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1400 S Nova Rd
Daytona Beach, FL 32114
Ridgecrest Park - Under Contract · Multifamily Property For Sale
·
275 Units
PROPERTY FACTS
| No. Units | 275 | Lot Size | 45.00 AC |
| Property Type | Multifamily | Building Size | 244,100 SF |
| Property Subtype | Apartment | Average Occupancy | 93% |
| Apartment Style | Garden | No. Stories | 1 |
| Building Class | B | Year Built | 1967 |
| Zoning | PDG - Planned Development | ||
| No. Units | 275 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 45.00 AC |
| Building Size | 244,100 SF |
| Average Occupancy | 93% |
| No. Stories | 1 |
| Year Built | 1967 |
| Zoning | PDG - Planned Development |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Washer/Dryer
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Tile Floors
- Kitchen
- Hardwood Floors
- High Speed Internet Access
- Refrigerator
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Wi-Fi
- Dining Room
- Window Coverings
SITE AMENITIES
- 24 Hour Access
- Clubhouse
- Courtyard
- Fitness Center
- Laundry Facilities
- Picnic Area
- Pool
- Property Manager on Site
- Grill
- Pet Play Area
- Wi-Fi
- Maintenance on site
- Sundeck
ABOUT 1400 S NOVA RD , DAYTONA BEACH, FL 32114
Ridgecrest Park offers new ownership an opportunity to capitalize on below market rents and further renovate the community to achieve outsized returns of $272/unit in effective rental premiums. Cushman & Wakefield has proposed a value-add plan identifying areas of potential capital improvement and property cash flow management, that upon completion will yield an increase of $1,050,000 in gross income. Existing Improvements Current ownership has spent over $2 million during the course of the last 10 years improving both the common area amenities and renovating the units to a partial degree. The following capital improvements have been infused into the property: Common Area: • All building roofs replaced – 2004-2007 • Hardiplank installation over original concrete block exteriors - 2008-2010 • Brick pavers installed in pool deck – 2008 • Pool resurfaced – 2012 • Clubhouse renovated – interior (2014) and exterior (2019) • BBQ area, Dog park and serenity garden installed – 2015-2016 • New pool furniture - 2019 Interior Units: • Kitchen backsplash – 267 units – 97% of community completed • Raised panel cabinets - Approximately the entire community has received updated kitchen cabinetry completed • Vinyl plank flooring - 222 units – 81% of community completed • Washer/dryer connections installed - 164 units – 60% of community completed • 30” stoves - 103 units – 37% of community completed • Updated bathroom vanities – 24 units - 9% of the community - completed
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 200 | - | 877 |
| 2+1 | 75 | - | 916 |
PROPERTY TAXES
| Parcel Number | 5340-05-20-0020 | Improvements Assessment | $16,565,061 |
| Land Assessment | $5,500,000 | Total Assessment | $22,065,061 |
PROPERTY TAXES
