Daytona Beach 38 Unit Motel Operating at 8.8% Cap Rate and a $521,680 NOI!
$5,900,000
SOLD
US 1
Daytona Beach, FL
Property is currently being operated as longer term extended stays which features (29) two bed units and (6) one bed units, (2) two bed units, a studio, plus an office.
Located in Daytona Beach just 5 blocks North of the Mason Bridge nestled off of US 1., 8 minutes to the World’s Most Famous Beach as well as International Speedway Blvd.
All of the roofs are newer and were replaced around 2018.
Wifi, (HBO/Cinemax) along with new electrical lines and TV’s were added throughout the complex.
AC units were all replaced and FF&E is staying with the sale of this property
On site manager willing to stay on after the sale if Buyer chooses.
Turnkey business, easy to run and manage.
This is a great short or long term rental business with a stellar reputation and repeat clientele.
The seller might consider a small portion of seller financing.
Highlights:
1. 8.8% CAP rate with low property tax
2. On site manager willing to stay on with buyer
3. All new electrical lines & TV’s
4. All roofs replaced in 2018
5. All newer AC units
6. Less than 15 minutes from I-95, Daytona International Speedway, Historic Daytona Beach, and Daytona International Airport
EXECUTIVE SUMMARY: Property Type: Investment Pricing Guidance: $5,900,000 CAP Rate: 8.8% Lot Size: 1.68 AC Total Unit Count: 38 Unit Mix: (29) 2-Br; (6) 1-Br; (2) 2-bedroom; (1) Studio Frontage Street: 260 SF on US1 Traffic Count: 24,000 VPD Zoning: CC-1
Please see attached breakdown of the Income and Expenses.
