$645,000
Investment Summary
We noticed that HOA fees are missing—this is a standard expense and should be considered in your estimate.
- Monthly Cash Flow
- -$1,448
- Cap Rate
- 3.5%
- Cash-on-Cash Return
- -11.7%
- Debt Coverage Ratio
- 0.56
- Internal Rate of Return (5 years)
- -7.3%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Property Description
Welcome to your stunning oceanview condo in the highly sought-after Las Brisas development with BRAND NEW SEAWALL in New Smyrna Beach! In addition, the SIRS report has been completed and the updated 2025 budget proxy has been issued, showing NO signs for additional assessments. Also, NO HURRICANE DAMAGE TO UNIT! This exquisite 3-bedroom, 2-bathroom residence, with rare private garage, offers the ultimate combination of luxury, convenience, and coastal living. Nestled in a golf cart-friendly community and just steps away from several restaurants, this condo is ideally located only half a mile from the Publix shopping plaza and less than 2 miles from the famous Flagler Avenue, where you'll find an abundance of shopping, dining, and live entertainment options. With two beach walkovers flanking the complex, morning strolls, swimming, surfing, and making coastal memories with friends and family are just moments away. The Las Brisas complex boasts a charming Spanish theme with white stucco and red clay tile roofs, creating an intimate midrise development boasting 200 feet of ocean frontage and lush gardens. Recent community upgrades include a brand new seawall for years of protection, ensuring peace of mind for residents. Notably, this particular unit suffered no hurricane damage. Residents of Las Brisas enjoy access to top-notch amenities, including tennis courts, a clubhouse with sauna, a heated swimming pool and a spa. This particular condo unit comes with a private deeded garage just across from the unit, providing ample space for your vehicle, storage, bikes, boards, and more, complete with remote garage openers and electrical outlets for added convenience. The condo has been renovated throughout and is sure to impress even the most discerning buyer. The living room and primary bedroom open up to a 24-foot-long oceanview balcony with enviable southeast exposure, perfect for making the most of outdoor living, sipping your sunrise coffee and watching rocket launches over a glass of wine. The interior features newly retextured ceilings, fresh paint, tile floors, high-end light fixtures, new interior doors and hardware, baseboards, and a new tray ceiling with recessed lighting in the kitchen. The kitchen boasts light wood cabinets, new quartz counters, stainless steel appliances, under-cabinet lighting, and a stylish backsplash. This is a true 3-bedroom unit, with a smaller bedroom to the left upon entry and a generous-sized second bedroom to the right featuring a built-in Murphy bed and desk. The extra large primary bedroom suite boasts ocean views, sliders to the balcony, a walk-in closet, and a brand new updated bathroom with stunning tile work and modern fixtures. Additional unit upgrades include rocker switches, hurricane impact glass sliders (in addition to the roll-down shutters), a storm door, a new LG front load washer/dryer, a Nest smart thermostat, new Berber carpet in the bedrooms, and an AC and hot water heater that are just 4 years old. Experience a home full of natural light, mere steps to the pool and beach walkover, and the added convenience of a private garage with this amazing condo. Don't miss out on this rare opportunity to own a piece of paradise in New Smyrna Beach – schedule your showing today! ALL INFORMATION IS ASSUMED ACCURATE BUT NOT GUARANTEED. ALL MEASUREMENTS ARE APPROXIMATE. BUYERS AND THEIR AGENTS SHALL VERIFY ANY INFORMATION DEEMED IMPORTANT TO THEM
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Location
Property Details
Parking
- Description: Deeded, Garage Door Opener, Guest, Oversized, Reserved
- Details: Deeded, Garage Door Opener, Guest, Oversized
- Garage Spaces: 1
- Spaces Total: 0
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Total): 2.0
Interior Features
- # of Rooms: 8
- # of Stories: 4
Exterior Features
- Foundation: Concrete Perimeter
- Roof Material: Tile
- Pool: Yes
HOA
- Association: Crim Ellison Tomoka Prop Mgt
- Additional Association: Las Brisas
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 742208005020
- Lot Size: 114974 sqft
Property Information
- Property Type: Condominium
- Style: Mediterranean
- Year Built: 1983
Tax Information
- Annual Tax: $7,535
Utilities
- Water & Sewer: Public
- Heating: Electric
- Cooling: Central Air
Location
- County: Volusia
Listing Details
Investment Summary
We noticed that HOA fees are missing—this is a standard expense and should be considered in your estimate.
