Listed by JLL - Jacksonville, Florida, JLL Miami | Brickell Avenue
Unpriced
Riverside at South Daytona & Whispering Winds
Details
APN 534416000431; 534416000423; 534001000071; 424401340016
Property Type Multifamily
Sub Type Apartment Building
Net Rentable (SqFt) 47,986
Units 40
Occupancy 85%
Tenancy Multi
Pro-Forma NOI $588,462
Class B
Year Built 1971 /1972/1973/1984
Buildings 4
Stories 2
Acreage 0.25 - 0.76
Zoning 0300-Multifamily (10+ Units)
Parking Spaces 45 spaces
Investment Type Value Add
Multifamily | 40 Units
Marketing description
Jones Lang LaSalle Americas, Inc. is pleased to present a unique portfolio opportunity featuring two apartment communities in Daytona Beach, Florida - a growth-oriented Sunbelt market positioned for sustained rent expansion. Together, Whispering Winds (20 units) and Riverside at South Daytona (40 units) offer 60 total units combining immediate cash flow with value-add upside
Located approximately four miles apart, along the Halifax River corridor off US-1, both properties provide convenient access to I-95 and I-4. Located less than one mile west of the Halifax River, Whispering Winds is a 1984 vintage, two-story frame complex offering one- and two-bedroom units ranging from 625-851 SF. Riverside at South Daytona is a 1973 vintage deal featuring stucco-on-block construction in a desirable S Palmetto Avenue location, just one half mile south of Beville Road. Riverside also offers one- and two-bedroom units that are 650 SF and either 800 or 850 SF, respectively
Current ownership has invested over $900,000 in capital improvements across both assets. Riverside received more than $600,000 in comprehensive exterior and interior renovations bringing all units to modern standards, while Whispering Winds benefited from $300,000 in upgrades including roof replacement, vinyl flooring, and fixture improvements in select units. Over the course of their hold, ownership has systematically rebuilt the tenant profile and caliber, establishing an offering of stable cash flow from day one.
The differentiated positioning creates a balanced investment strategy. Whispering Winds offers continued value-add opportunity through continuing the implementation of consistent finishes throughout all unit interiors to achieve a cohesive feel across the entire property. Riverside, having completed its heavy lift, delivers immediate premium rents and a fully rebranded property. Both still offer the material enhancement potential of 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 co
This portfolio offering represents a rare opportunity to acquire stabilized, income-producing assets in a dynamic Sunbelt market with multiple paths to value creation across complementary properties at different repositioning stages.
Investment highlights
Riverside at South Daytona | 40 Units | 1971 - 1973 Vintage
Riverside at South Daytona is comprised of three buildings along S Palmetto Avenue with coveted Halifax River views. Built in 1971-1973, this repositioned asset features over $600K in recent capital improvements and offers strong fundamentals with room to capture additional upside.
- Avg. Size: 825 SF
- Avg. In-Place Rent: $1,314
- Avg. In-Place Rent/SF: $1.60
Whispering Winds | 20 Units | 1984 Vintage
Located less than four miles north of Riverside at South Daytona , this 1984-built property has received $300K+ in strategic capital expenditures including a new roof and unit upgrades. Positioned for continued value creation as the Daytona market strengthens.
- Avg. Size SF: 749 SF
- Avg. In-Place Rent: $1,348
- Avg. In-Place Rent/SF: $1.80
Portfolio Investment Highlights
- Year-one cap rate north of 6% at guidance pricing
- Mix of 1BR and 2BR floor plans sized between 650 SF and 851 SF
- Proven value-add track record with further upside potential remaining
Listing Contacts
Listed by JLL - Jacksonville, Florida, JLL Miami | Brickell Avenue
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