Andrew Birr

Associate

Email: Andrew.Birr@MarcusMillichap.com
Phone:
(407) 557-3836 – Direct
(407) 702-0864 – Mobile

 

Casey Babb, CCIM

First Vice President Investments

Email: Casey.Babb@MarcusMillichap.com
Phone:
(813) 387-4723 – Direct
(813) 368-0835 – Mobile

Marcus & Millichap, as exclusive advisor, is pleased to present 424 Charles; an eighteen unit, 1970’s vintage, apartment community located in Daytona Beach, Florida. Located just 0.3 miles northeast of Bethune Cookman University and two miles from the beach, this recently renovated property received a CapEx infusion of $200,000 in 2018 and is now fully occupied.

The property is offered at an 8.4% cap rate and a 12.26% cash-on-cash return on current income with additional upside potential through a strategic plan of raising rents to market value and renovating two additional units.

Originally built in 1974, 424 Charles currently has 16 of its 18 units fully renovated, with the remaining 2 units being occupied by long term tenants.  The property features two, one-story buildings with flat roofs on two contiguous parcels totaling 0.98 acres. Each building consists of nine units and features an off-street parking lot on the east side of the property.  A storage shed provides additional space for maintenance equipment and large trees shade the north side of the property.

All but two units feature two-bedrooms and one-bath at 611 square feet.  Two additional corner units also feature two-bedrooms and one-bath but are slightly larger.  16 of the 18 units have new hot water heaters, electrical panels, ceiling fans, fixtures, LVT flooring, windows, doors and washer/dryer hookups.

Volusia County continues to post record tourism numbers year over year and Daytona Beach is a prime Florida resort destination.  Daytona Beach was ranked #7 in US News & World Report’s best places to retire in 2018.  Daytona Beach has future job growth over the next 10 years predicted at 43%, which is well above the national average.  The city is home to Bethune-Cookman University, Embry Riddle & Daytona State Colleges and master-planned community, Latitude Margaritaville, which has plans that call for a potential 6,900 home buildout.

  • 16 of 18 Units Recently Renovated
  • $200,000 Capex Infusion for New Flooring, Fixtures, Bathrooms and Kitchens
  • New Electrical Panels, Hot Water Heaters, Windows and Doors
  • Takeover 8+ Cap
  • Walkable to Dining & Entertainment
  • Daytona Beach is a Prime Florida Resort Destination
  • No. 7 in US News & World Report’s “Best Places to Retire” 2018
  • Daytona Beach Future Job Growth Predicted at 43% Over Next 10 Years
  • Home of Bethune-Cookman, Embry Riddle & Daytona State Colleges

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