MULTIFAMILY COMPLEX FOR SALE

MULTIFAMILY COMPLEX FOR SALE 2150 S Palmetto Ave, South Daytona, FL 32119

140 S Atlantic Avenue Ormond Beach, FL 32176

www.buddyandron.com

PROPERTY SPECIFICATIONS

Sale Price: $2,150,000

Parcel ID: 534416000220

Property Taxes: 17,630.07

Land Size: 1.03 Acres

Number of Units: 24

Three Two Story Bldgs: 8,120 Sq Ft Each

Each Building: Eight 2BR/1BA Units

Year Built: 1970

Electric Meters: 25

Water Meters: 1

Parking: 40 Spaces

Zoning: R-3 Multiple Family

Chart of Zoning information can be found here: Zoning Info

Buddy Budiansky, CCIM

Vice President Commercial Services

[email protected] 386.334.2865

Ron Frederick

Broker/Associate


All information believed to be from accurate sources, but cannot be warranted

REMARKS This income property includes three 8-unit buildings with large central courtyard.

Consistently leased in a desirable location with excellent walkability to shopping and restaurants. There is a total of 24 two bedroom apartment units, 900 Sq Ft each, with newer improvements including 70% of units are tiled, most bathroom have been renovated and newer coin operated washer/dryers. Located in an Opportunity Zone. Financials with signed Non Disclosure (last page) CONFIDENTIAL—DO NOT SPEAK TO TENANTS

https://www.municode.com/library/fl/south_daytona/codes/land_development_code?nodeId=SUHITA_ARTVZORE_S5.5SCZODIRE

Realty Pros Commercial


All information believed to be from accurate sources, but cannot be warranted www.buddyandron.com




Ron Frederick

Broker/Associate


2150 S Palmetto Ave, South Daytona, FL 32119

Proforma

INCOME EXPENSES

Unit Monthly Rent Annual Rent

Maintenance & Repairs $10,480

1 $1,000 $12,000 Insurance $10,000

2 $1,000 $12,000 Licenses & Permits $125

3 $1,000 $12,000 Real Estate Taxes $39,797

4 $1,000 $12,000 Utilities $29,401

5 $1,000 $12,000

6 $1,000 $12,000 Total Expenses $89,804

7 $1,000 $12,000

8 $1,000 $12,000

9 $1,000 $12,000

10 $1,000 $12,000 Total Income $264,000

11 $1,000 $12,000 5% Vacancy Rate $13,200

12 $1,000 $12,000 Adjusted Income $250,800

14A $1,000 $12,000

14B $1,000 $12,000

15 $1,000 $12,000 NOI $160,996

16 $1,000 $12,000

17 $1,000 $12,000

18 $1,000 $12,000

19 $1,000 $12,000

20 $1,000 $12,000

21 $1,000 $12,000

22 $1,000 $12,000

23 $1,000 $12,000

24 $1,000 $12,000







Ron Frederick

Broker/Associate


AERIAL PHOTOS







Ron Frederick

Broker/Associate








Ron Frederick

Broker/Associate


ZONING R-3 Multiple-family residential district. Link to City Zoning

1. Purpose and intent: The intent of the R-3 district is to provide for the construction of multiple-family dwellings on tracts of single or common ownership; require the preparation and approval of detailed site plans; and require a suf-ficient amount of open space. Properties in the R-3 district shall have direct access to an arterial, collector or minor collector as designated by the comprehensive plan. 2. Permitted uses: Condominiums; Townhouses; Apartments; Multiple-family dwellings; Single-family dwellings on lots of one acre or less provided that the setbacks and other dimensional requirements for the "R-1a" Zoning Classification are applied; Duplex dwellings on lots of one acre or less provided that the setbacks and other dimensional requirements for the "R-2 2F" Zoning Classification are applied. Public parks; Existing single-family dwelling on a lot of record; Recreational uses. 3. Accessory uses: Uses customarily associated with, dependent on and incidental to, the primary uses. These include uses such as recreation facilities, laundry rooms, maintenance buildings and community buildings. 4. Special exceptions: None. 5. Dimensional requirements: The following dimensional requirements shall apply to multi-family development in all R-3 areas: a. Minimum project size: The minimum project size shall be one acre. However, on existing lots of record desig-nated by the comprehensive plan as suitable for multiple-family development, projects on smaller sites may be ap-proved. b. Project density: The maximum number of dwelling units shall not exceed ten units per gross acre. c. Project perimeter setbacks: Front, rear and side setbacks shall be designed so that no building is located closer than 25 feet from a public right-of-way. Setbacks from interior property lines shall be equal to or greater than the height of the tallest building in the development, but in no case shall be less than 20 feet. d. Building spacing requirements: Fifty feet between any combination of fronts or rears of adjacent buildings. Twenty-five feet between any other combination of principal buildings. e. Maximum building height: The maximum building height shall be 35 feet. f. Location of parking areas: No parking or drives shall be located in the first 20 feet of the required front yard except for direct access drives through the yard. Driveways or parking areas may be permitted in the side or rear yards but may not be within ten feet of a property line or any building. g. Sidewalks: Sidewalks shall be constructed along all public streets. 6. Open space and landscaping: At least 40 percent of the project site shall be retained as open space. Open space does not include any land area devoted to buildings, sidewalks, interior streets, parking areas or access drives. All open space areas shall be landscaped in accordance with the city's landscape ordinance. 7. Development plan review: Prior to the issuance of a building permit, a site plan approval shall be obtained ac-cording to the provisions of Article III of this Code.

