DAYTONA, FL-A brave local investor is taking a risk on a distressed bank-owned multifamily property with few tenants and many problems. But the investor is betting on the long-term value add in a recovering beach town market.

Franklin Street Real Estate Services brokered the sale of the multifamily property, which is located at 2525 N. Oleander Avenue, for $385,000. The sales price represents $27,500 per unit and $32.58 per square foot. The asset last sold for $970,000 in 2005. The buyer saw a deal on an acquisition that closed 39% under the previous purchase price. The all-cash deal closed in less than 30 days.

Kevin Kelleher, Bob Goldfinger, and Darron Kattan, all of Franklin Street, represented both the seller and buyer in the transaction. The Oleander Apartments had been foreclosed on and was owned by the bank.