The property is ideally located less than 10 minutes from the beach and in close proximity to major thoroughfares including I-95 and Hwy A1A. It’s also near Daytona Beach International Airport, Daytona State College, Bethune-Cookman University, and top-rated schools such as Spruce Creek High and Tomoka Elementary. This offering presents a significant opportunity to develop a new rental property with strong income potential ( 13.12% cap rate) in a desirable, well-connected location. The owner is including the architectural concept design. PROPOSED PROJECT TO BE DONE IN THE LAND: 16 STUDIOS- APARTMENTS FEASIBILITY ANALYSIS: 16 studios - apartments ( project can be done as regular construction or prefab ( see proposed prefab units here: https://www.boxabl.com/casita ) Area per unit: 371 sqft Total area of constrution: 5,936 sqft Cost per each sqft: $160 Total construction cost (including common areas): $974,260 Cost of land: $325,000 Fee / permits costs: $160,000 Total cost of project: $1,459,260 GRM ( gross rental multiplier): 4.76 Daiy rent per unit ( RB & B ): $95 Occupancy rate: 56% TOTAL MONTHLY INCOME FROM 16 UNITS RENTED: $25,536 Gross schedule income ( GSI ):$306,432 Operating expenses: $115,000 ( 38% of GSI as a new construction and including 20% cost of management company) NOI ( net operating income): $191,432 Cap rate: 13.12 % Market cap: 7% Total value of property when construction is complete ( ARV): $2,734,742.86 Total profit after construction if the whole project is sold to an investor: $1,275,482 For more information, please contact: Jimmy – 786-942-6494