 TOWNHOMES with 24 parking spaces.
.
Each unit has 2 bedrooms and 1 1/2 bathrooms
Estimated cost to build the project it's around $1.9 million (land included), and the property value after construction and rented over $4 Million. There is huge upside potential here. Since apartments would be new, it will have a very low expenses/ maintenance and the cape rate will be very high (8.98%)
These are estimated, and value will change according to market conditions.
The lot is less than 10 minutes away from the beach, near shopping and dining, Daytona Beach International Airport, I-95, Hwy A1A, Daytona State College and Bethune Cookman University. It's also near highly-rated schools including Spruce Creek High and Tomoka Elementary.
The following is a detail of the final cost and profit of the project
1- PROJECT: New construction - TOWNHOMES
2- TOTAL UNITS: 11
3- AREA OF EACH UNIT: 972 sqft
4- TOTAL AREA TO BUILD: 10,692 sqft
5- COST PER EACH SQFT OF CONSTRUCTION: $145
6- COST OF THE WHOLE BUILDING INCLUDING COMMON AREAS: $1,550,340
7- COST OF THE LAND: $295,00
8- CONSTRUCTION PERMIT COST WITH THE CITY OF DAYTONA AND VOLUSIA COUNTY: $150,000 (approx.)
9- TOTAL COST OF PROJECT: $1,875,340 ( including land)
10- RENT PER UNIT (as 7/6/2022): $1,800 / monthly
11- GROSS SCHEDULE INCOME (GSI): $237,600 / year
12- OPERATING EXPENSES: $35,640 / year (15% of GSI - for a new construction )
13- NOI (net operating income): $201,960
14- CAP RATE: 10.76%
15- COST PER DOOR (new construction): $170,485
16- MARKET CAP: 4%
17- MARKET VALUE OF THE PROPERTY WITH UNITS RENTED: $4,000,000
18- PROFIT AFTER SELLING THE UNITS: $2,124,660
.
Each unit has 2 bedrooms and 1 1/2 bathrooms
Estimated cost to build the project it's around $1.9 million (land included), and the property value after construction and rented over $4 Million. There is huge upside potential here. Since apartments would be new, it will have a very low expenses/ maintenance and the cape rate will be very high (8.98%)
These are estimated, and value will change according to market conditions.
The lot is less than 10 minutes away from the beach, near shopping and dining, Daytona Beach International Airport, I-95, Hwy A1A, Daytona State College and Bethune Cookman University. It's also near highly-rated schools including Spruce Creek High and Tomoka Elementary.
The following is a detail of the final cost and profit of the project
1- PROJECT: New construction - TOWNHOMES
2- TOTAL UNITS: 11
3- AREA OF EACH UNIT: 972 sqft
4- TOTAL AREA TO BUILD: 10,692 sqft
5- COST PER EACH SQFT OF CONSTRUCTION: $145
6- COST OF THE WHOLE BUILDING INCLUDING COMMON AREAS: $1,550,340
7- COST OF THE LAND: $295,00
8- CONSTRUCTION PERMIT COST WITH THE CITY OF DAYTONA AND VOLUSIA COUNTY: $150,000 (approx.)
9- TOTAL COST OF PROJECT: $1,875,340 ( including land)
10- RENT PER UNIT (as 7/6/2022): $1,800 / monthly
11- GROSS SCHEDULE INCOME (GSI): $237,600 / year
12- OPERATING EXPENSES: $35,640 / year (15% of GSI - for a new construction )
13- NOI (net operating income): $201,960
14- CAP RATE: 10.76%
15- COST PER DOOR (new construction): $170,485
16- MARKET CAP: 4%
17- MARKET VALUE OF THE PROPERTY WITH UNITS RENTED: $4,000,000
18- PROFIT AFTER SELLING THE UNITS: $2,124,660
Property Facts
| Price | $295,000 | Building Class | A |
| Price Per Unit | $26,818 | Construction Status | Proposed |
| Sale Type | Investment | Building Size | 10,692 SF |
| No. Units | 11 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2026 |
| Property Subtype | Apartment | Parking Ratio | 0.19/1,000 SF |
| Apartment Style | Low Rise | Opportunity Zone |
Yes
|
| Price | $295,000 |
| Price Per Unit | $26,818 |
| Sale Type | Investment |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | A |
| Construction Status | Proposed |
| Building Size | 10,692 SF |
| No. Stories | 2 |
| Year Built | 2026 |
| Parking Ratio | 0.19/1,000 SF |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 11 | - | 972 |
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PROPERTY TAXES
| Parcel Number | 5239-07-42-0120 | Improvements Assessment | $0 |
| Land Assessment | $55,054 | Total Assessment | $55,054 |
PROPERTY TAXES
Parcel Number
5239-07-42-0120
Land Assessment
$55,054
Improvements Assessment
$0
Total Assessment
$55,054
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Land For Sale ** BUILDING DESIGN INCLUDED ** | 400 S Caroline St
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