40+ Daytona Beach Residential Portfolio Hits Market Through Hilco Real Estate Sales

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Oct 18, 2024, 11:15 ET

NORTHBROOK, Ill., Oct. 18, 2024 /PRNewswire/ -- Hilco Real Estate Sales (HRE) announces November 19, 2024, as the start date of the auction for the portfolio of over 40 residential properties and development lots across Daytona Beach, Florida. The auction will conclude on November 21, 2024.

Hilco Real Estate Sales announces November 19, 2024, as the start date of the auction for the portfolio of over 40 residential properties and development lots across Daytona Beach, Florida.

The portfolio consists of 44 prime sites: 23 single-family homes, nine multifamily complexes and eight land parcels, three mixed-use properties and one residential condominium. These are strategically located in highly desirable neighborhoods and towns such as Seabreeze Historic District, Surfside Historic District, Daytona Beach Shores and Port Orange. About 40% of the properties are tenant-occupied and can continue to generate rental income. With Daytona Beach being a popular tourist destination, several of these properties also present excellent opportunities for short-term rentals, appealing to vacationers and those looking for temporary stays.

The portfolio also includes two redevelopment assemblages. The first comprises of 10 properties that span an entire block, providing opportunity for a high-density multifamily development. The other assemblage features three adjacent land parcels that can accommodate single family homes or a larger fourplex structure. All the sites offer the potential to build custom beachside homes or enhance existing structures. With proximity to the Atlantic Ocean, recreational areas and Daytona's lively entertainment scene, these residences and land parcels stand out as attractive prospects for investors and developers alike.

Long known as a tourist destination through its spring break and motorsports culture as well as hard-packed white sand beaches, Daytona Beach is rapidly transforming into a popular residential area. The city offers affordable coastal living, a year-round mild climate as well as a robust local economy driven by tourism, healthcare and education. Attracting retirees, young professionals and families, Daytona Beach has ranked fourth among the Fastest-Growing Places in the U.S. for 2024-2025 by U.S. News, with a population migration growth rate of 4.92%. This influx of new residents is driving increased demand for housing and development, making this portfolio particularly timely.

Jonathan Cuticelli, vice president at Hilco Real Estate Sales, said, "These residential sites offer a truly unique opportunity to invest in one of Florida's most iconic and rapidly growing coastal cities. With Daytona Beach experiencing substantial growth, particularly in sought-after historic districts and waterfront neighborhoods, investors and developers alike can take advantage of these locations for either rental income, high-end residential development or someone looking for a new home."

Individual bids are not required before the auction date for those interested in single properties. However, for those wishing to submit a bulk bid for multiple properties, these bids must be submitted to Hilco Real Estate Sales by November 13, 2024, at 5:00 p.m. (ET) ahead of the virtual auction beginning on November 19, 2024.

The sale is being conducted in cooperation with Jiovanny Restrepo PLLC, Florida Broker License #3105916. Bidders must agree to the Terms of Sale and the Florida Form Purchase Agreement, which includes an addendum for an "as-is, where-is" basis. A $5,000 deposit per property is required, with a maximum of five properties per bidder. A buyer's seminar will be held on November 13, 2024, at 3:00 p.m. (ET) for those seeking more information about the bidding process and the online auction site.

Interested bidders should review the requirements to participate in the auction sale process available on Hilco Real Estate Sale's website. For further information, please contact Jonthan Cuticelli at (203) 561-8737 | [email protected] or Jiovanny Restrepo at (847) 386-2282 | [email protected].

For further information on the property, sale process and terms or to obtain access to due diligence documents, please visit HilcoRealEstateSales.com or call (855) 755-2300.

About Hilco Real Estate Sales
Successfully positioning the real estate holdings within a company's portfolio is a material component of establishing and maintaining a strong financial foundation for long-term success. At Hilco Real Estate Sales (HRE), a Hilco Global company (HilcoGlobal.com), we advise and execute strategies to assist clients seeking to optimize their real estate assets, improve cash flow, maximize asset value and minimize liabilities and portfolio risk. We help clients traverse complex transactions and transitions, coordinating with internal and external networks and constituents to navigate ever-challenging market environments.

The trusted, full-service HRE team has secured billions in value for hundreds of clients over 20+ years. We are deeply experienced in complex transactions including artful lease renegotiation, multi-faceted sales structures, strategic asset management and capital optimization. We understand the legal, financial and real estate components of the process, all of which are vital to a successful outcome. HRE can help identify the most viable options and direction for a company and its real estate portfolio, delivering impressive results in every situation.

SOURCE Hilco Real Estate