68 Units
24,072 SF
1.56 acres
Built in 1973
Contact Agents
Property Documents
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Ray Turchi
Senior Managing Director Investments
[email protected]
Senior Managing Director Investments
[email protected]
(407) 557-3847 (office)
(321) 297-6576 (mobile)
David Vaughan
First Vice President Investments
[email protected]
First Vice President Investments
[email protected]
(407) 557-3829 (office)
(407) 718-2874 (mobile)
Rob Wright
Real Estate Investment Advisor
[email protected]
Real Estate Investment Advisor
[email protected]
(407) 557-3800 (office)
(407) 617-4958 (mobile)
Investment Highlights
- Currently Operated as Multifamily Single-Room Occupancy Rental Property | Three Structures on Property are 66-Unit Main Building, One Duplex, and Clubhouse
- Highly Attractive Returns Upon Takeover with Management Team in Place | Value-Add Potential to Convert to Conventional Multifamily Use Per Local Zoning Allowances
- 75%+ of Units on Monthly Payment Schedule, Some Bi-Weekly and Weekly Paying Tenants all Under Written Agreement
- Redevelopment Potential | City of Lakeland Current Zoning is O-1 Low-Impact Office, Which Permits Multi-Family up to 22 Units per Acre (Subject to Other Criteria)
- Concrete Foundating & Subfloors in Main 64-Unit Building
Key Metrics
Cap Rate Current Year:
10.57%
GRM:
3.83
Price/ SF
$81.01
Listing Agents: