Lake Placid Multi-family Investment

Multi-Family for Sale
Catylist Listing ID: 30425818
Property Subtypes: Duplex/Fourplex, Low-Rise/Garden, Other
Number of Units: 49 Units
Building Size (RSF): 16,728 SF
Gross Building Area: 16,928 SF
Gross Land Area: 3.88 Acres
Sale Price: $2,720,000
Unit Price: $55,510.20 Per Unit
Property Use Type: Investment
Building Name: Richards Apartments
Usable Size (USF): 16,928 SF
Sale Terms: Cash to Seller, Other
Cap Rate: Undisclosed
Last Updated: 6/20/2019

Overview / Comments

Richards Apartments is a 49-unit multifamily community in Lake Placid, Fl. The property consists of 17 single-story garden style buildings situated on a total of 3.88 acres. The complex is located in the neighborhood between US27 and S. Main Avenue in Lake Placid. Occupancy is currently 90% with many long-term tenants. Six buildings have new metal roofs and 25% of the units have been remodeled with new kitchens and bathrooms. The properties have a mix of unit types from a 3 bedroom/2 bath home, 1 bedroom/1 bath apartments to several efficiency units. The sites are within close proximity of each other, facilitating easy maintenance. Three coin laundries strategically located add to the appeal and net income of the property.

Value-Added Opportunity for the investor
Multi-family investment portfolio
Additional .36 acres of buildable land (could develop an additional 5 to 6 units)
Located between South Main and US27
Well-kept attractive rental income property
49 single-story garden style apartment homes
Area of projected population and income growth
Below market rents

Attachments & Media

Additional Details

Nearest MSA: Sebring
County: Highlands
Taxing Authority: Highlands County
Tax ID/APN: P-06-37-30-010-0050-0010,P-06-37-30-010-0040-0090, P-06-37-30-030-0040-0010, P-06-37-30-040-0230-0010
Zoning: R2
Percent Occupied: 90%
Total Number of Buildings: 17
Property Condition: Average
Number of Stories: 1

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,729 13,120 17,734
Median Age: 44.74 50.92 50.42
Households: 1,151 5,666 7,569
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