Double Eagle | New Smyrna Beach, Florida

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Address: 1050 Wayne Ave, New Smyrna Beach, FL 32168, USA

Florida & Gulf Coast + Apartment Buildings

Created date: April 25, 2024

Date last updated: September 10, 2024

Assumable debt and creative financing with attractive below-market interest rates
Current ownership will agree to hold $1MM at 6% Interest Rate which will run concurrently with the their mortgage
Nearly $150,000 of capital expenditures invested within the last few years
Existing 0.15 acre concrete slab which could be utilized for additional units or common area amenities
Ideal unit mix consisting of large two- and three-bedroom units
Six 2-story buildings with a centrally located pond situated on 4.14 acres
Located directly across from the New Smyrna Golf Club
Few minutes away from major interstates such as I-95 and US-1 and the New Smyrna Beach Municipal Airport

Property Description

Double Eagle is a 37-unit Class B apartment community located in New Smyrna Beach, Florida. The asset was constructed in 1980 with frame construction on concrete slab. The community consists of 37 units with a favorable unit mix of (24) two bedroom/one bathroom units and (13) three bedroom/two bathroom units that average nearly 1,100 square feet each. The community is situated on approximately 4.14 acres with a centrally located pond. Double Eagle’s average in-place rent is approximately 15% under market values with the opportunity to elevate both organically and through light interior upgrades. The community is being offered to the market with an assumable loan from Fannie Mae. The loan has multiple years remaining at below market interest rate. Double Eagle offers a rare opportunity to acquire a well-maintained asset in an irreplaceable neighborhood setting within New Smyrna Beach. Please contact Andrew Green ([email protected]) to discuss the offering.

Under Contract

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Key Property Information

Listing Status:	Under Contract
Listing Type:	Highest & best offer
Property Types:	Apartment Buildings
Price:	$6,700,000
No. of Units:	37
Cap Rate:	6.63%
Year Built:	1980
Year Renovated:	2019
Building Size:	40,700 Sq ft
Lot Size:	4.14 Acres
No. of Stories:	2
APN:	7313-00-00-0022
Opportunity Zone:	No
Price per unit:	$181,081