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404 S Ridgewood Ave - Multi Family 30 Rooms PadSplit- (-$800k) 14,068 SF Specialty Building Offered at $1,699,000 at a 9.41% Cap Rate in Daytona Beach, FL 32114
INVESTMENT HIGHLIGHTS
- A RARE GEM A Fully Renovated Historic Victorian Residence
- Ideal for investors seeking cash flow with valueadd or expansion upside Minutes to the beach, Int
- Stable income through PadSplit, the largest coliving platform in the U.S.
- Minutes to the beach, Intracoastal Waterway, Daytona International Speedway, Daytona Beach International Airport, and Bethune-Cookman University
- Diverse redevelopment potential with T-2 zoning
EXECUTIVE SUMMARY
Over $800k reduction off Original List Price, this beautiful Pad Split Portfolio is performing at a superior level just to be clear. Motivated Owner(s) is now offering this Portfolio Income at significantly below Market Price. $115 P.S.F. plus 3 contiguous buildable Lots along with over $100k in Furniture and Fixtures for a complete Turnkey Rented Portfolio which will be included with an acceptable Offer. This opportunity consists of 5 parcels that include an 8,000 SF fully renovated Historic Victorian home, a 7,000 SF Co-living property (404 & 408 S Ridgewood Ave), 1,021 SF house (315 Live Oak Ave) plus 3 adjacent land parcels in Daytona Beach, FL. The homes are strategically located with 164 feet of prime frontage on US-1, just minutes away from the beach, the Intercoastal Waterway, and major attractions. This prime location, combined with the recent property enhancements and diverse zoning options, makes this Offering particularly appealing to investors and developers alike.
The centerpiece of this portfolio is the stunning Victorian home, listed on the U.S. National Register of Historic Places. Spanning an impressive 8,000 square feet, this Historic Gem boasts 10 uniquely decorated bedrooms, 5 full bathrooms, and two basement apartments. The current lease with Pad Split runs through July 2025. The third property of the portfolio is an adjacent 1,021 SF house located at 315 Live Oak St. The home consists of 4 bedrooms and 1 bathroom, this too has been fully renovated with new bathroom/shower, plumbing and General Electric upgrades. All 3 properties benefit from recent leases with Pad Split - the largest co-living marketplace in the US. Pad Split provides accessible and affordable housing solutions to hardworking individuals who form the backbone of society: teachers, traveling nurses, and other frontline workers. Finally, the 3 land parcels adjacent to the homes make up a total of .51 acres on Live Oak Avenue and Segrave St. These land parcels are zone T -2 which allows for a wide variety of uses.
The centerpiece of this portfolio is the stunning Victorian home, listed on the U.S. National Register of Historic Places. Spanning an impressive 8,000 square feet, this Historic Gem boasts 10 uniquely decorated bedrooms, 5 full bathrooms, and two basement apartments. The current lease with Pad Split runs through July 2025. The third property of the portfolio is an adjacent 1,021 SF house located at 315 Live Oak St. The home consists of 4 bedrooms and 1 bathroom, this too has been fully renovated with new bathroom/shower, plumbing and General Electric upgrades. All 3 properties benefit from recent leases with Pad Split - the largest co-living marketplace in the US. Pad Split provides accessible and affordable housing solutions to hardworking individuals who form the backbone of society: teachers, traveling nurses, and other frontline workers. Finally, the 3 land parcels adjacent to the homes make up a total of .51 acres on Live Oak Avenue and Segrave St. These land parcels are zone T -2 which allows for a wide variety of uses.
PROPERTY FACTS
| Price | $1,699,000 | Building Class | C |
| Price Per SF | $120.77 | Lot Size | 1.48 AC |
| Sale Type | Investment | Building Size | 14,068 SF |
| Cap Rate | 9.41% | No. Stories | 3 |
| Sale Condition | Bulk/Portfolio Sale | Year Built/Renovated | 1901/2023 |
| Property Type | Specialty | Parking Ratio | 1.08/1,000 SF |
| Zoning | T2 - T-2 which allows for a variety of Uses: Single Family, Multifamily, STR, Skilled Nursing, Office, Retail, etc.see attachemnt for full description. | ||
| Price | $1,699,000 |
| Price Per SF | $120.77 |
| Sale Type | Investment |
| Cap Rate | 9.41% |
| Sale Condition | Bulk/Portfolio Sale |
| Property Type | Specialty |
| Building Class | C |
| Lot Size | 1.48 AC |
| Building Size | 14,068 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1901/2023 |
| Parking Ratio | 1.08/1,000 SF |
| Zoning | T2 - T-2 which allows for a variety of Uses: Single Family, Multifamily, STR, Skilled Nursing, Office, Retail, etc.see attachemnt for full description. |
AMENITIES
- Air Conditioning
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Walk Score®
Very Walkable (79)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $537,673 | |
| Land Assessment | $160,574 | Total Assessment | $698,247 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$160,574
Improvements Assessment
$537,673
Total Assessment
$698,247
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404 S Ridgewood Ave - Multi Family 30 Rooms PadSplit- (-$800k)
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