Description

Jones Lang LaSalle Americas, Inc. is pleased to present a unique opportunity in Daytona Beach, Florida - a growth-oriented Sunbelt market positioned for sustained rent expansion. Riverside at South Daytona contains 40 total units with immediate cash flow and value-add upside.

Located along the Halifax River corridor just east of US-1, Riverside offers convenient access to the I-95 and I-4 interchange. The property comprises four buildings, three adjacent to one another and a fourth situated just one mile north along the same corridor. Built in the early 70s with durable stucco-on-block construction, the complex is positioned on South Palmetto Avenue in a desirable location just half a mile south of Beville Road near Riverfront Veterans Memorial Park. Riverside features well-proportioned one-bedroom units at 650 square feet and two-bedroom units ranging from 800 to 850 square feet.

Riverside has benefited from over $600,000 in comprehensive capital improvements. Exterior enhancements include a complete property rebranding, fresh exterior paint, replacement of all entry doors, upgraded lighting throughout, enhanced landscaping, resealed parking areas, and new white vinyl fencing. Interior renovations feature luxury vinyl plank flooring, new kitchen cabinetry, updated appliances, modern fixtures, and fresh paint—bringing all units to a contemporary standard. Throughout their hold, current ownership has systematically elevated the tenant profile and quality, establishing a stabilized cash flow platform for the incoming buyer.

Riverside, having undergone a significant lift, delivers a fully rebranded property while still leaving room for improvement. Further enhancement potential includes adding strategic amenity additions like in-unit washers and dryers in the 2BR units and compact dishwashers throughout all.

According to Axiometrics, Daytona Beach is poised to benefit from 3.3% average annual rent growth from 2027-2030 as new supply moderates. With clear visibility to NOI growth through management efficiency, lease-up of renovated units, and completion of remaining value-add initiatives, in addition to mark-to-market potential, the asset is well positioned to take advantage of the improving market fundamentals in the near term.

This offering represents a rare opportunity to acquire a near-stabilized asset at an attractive basis, in a dynamic Sunbelt market with multiple paths to value creation

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