Multi-family is as hard as any other type of property to find these days. Put 15 units together between 3 buildings, and place them within a block of the beach, and you have yourself a real diamond in the rough. The property is split between 2 lots. One of the lots consists of 7 apartments and 2 buildings. The other is 8 apartments inside of one building.
All units are currently rented. Apartment sizes range from studio/efficiencies to 2 beds. We can provide all financials and detailed info with a signature on an NCND. You are right around an 8 cap as the property currently sits. The properties do need some work but the seller is making a number of the repairs already. Some of the units are metered separately but not all.
The 7 unit can probably be Airbnb, but you will want to confirm with Daytona Beach Shores. Oddly, the other building in Daytona Beach (although it’s only 2 doors down), and Daytona Beach is a little more strict with short term rentals. Both buildings are not in bad shape, but not in great shape either. They are very average. If you wanted to increase rents, you would need to do some work. I would plan on 10k to 12k a unit. Although, it is cash flowing currently in the condition it’s in.