https://library.municode.com/fl/south_daytona/codes/land_development_code?nodeId=SUHITA_ARTVZORE_S5.5SCZODIRE







Ron Frederick

Broker/Associate


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Opportunity Zones Program

Home > Business Growth and Partnerships > For Businesses and Entrepreneurs > Business Resources > Opportunity Zones Program

The Opportunity Zone Program

The Opportunity Zone Program aims to foster economic development and job creation in economically distressed communities.

It was created by the Federal Tax Cuts and Jobs Act of 2017 to encourage businesses, developers and financial institutions to

invest long- term capital in low-income census tract areas. These areas were designated as Qualified Opportunity Zones by the

U.S. Department of Treasury in June 2018. Treasury has approved 8,760 Qualified Opportunity Zones, which are in all 50

states, five territories and the District of Columbia.

Investments are made in Opportunity Zones through U.S. Treasury Qualified Opportunity Zone Funds, which must invest over 90 percent of their assets in Qualified Opportunity Zone properties and businesses. Qualified Opportunity Zone Funds attract investors through possible tax benefits. Tax benefits can accrue once unrealized capital gains from other investments are rolled into Qualified Opportunity Zone Funds. Benefits include the following:

Taxes are deferred on capital gains rolled into Qualified Opportunity Zone Funds and the original tax bill through December 31,

2026 or the sale of the Opportunity Zone investment, whichever is earlier;

Taxes are reduced on capital gains held in Qualified Opportunity Zone Funds for certain lengths of time; for investments held

for 5- years, the cost basis for tax purposes is increased by 10% and for investments held for 7 years, the cost basis in-

creases an additional 5%;

The rolled over capital gain appreciates tax-free if the investment in the Qualified Opportunity Zone Fund is held for 10

years or longer.

A total of 427 Qualified Opportunity Zones are designated in Florida and located in every county in the state, stretching

from the Panhandle through the Keys. Governors could nominate up to 25 percent of their state’s eligible tracts to receive

the designation. The nomination process in Florida included reviewing over 1,200 recommendations submitted by local

governments, regional planning councils, nonprofits, developers, investors and others. Final nominations were based on a

comprehensive review and detailed statistical analysis of relevant population, poverty and unemployment rates and other

economic indicators.

The Opportunity Zone Program does NOT include tax incentives or rebates for homeowners who live within Opportunity Zones.

Find It Florida! is a website with a map to view Qualified Opportunity Zones designated in Florida, commercial building and site properties across the state and relevant demographic and economic statistics and reports. Click here to view the map. Additional Resources

For more detailed information on the Opportunity Zones program in Florida, please contact Enterprise Florida at enterpriseflorida.com/contact/ or (407) 956-5600.

To find several websites listing already existing Qualified Opportunity Zone Funds, it is very straightforward. Simply search on "list of opportunity zone funds."

IRS Opportunity Zone Frequently Asked Questions and additional links:

https://www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions

IRS Qualified Opportunity Fund Form 8996 (December 2018):

https://www.irs.gov/pub/irs-access/f8996_accessible.pdf IRS Qualified Opportunity Fund Form 8996 Instructions (revised December 2018):

https://www.irs.gov/pub/irs-pdf/i8996.pdf U.S. Department of the Treasury Community Development Financial Institutions Fund (CDFI) and additional links

https://www.cdfifund.gov/Pages/Opportunity-Zones.aspx

IRS.gov and Treasury.gov provide additional links and information.

