Overview

  • AirBNB, Apartment, Condo, Hotel, Multi Family Property
  • Property Type
  • 28
  • Bedrooms
  • 28
  • Bathrooms
  • 12,000
  • Sq Ft

Description

OFFERING SUMMARY

Nadlan Invest has been retained to offer for sale the fee simple interest of the Daytone Inn located in Daytona Beach, Florida. The property is an extended stay with 15 kitchenettes, beachfront hotel sitting on .55 acres. Located directly off Florida State Road A1A, the property is a short drive from the area’s major tourist destinations such as world-renowned beaches and the Daytona International Speedway, home of the famous Daytona 500 NASCAR race, an event larger than the Super Bowl. The Daytona Inn in Daytona benefits from being within close proximity to a variety of demand generators and has been able to achieve full occupancy on a consistent basis. The Daytona Inn provides an investor the opportunity to acquire a stabilized beachfront property in an established market and a popular tourist destination.

The hotel  is an oceanfront property located south of the main downtown strip of Daytona Beach.  This is a desired location with beautiful, quiet, clean beaches for the upper scale seasonal rentals. All units have beautiful ocean views, with its direct private beachfront access providing endless opportunities for the property owner. There are only so many direct oceanfront properties available and even fewer with the existing zoning of hotel/motel that allows nightly stays/short-term to long-term rentals.

INVESTMENT & PROPERTY HIGHLIGHTS

• Fully-Occupied, Stabilized Beachfront Property
• Long Term Rental with 15 Kitchenettes
• Property is Located Directly off Florida State Road A1A
• The Section of Florida State Road A1A Closest to The Property has An Average Annual Daily Traffic Count of Approximately 15,400 Vehicles Per Day

OPERATING STATISTICS

Occupancy is projected to achieve 100.0 percent for the five-year hold period, as this property is already stabilized.
Average Daily Rate is projected to achieve $38.00 in Year One, $44.00 in Year Two, $50.00 in Year Three, and then increase at a rate of 4.0 percent per year.

PRO FORMA EXPENSE ASSUMPTIONS

Expenses are estimated based on industry averages by the department and current operations. Property Taxes are based off information sourced from the county the property is located in. Insurance expenses are based on a typical property in this market.

DEPARTMENTAL EXPENSES

Rooms Expense has been set to 18.0 percent, which is in line with industry averages.
Other Operated Departments revenue is assumed to grow at 1.0 percent from the historical revenue, and other expenses have been set at 0.

UNDISTRIBUTED OPERATING EXPENSES

► Administrative & General expense has been set to 10.0 percent, which is in line with industry averages.
► Sales & Marketing expense has been set to an industry average of 2.5 percent.
► Utility expense has been set to an industry average of 4.5 percent
► Repairs & Maintenance expense set to 3.5 percent, which is in line with industry averages.

FIXED CHARGES

► Building Insurance expense has been set to 2.0 percent per year, in line with industry averages
► Property Taxes have been estimated based on information sourced from the Volusia County Property Appraiser’s Office.
► Management Fees have been set at a pro forma basis of 0.0 percent of Total Revenue assuming the current owner will continue to operate the motel until a new owner razes the property and develops a new structure.

PROJECTED RENTAL INCOME

The sales price is set below market value in the amount of $3,400,000.

This is a below market value in its run-down poor condition.  Projections support that after the renovation is complete and the property is pre-reserved with reservations and pre-leased with short-term and long-term rentals, the estimated value will be significantly greater.  This type of investment property is projected to generate more than an 8% + return for the investors/buyers.

DEVELOPMENT OPPORTUNITY

With the oceanfront property having existing zoning that allows nightly to long-term stays and multi-family, there is the opportunity to plan/design/build a high-rise condominium building.

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Renovations

Property Documents

Nadlan Invest - Offering Memorandum - Sunrise Inn Daytona
Renovations Proposal - 1503 S Atlantic Daytona

Details

Updated on December 18, 2021 at 9:08 am
  • Price: $3,400,000
  • Property Size: 12,000 Sq Ft
  • Land Area: 0.55 AC
  • Bedrooms: 28
  • Bathrooms: 28
  • Property Type: AirBNB, Apartment, Condo, Hotel, Multi Family Property
  • Property Status: AirBNB, Cash Flow Investment, For Sale
  • Address Daytona Beach, FL
  • City Daytona
  • State/county Florida
  • Zip/Postal Code 32118
  • Area Daytona Beach
  • Country United States

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