DAYTONA BEACH, FL—Newport Waterfront Condominiums has traded for just $2.15 million. The sale price equals just $55,000 per unit for the Daytona Beach condos.
Here’s why: Newport Waterfront Condominiums was built in 1972. Located at 900 South Peninsula Drive, the project was originally built as a multifamily community. Developers converted the two-building property to condos during the height of the real estate book in January 2007.
Michael Donaldson, a senior multifamily associate in Marcus & Millichap‘s Tampa office, had the exclusive listing to market the property on behalf of the South Florida-based sellers. Donaldson also procured and represented the buyer, a limited liability company also based out of South Florida.
“The Newport Condominiums generated a large amount of interest from the investment community, mainly due to the property having frontage to the Halifax River Intracoastal Waterway,” says Donaldson. “We received over 10 offers and eventually closed with a cash buyer for 12 percent above list price, at $55,000 per unit, one of the highest prices for a pre-1980s-built multifamily complex in Volusia County.”
There are 39 units in the two buildings, all facing the Halifax River. One building has 30 two-bedroom/one-bath units. The other building has nine, two-bedroom/two bath units. Donaldson concludes, “With improving market conditions throughout central Florida, we will continue to see similar trades that break pricing thresholds that have not been attained since the height of the market.”