- Monthly Cash Flow
- -$1,448
- Cap Rate
- 3.5%
- Cash-on-Cash Return
- -11.7%
- Debt Coverage Ratio
- 0.56
- Internal Rate of Return (5 years)
- -7.3%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Purchase Details
Purchase PriceThe price paid for the property. Purchase price:
| $645,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$516,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $129,000 |
Closing CostsFees and expenses associated with purchasing a property, typically ranging from 2% to 5% of the home’s purchase price, paid at the end of a home purchase to cover services like lending, title transfer, and taxes. Closing costs:
| $19,350 |
Rehab CostsCosts incurred to repair or improve the property, including: roof, flooring, exterior siding, kitchen, exterior paint, bathrooms, etc. Rehab costs:
| $0 |
Initial Cash InvestedThe total initial cash invested in the property. Calculation:Down payment + Buying costs + Rehab costs Initial cash invested:
| $148,350 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,500 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $430 |
Monthly Rent Per Square FootMonthly rent divided by the number of square feet. This ratio helps investors compare rental income efficiency across properties, markets, and unit sizes Calculation:Monthly Rent / Square Feet Monthly rent per square foot:
| $2.40 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $516,000 |
|---|---|
Loan to Value Ratio (LTV)Loan amount divided by the market value of the property. Calculation:Loan Amount / Market Value
Loan to value ratio:
| 80.0% |
Loan TypeThe type of loan (e.g., fixed, adjustable).
Loan type:
| Amortizing |
TermThe loan repayment period in years.
Term:
| 30 years |
Interest RateThe percentage a lender charges on the borrowed amount of a loan, determining the cost of borrowing money.
Interest rate:
| 6.625% |
Principal & Interest (PI)The principal is the portion of the loan payment that reduces the loan balance. The interest is the lender's charge for borrowing money. Calculation:(P * r * (1 + r) ** n) / ((1 + r) ** n - 1) Where:
P = Loan amount (principal)
Principal & interest:
| $3,304 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $628 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified.
Insurance:
| $252 |
Private Mortgage Insurance (PMI)A fee that borrowers pay when they take out a conventional loan with a loan-to-value (LTV) ratio above 80%.
Private mortgage insurance (PMI):
| $0 |
Monthly PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. Monthly payment:
| $4,184 |
Operating Income
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Gross RentThe total rental income received from tenants before deducting any expenses. Includes base rent, late fees, pet fees, parking fees, and other recurring charges.
Gross rent:
| $3,600 | $43,200 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$216 | -$2,592 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $3,384 | $40,608 |
Operating Expenses
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services. | 17% | -$628 | -$7,535 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified. | 7% | -$252 | -$3,024 |
Property ManagementThe costs associated with hiring a property manager to handle the day-to-day operations of a rental property. Includes management fees, leasing fes, eviction fees, etc. Calculation:Assumes 8% of gross rental income. | 8% | -$288 | -$3,456 |
Repairs & MaintenanceOngoing costs for routine upkeep and minor fixes needed to keep a property in good working condition. Calculation:Assumes 5% of gross rental income. Varies by property age and condition. | 5% | -$180 | -$2,160 |
Capital ExpensesLarge, infrequent costs for major improvements or replacements, like a new roof, HVAC system, or appliances. Calculation:Assumes 5% of gross rental income. Varies by property age. | 5% | -$180 | -$2,160 |
HOA FeesRegular dues paid to a Homeowners Association for community maintenance, amenities, and management. Similar fees include: Condo Association Fees, Co-op Maintenance Fees, etc. | n/a | n/a | n/a |
Operating ExpensesRecurring costs required to maintain and manage a rental property, including property taxes, insurance, maintenance, repairs, utilities (if paid by the owner), property management fees, and other day-to-day expenses. Calculation:Insurance + Property Taxes + Property Management + Repairs & Maintenance + Capital Expenditures + HOA Fees | 42% | -$1,528 | -$18,335 |
Cash Flow
| Monthly | Yearly | |
|---|---|---|
Net Operating Income (NOI)The income generated from a property after deducting all operating expenses but before deducting mortgage payments, taxes, and capital expenditures. Calculation:Gross Operating Income - Operating Expenses
Net operating income:
| $1,856 | $22,272 |
Mortgage PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. | -$3,304 | -$39,648 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | -$1,448 | -$17,376 |