408 W Howry Ave 10 Unit Apartment Building $850,000 ($85,000/Unit) 9.06% Cap Rate Deland, FL 32720

100Units.com presents Stetson Apartments. The value add business plan for this property includes renovating the exterior and the unit interiors. This property is offered at a significant discount to comparable properties in the market and replacement cost. The property consists of two 2-story buildings. The unit mix is two studios, four 1 bed 1 bath units, three 2 bed 1 bath unit, and one 2 bed 1.5 bath unit. The property's location benefits from proximity to major employers, including a newly developed Amazon distribution center just over eight miles away, supporting continued demand and rent growth. Stetson Apartments historically boasts high occupancy, making it an ideal choice for investors seeking stable cash flow with future upside through continued rent optimization. Additional income opportunities include onsite laundry, AC filter service, and pet rent.
DeLand, situated in Volusia County, Florida, is celebrated for its rich history, vibrant culture, and dynamic growth. As the county seat and home to Stetson University—Florida's oldest private college—DeLand seamlessly blends small-town charm with academic and cultural vibrancy. The university's campus, recognized as a National Historic District, contributes significantly to the city's unique character.
The downtown area, adorned with boutique shops and diverse dining options, has earned national recognition as a MainStreet DeLand community. Regular events spotlighting arts, history, and local culture foster a strong sense of community and attract visitors year-round.
DeLand has experienced remarkable population growth in recent years. Between 2020 and 2023, the city's population surged by approximately 12.55%, reaching an estimated 43,009 residents by the end of 2023. Projections indicate continued growth, with the population expected to reach 46,571 by 2025, reflecting an annual growth rate of about 4.1%.
The city's economic landscape has also seen positive developments. From 2022 to 2023, employment in DeLand grew by 1.73%, increasing from 15,700 to 16,000 jobs. Key employment sectors include Health Care & Social Assistance, Retail Trade, and Educational Services.
Strategically located, DeLand is just 25 minutes from Daytona Beach and about 40 minutes from Orlando, offering residents and visitors easy access to major urban centers while retaining its unique small-town atmosphere. The city's tree-lined streets, historic homes, and proximity to natural attractions like Blue Spring State Park and Hontoon Island State Park provide ample recreational opportunities, from canoeing and hiking to wildlife observation.