440 S Caroline St - PROJECT APPROVED BY THE CITY INCLUDED 0.75 Acres of Commercial Land Offered at $341,925 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 ( 7.5% cap rate) in a desirable, well-connected location. The owner is including the architectural concept design approved by the authorities.
PROPOSED PROJECT TO BE DONE IN THE LAND: 8 APARTMENTS
FEASIBILITY ANALYSIS:
8 apartments
Area per unit: 754 sqft
Total area of constrution: 6,032 sqft
Cost per each sqft: $150
Total construction cost (including common areas): $904,800
Cost of land: $250,000
Fee / permits costs: $140,000
Total cost of project: $1,294,800
GRM ( gross rental multiplier): 10.41
Mothly rent per unit : $1,295
Gross schedule income ( GSI ):$124,320
Operating expenses: $25,000 ( 20% of GSI as a new construction , including 8% cost for the management company)
NOI ( net operating income): $99,320
Cap rate: 7.67 %
Market cap: 4%
Total value of property when construction is complete ( ARV): $2,483,000


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