The Erwin

The Erwin is a 15-unit mixed use apartment building located in Orange City, a submarket of Volusia County just 6 miles south of Deland, 5 miles north of Deltona and minutes from I-4. The property consists of one, two-story building made of wood frame construction containing 11 one-bedroom/one-bathroom units averaging 646 square feet and 4 ground floor retail units averaging 1,059 square feet. This asset has recently received substantial interior and exterior capital improvements and is being delivered fully stabilized with rental upside through reducing in-place loss to lease of the apartment and retail units.

The property is located in Orange City, just 30 miles north of Orlando and 30 miles west of Daytona Beach in west Volusia County. Residents enjoy proximity to Stetson University which was recently ranked No. 4 on U.S. News & World Report's 2023 list of Best Regional Universities (South), and other points of interest such as: Blue Springs State Park, Hontoon Island, Stetson Mansion, and major employment hubs. Top employers in west Volusia County include AdventHealth, Halifax Health, Amazon and Stetson University. Residing minutes west of I-4, Orange City is near a new, 1,400,000 square foot, Amazon Fulfillment Center, Halifax Health Emergency Department and Deltona High School. Population growth projections of 7.7% are expected over the next five years, providing numerous tailwinds for the local multifamily sector. Current vacancy rates are nearing all-time lows of 2.5%, well below the national average of 5.5%. All while maintaining strong rent growth of 10.7% over the most recent trailing 12-month period.