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 ( 7.5% cap rate) in a desirable, well-connected location. The owner is including the architectural concept design approved by the authorities. PROPOSED PROJECT TO BE DONE IN THE LAND: 8 APARTMENTS FEASIBILITY ANALYSIS: 8 apartments Area per unit: 754 sqft Total area of constrution: 6,032 sqft Cost per each sqft: $150 Total construction cost (including common areas): $904,800 Cost of land: $250,000 Fee / permits costs: $140,000 Total cost of project: $1,294,800 GRM ( gross rental multiplier): 10.41 Mothly rent per unit : $1,295 Gross schedule income ( GSI ):$124,320 Operating expenses: $25,000 ( 20% of GSI as a new construction , including 8% cost for the management company) NOI ( net operating income): $99,320 Cap rate: 7.67 % Market cap: 4% Total value of property when construction is complete ( ARV): $2,483,000 For more information, please contact: Jimmy – 786-942-6494