DAYTONA, FL-A brave local investor is taking a risk on a distressed bank-owned multifamily property with few tenants and many problems. But the investor is betting on the long-term value add in a recovering beach town market.

Franklin Street Real Estate Services brokered the sale of the multifamily property, which is located at 2525 N. Oleander Avenue, for $385,000. The sales price represents $27,500 per unit and $32.58 per square foot. The asset last sold for $970,000 in 2005. The buyer saw a deal on an acquisition that closed 39% under the previous purchase price. The all-cash deal closed in less than 30 days.

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