Palm Cove Apartments
Closed886 S Nova Rd, Daytona Beach, FL 32114
Property type
Multifamily
Unit / Space count
82
Price
Subject to Offer
Building size
63,750 sf
Rentable area
63,750 SF
Year built
1966
Year renovated
Occupancy
APN
5339-03-80-0011
Zoning code
Lot size
3.82 Acres
Bedroom count
Property description
Palm Cove is an 82-unit multifamily offering located in Daytona Beach, Florida. The subject is an eight-building community built in 1966 across 3.82 acres. The two-story buildings were constructed with concrete block, flat roofs, and masonry stucco exterior walls. The unit mix consists of 1-studio at 450 square feet, 12- 1Bdr 1Bath apartments at 500 square feet, 14-1Bdr 1Bath units at 675 square feet, and 55-2Bdr 1Bath apartments at 870 square feet. Palm Cove is in close proximity to Daytona Beach International Airport, Embry-Riddle Aeronautical University, and the Daytona International Speedway, all three of which are among the largest employers in the area. The property is also located only 3.9 miles from the vehicle entrance of Daytona Beach – “The World’s Most Famous Beach”. Daytona International Speedway is the most iconic landmark in Daytona Beach and hosts the annual Daytona 500 NASCAR Event. Recently the facility underwent a $400 million “Daytona Rising” renovation project that upgraded entrance ways, concourses, video boards, and wider seats. The project brings the area more than $85 million in annual tax revenue and was the lead driver in Sports Business Daily naming Daytona International Speedway the “Facility of the Year” in 2016.
Property highlights
- • Buyer Plans to Continue Value-Add Program of Upgrading Interiors
- • Buyer Obtained Bridge Financing and Closed Transaction Within Contract Timeframes
- • Well Located with Great Visibility on Nova Road