SOUTH DAYTONA, Fla., October 18, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of South Daytona Apartments, a 56-unit apartment property located in South Daytona, Florida, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $5,575,000.
Jason Hague, Duane C. Anderson, Ned Roberts, and Adam Podbelski of the RPH Multifamily Group in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Hague, Anderson, Roberts, and Podbelski.
“After a thorough marketing campaign, we received 16 offers in under 30 days, including offers at and above our list price said Jason Hague, first vice president investments. “The buyer that ultimately won the deal was a new buyer to the market who was in a 1031 exchange. He came in with an aggressive offer at list price with substantial hard money day one.”
South Daytona Apartments is located at 1648 S Palmetto Ave in South Daytona, Florida, with access to major thoroughfare via U.S. Route 1 which sees 23,500 vehicles per day. The property is within minutes of the Halifax River, Volusia Mall, Daytona International Speedway, Daytona Beach Golf Club and Downtown Daytona. South Daytona Apartments is located ten minutes from Embry Riddle University and Daytona State College.
The eight-building property is constructed of concrete block. Property features include an on-site laundry facility, balconies/patios, a leasing office, and an attractive unit mix of 77% two-bedroom units with large floor plans averaging over 900 square feet. Recent capital improvements include replacement of all eight roofs in the last five years, recently resealed and restriped parking lot, installation of new gutter system and soffits throughout.
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