BUILDING DESIGN INCLUDED ---Sale includes architectural design to build 11 TOWNHOMES with 24 parking spaces. . Each unit has 2 bedrooms and 1 1/2 bathrooms Estimated cost to build the project it's around $1.9 million (land included), and the property value after construction and rented over $4 Million. There is huge upside potential here. Since apartments would be new, it will have a very low expenses/ maintenance and the cape rate will be very high (8.98%) These are estimated, and value will change according to market conditions. The lot is less than 10 minutes away from the beach, near shopping and dining, Daytona Beach International Airport, I-95, Hwy A1A, Daytona State College and Bethune Cookman University. It's also near highly-rated schools including Spruce Creek High and Tomoka Elementary. The following is a detail of the final cost and profit of the project 1- PROJECT: New construction - TOWNHOMES 2- TOTAL UNITS: 11 3- AREA OF EACH UNIT: 972 sqft 4- TOTAL AREA TO BUILD: 10,692 sqft 5- COST PER EACH SQFT OF CONSTRUCTION: $145 6- COST OF THE WHOLE BUILDING INCLUDING COMMON AREAS: $1,550,340 7- COST OF THE LAND: $295,00 8- CONSTRUCTION PERMIT COST WITH THE CITY OF DAYTONA AND VOLUSIA COUNTY: $150,000 (approx.) 9- TOTAL COST OF PROJECT: $1,875,340 ( including land) 10- RENT PER UNIT (as 7/6/2022): $1,800 / monthly 11- GROSS SCHEDULE INCOME (GSI): $237,600 / year 12- OPERATING EXPENSES: $35,640 / year (15% of GSI - for a new construction ) 13- NOI (net operating income): $201,960 14- CAP RATE: 10.76% 15- COST PER DOOR (new construction): $170,485 16- MARKET CAP: 4% 17- MARKET VALUE OF THE PROPERTY WITH UNITS RENTED: $4,000,000 18- PROFIT AFTER SELLING THE UNITS: $2,124,660