404 S Ridgewood Ave

This assemblage consists of 5 parcels that include an 8,000 SF fully renovated Historic Victorian home, a 7,000 SF Co-living property (404 & 408 S Ridgewood Ave), 1,021 SF house (315 Live Oak Ave) plus 3 adjacent land parcels in Daytona Beach, FL. The homes are strategically located with 164 feet of prime frontage on US-1, just minutes away from the beach, the intercoastal, and major attractions such as Daytona Int. Speedway and Bethune-Cookman University. This prime location, combined with the recent property enhancements and diverse zoning options, makes this offering particularly appealing to investors and developers alike.
The centerpiece of this portfolio is the stunning Victorian home, listed on the U.S. National Register of Historic Places. Spanning an impressive 8,000 square feet, this historic gem boasts 10 uniquely decorated bedrooms, 5 full bathrooms, and two basement apartments. The current lease with PadSplit runs through July 2025.
Adjacent to the Victorian is the fully renovated co-living house, which offers 13 bedrooms and 4 bathrooms. Currently 100% occupied, this property leverages the innovative PadSplit platform to facilitate weekly rentals, maximizing occupancy and cash flow. Together, these properties provide a robust rental income stream, while the zoning flexibility allows for a variety of alternative uses, including assisted living, skilled nursing, or retail opportunities. The current lease with PadSplit runs through August 2025.
The third property of the portfolio is an adjacent 1,021 SF house located at 315 Live Oak St. The home consists of 4 bedrooms and 1 bathroom, this too has been fully renovated with new bathroom/shower, plumbing and general electric upgrades. All 3 properties benefit from recent leases with PadSplit - the largest co-living marketplace in the US. PadSplit provides accessible and affordable housing solutions to hardworking individuals who form the backbone of society: teachers, traveling nurses, and other frontline workers.
Finally, the 3 land parcels adjacent to the homes make up a total of .51 acres on Live Oak Avenue and Segrave St. These land parcels are zoned T-2 which allows for a wide variety of uses.
Daytona Beach is witnessing a remarkable surge in growth, with projections indicating a 40% increase in population from 2020 to 2045. This vibrant city, known for its stunning coastline and thriving community, has experienced a significant 3.62% population growth in just the past year. The real estate market reflects this trend, with home prices soaring by 33.2% year-over-year, reaching a median price of $305,000.