Ocean Shore Blvd., Ormond Beach, FL 32176

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Oceanfront Penthouse! This condo is in the highly desirable Surfside Club North. The property features an open floor plan, direct beach view off your balcony, amenities and beach-side pool. This property is a blank canvas for any investor to create an ocean paradise! There are 2 assessments listed in below on this unit, but they almost even each other out (see below). HOA is $450/month with nice amenities and market rent of $2500/mo. Not sure if they allow short term rentals but Airbnb would likely bring in twice this much. There are no other units currently available in Surfside Club North. This one has plenty of equity to complete the rehab and take a nice profit.

Property will need a full update. The kitchen and bathrooms need to be remodeled. New flooring must be installed throughout. Plumbing will need servicing. Interior paint must be applied. A/C will likely need to be serviced.

***Buyer understands and agrees to Special Addendum A***

1. (-) Buyer to replace glass sliding doors, compliant with Hurricane rated doors. Amount due and payable by 12/31/17 for an amount of $6,121. Assessment form provided.

2. (+) HOA to reimburse Buyer for drywall material & Gypsum Board replacement. Total reimbursement for an amount of $6,716.16.. Assessment form provided.

Surfside Club North, Monthly HOA: $450

Assignable

Est. Rehab: $40,000

Est. ARV: $355,000

Est. Monthly Rent: $2,500

Recent Area Sales / Activity:

• 1155 OCEAN SHORE BLVD 402 – SOLD 9/25/2017 – This one was not a penthouse and over 200sf smaller recently sold for $342.5K. It was nicely rehabbed.
• 1155 OCEAN SHORE BLVD 304 – SOLD 9/19/2017- This one sold for 280K, also smaller, all cash and was fairly outdated. Looked like everything was original from when it was built (1971).