Daytona Beach FL Real Estate /

Ormond-by-the-Sea Florida Vacant Land For Sale | Lots For Sale $2,500,000

Rare Oceanfront MF opportunity. Good upside potential for investors or builders. 1.39 acres of no-drive ocean frontage on the west of A1A (deeded oceanfront). R-8 Multi-family density zoning permits 20 units per acre. Preliminary engineering shows 12 large town homes are possible with excellent heights of 45 feet. 2.5m land cost + 5m build out, hard and soft costs yields 7.5m cost; sales price of 1.5m per town home (3 have sold in Ponce for $2m) yields gross of 18m. Net profit of $10.5 million. At 999k sales price yields net of $4.5 million for quick sale of all town homes. 197' of ocean frontage and 319' of depth provide an excellent pad. Underground parking would be even more desirable. Sewer can be provided by a Utility Corporation and Water, Electric and Phone are already on-site. County taxes, quiet area, drive-free and pet friendly beach with unobstructed panoramic views - 15 minutes from the heart of Daytona Beach events and activities ¿ 25 mins to St. Augustine and 45 mins to Jacksonville. Bring your own team or use ours! Seller is licensed Realtor and can assist with all pre-sales necessary.

Property Information

Listing ID:

479865

City:

Ormond-by-the-Sea

County:

Volusia

Zip Code:

32176

Subdivision:

Not On The List

Acres:

1.39

Dimension:

197X319

Sq Footage:

62000

Building Sqft:

Taxes & Fees

Taxes:

$14,863.00

Taxes/Year:

2005

Parcel ID:

321610030010

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