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$959,000

For Sale - Active
800 Cinnamon Beach Way Apt 721, Palm Coast, FL 32137
3 Beds
3 Baths
2,003 Square Feet
0.30 Acres Lot
Built in 2003
For Sale - Active
1 Units
Checked: 23 hours ago
Updated: Jun 11, 2025 at 03:34AM

Investment Summary


Monthly Cash Flow
-$3,912
Cap Rate
1.4%
Cash-on-Cash Return
-21.3%
Debt Coverage Ratio
0.22
Internal Rate of Return (5 years)
-16.5%

Property Description


0.30 Acres Lot
Built in 2003
For Sale - Active
1 Units

Welcome to 800 Cinnamon Beach Way #721, an oceanfront masterpiece! This exquisite property has been meticulously maintained to meet the highest standards of modern living. This 3 bed/3 bath corner condo is ideally located on the 2nd floor, offering an intimate connection with the Atlantic Ocean and easy beach access for families and pets. The open floor plan is bathed in natural light, thanks to the generous number of windows that provide stunning ocean views from nearly every angle. The comfortable living area includes a kitchen, family room, and dining room, all designed for seamless entertaining and relaxation. The kitchen is a chef's dream, featuring timeless wood cabinets, durable granite countertops, a cozy breakfast nook, and upgraded black stainless appliances. It is fully stocked with both formal and beach-themed plates, perfect for any occasion. The convenient buffet/bar seats two and is adjacent to the dining room and living room, making it ideal for casual dining or hosting guests. Large sliding glass doors in the living room open to a spacious balcony that offers breathtaking views of the glistening Atlantic Ocean. Enjoy watching pelicans drift by, beautiful sunrises, or the waves crashing on the cinnamon-colored shores from the comfort of two lounge chairs or a table that seats six. The luxurious master bedroom shares these incredible views and is decorated with beach decor, featuring a king-sized bed and desk. The master bathroom is a spa-like retreat with a walk-in shower, soaking tub, and a large double-vanity sink. This condominium also includes two guest bedrooms and two full bathrooms, providing ample space for visitors. One guest bedroom is furnished with a king-sized bed, while the other has two extra-long twin beds, ensuring comfort for all. Recent updates include a new AC, water heater, and windows, ensuring comfort and efficiency year-round. Owners within Cinnamon Beach have exclusive access to fantastic neighborhood amenities, including a large oceanfront pool with cabanas, a zero-entry lakefront pool with a kid’s waterpark, a fitness center, a café, and a clubhouse. The community also features 24-hour guarded gate access for added security. Nearby, you'll find Florida’s most beautiful state parks, gardens, mountain biking trails, hiking trails, and marinas. Conveniently located, the grocery store and restaurants are just a 5-minute drive away, with St. Augustine 30 minutes north and Daytona 30 minutes south. Don't miss this incredible opportunity to embrace the oceanside lifestyle offered by this fully furnished, magnificent condominium. This condo is turnkey ready for short-term income-producing vacation rentals, making it an ideal investment.

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Location


Property Details


Parking

  • Description: Under Building
  • Details: Basement, Attached
  • Garage Spaces: 1
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 3

Bathroom Information

  • # of Baths (Full): 3
  • # of Baths (Total): 3.0

Interior Features

  • # of Rooms: 6
  • # of Stories: 6

Exterior Features

  • Foundation: Slab
  • Roof Material: Tile

HOA

  • Has HOA: Yes
  • Association: May Management
  • HOA Fee: $1,008/monthly
  • Additional Association: May Management
  • Additional HOA Fee: $510/quarterly

Land Information

  • Land Use: Residential
  • Land Use Subtype: Condominium Unit

Lot Information

  • Parcel ID: 0411313513000000721
  • Lot Size: 13067 sqft

Property Information

  • Property Type: Condominium
  • Year Built: 2003

Tax Information

  • Annual Tax: $8,973

Utilities

  • Water & Sewer: Public
  • Heating: Central, Electric
  • Cooling: Central Air

Location

  • County: Flagler

Listing Details


Listed by:
Luke O'Reilly
HAMMOCK REAL ESTATE GROUP
(386) 246-9934

Source:
Stellar MLS
MLS#: FC309644
Stellar MLS

Investment Summary


Monthly Cash Flow
-$3,912
Cap Rate
1.4%
Cash-on-Cash Return
-21.3%
Debt Coverage Ratio
0.22
Internal Rate of Return (5 years)
-16.5%

Purchase Details

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Purchase price:
$959,000
Amount financed:
-$767,200
Down payment:
$191,800
Closing costs:
$28,770
Rehab costs:
$0
Initial cash invested:
$220,570
Square feet:
2,003
Cost per square foot:
$479
Monthly rent per square foot:
$2.20

Financing Details

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Loan amount:
$767,200
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.840%
Principal & interest:
$5,022
Property tax:
$748
Insurance:
$308
Private mortgage insurance (PMI):
$0
Monthly payment:
$6,078

Operating Income

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% Rent Monthly Yearly
Gross rent:
$4,400 $52,800
Vacancy loss: (6%)
6% -$264 -$3,168
Operating income:
$4,136 $49,632

Operating Expenses


% Rent Monthly Yearly
Property taxes: (17%)
17%-$748-$8,973
Insurance: (7%)
7%-$308-$3,696
Property management: (8%)
8%-$352-$4,224
Repairs & maintenance: (5%)
5%-$220-$2,640
Capital expenditures: (5%)
5%-$220-$2,640
HOA fees: (27%)
27%-$1,178-$14,136
Total operating expenses: (69%)
69%-$3,026-$36,309

Cash Flow


Monthly Yearly
Net operating income:
$1,110 $13,320
Mortgage payments:
-$5,022 -$60,264
Cash flow:
$3,912 $46,944