440 S Caroline St - OWNER FINANCING & PROJECT DESIGN INCLUDED 0.78 Acres of Commercial Land Offered at $449,602 CAD in Daytona Beach, FL 32114

The property is ideally located less than 10 minutes from the beach and in close proximity to major thoroughfares including I-95 and Hwy A1A. It’s also near Daytona Beach International Airport, Daytona State College, Bethune-Cookman University, and top-rated schools such as Spruce Creek High and Tomoka Elementary.
This offering presents a significant opportunity to develop a new rental property with strong income potential ( 13.12% cap rate) in a desirable, well-connected location. The owner is including the architectural concept design.
PROPOSED PROJECT TO BE DONE IN THE LAND: 16 STUDIOS- APARTMENTS
FEASIBILITY ANALYSIS:
16 studios - apartments ( project can be done as regular construction or prefab ( see proposed prefab units here: https://www.boxabl.com/casita )
Area per unit: 371 sqft
Total area of constrution: 5,936 sqft
Cost per each sqft: $160
Total construction cost (including common areas): $974,260
Cost of land: $325,000
Fee / permits costs: $160,000
Total cost of project: $1,459,260
GRM ( gross rental multiplier): 4.76
Daiy rent per unit ( RB & B ): $95
Occupancy rate: 56%
TOTAL MONTHLY INCOME FROM 16 UNITS RENTED: $25,536
Gross schedule income ( GSI ):$306,432
Operating expenses: $115,000 ( 38% of GSI as a new construction and including 20% cost of management company)
NOI ( net operating income): $191,432
Cap rate: 13.12 %
Market cap: 7%
Total value of property when construction is complete ( ARV): $2,734,742.86
Total profit after construction if the whole project is sold to an investor: $1,275,482

For more information, please contact:
Jimmy – 786-942-6494