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Further Information

Benjamin Latham Department of Economic Opportunity Division of Strategic Business Development 107 East Madi-son Street; MSC 80 Tallahassee, Florida 32399 Phone: 850-717-8979 Fax: 850-410-4770 E-mail: [email protected]

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OPPORTUNITY ZONE MAP Opportunity zones marked in pink

SUBJECT







Ron Frederick

Broker/Associate


ABOUT SOUTH DAYTONA from @CityofSouthDaytona

South Daytona, known for its small town ambiance, is centrally located on the Halifax River. The City has nine parks and a variety of recreational facilities including a boat and kayak launch, fishing pier, ball fields, tennis/pickleball courts, splash pad, a community center and an 18-hole Disc Golf Course. The City was one of the first in the Halifax area to allow the use of golf carts on selected City streets. Drive Times 10 Minute Drive Time

Nearby Daytona Beach $23M Riverfront Park Renovation from Daytona Beach Riverfront Master Plan.pdf

The Riverfront Master Plan will result in a fourteen block long public amenity having a regional draw. The park is within walking and certainly cycling distance from many downtown neighborhoods. Sidewalks and improved crosswalks leading to the riverfront, and the multi-use trail within the park will provide safe and efficient interconnection for pedestrians and cyclists between the neighborhoods and various park amenities. The plan will build upon streetscape improvements already installed along Beach Street and within the park.

https://app.box.com/s/l34zqe4r84ldqa2k0ef9mpyujt3ytiwv







Ron Frederick

Broker/Associate


Non Disclosure Form (Buyer) Please Print Legibly

This Agreement is entered into in connection with discussions between:

Realty Pros Commercial, regarding a possible purchase by__________________________________________________________

“Buyer” or any “Agent Representing the Buyer”: ______________________________________ of, or an interest in, certain real

property commonly known as: 2150 S Palmetto Avenue, South Daytona, FL 32119

Seller and Realty Pros Commercial propose to disclose to Buyer/Agent certain confidential information in connection with such discus-

sions. In order to induce Realty Pros Commercial and Seller to release certain Confidential Information, Buyer /Agent hereby agrees as

follows:

AGREEMENT:

Buyer /Agent shall not divulge any Confidential Information given to them which may include, but is not limited to, information con-

cerning Sellers financial affairs, business activities, operations, operating data and/or business plans, and conveyed in writing and

clearly and conspicuously marked "Confidential Information" at the time of such disclosure. Unauthorized disclosure is strictly prohib-

ited.

EACH PARTY SHALL:

Use the Confidential Information only in connection with the discussions referred to above, and for no other purpose whatsoever; re-

strict disclosure of the Confidential Information solely to those with a genuine need to know, and permit such employees or agents to

use the Confidential Information only in connection with the discussions referred to above; use and require its employees and agents to

use at least the same degree of care to protect the Confidential Information as is used with its comparable confidential information; and

advise its employees and agents who receive the Confidential Information that they may only use, and are required to protect, such

Confidential Information as set forth above.

WARRANTY

Buyer agrees that neither it nor any of its agents, officers or employees will, without prior written consent of Realty Pros Commercial,

directly or indirectly purchase, lease or acquire any interest in the Property or land on which it is situated; acquire an interest in any

entity which owns, purchases, leases or otherwise acquires an interest in the property; acquire an interest in any loan, mortgage or fi-

nancial obligation of Seller of which is secured by mortgage in the property, or assist any other person or entity to do any of the forego-

ing, whether by providing consultation, assistance, financing or otherwise. In the event of breach of the foregoing provisions of para-

graph 2, as compensation for the assistance, Realty Pros Commercial will have rendered to Buyer in connection with such transaction

by providing it with the information contemplated in this Agreement, Buyer will pay Realty Pros Commercial a brokerage fee of an

amount equal to 10% of the fair market value of the Property on the date of closing from the closing proceeds.

The obligations of Buyer hereunder shall survive the termination of the discussions referred to in the first paragraph of this Agreement.

At the request of Seller, all Confidential Information, including all copies, in the possession or control of Buyer, or in the control of

Buyer's agents or representatives, will be returned immediately to Realty Pros Commercial should business negotiations cease between

the parties. Nothing in this Agreement shall be construed as conferring, by license or otherwise, from Seller to Buyer any rights in any

Confidential Information disclosed pursuant hereto. This Agreement shall be binding upon and inure to the benefit of the parties and

their respective successors and assigns, and shall be construed in accordance with the laws of the State of Florida.

Buyer: ______________________________________Address: _______________________________________________________

City: __________________________________________________________________ State: ______ Zip: _____________________

Phone: ____________________________ Fax: __________________ e-Mail address: ______________________________________

Signatures

Buyer: _________________________________________________________________________________ Date: ______________

Agent: _________________________________________________________________________________ Date: ______________

MULTIFAMILY COMPLEX FOR SALE

Documents

Transcript of MULTIFAMILY COMPLEX FOR SALE