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Asking price $1,065,000

5 units - (3) 2 BR + 1 BA (2) 1 BR + 1 BA

2,792 SF Building

5,696 SF LARD1.5 Lot

Price/SF Building $381

Price/Unit $213,000

Year Built - 1924

 

We are proud to present the opportunity to acquire a charming bungalow style property with 5 units situated in a very desirable Opportunity Zone at the corner of South St Andrews Pl and Martin Luther King Jr Blvd. The property has three (3) two bedroom and one bathroom units and two (2) one bedroom and one bathroom units. The three (3) 2 BR+ 1 BA units have been recently remodeled with updated flooring, kitchens and bathrooms. Each unit has its own separate gas and electric meter and individual water heaters. The property has two detached bungalows in front and a 3-unit bungalow in the back with a charming courtyard.

 

Unit Mix / Rent Roll

Unit

 

Mix

 

Actual Rent

 

Pro Format

Unit 1

 

2BR/1BA

 

$1,600

 

$1,800

Unit 2

 

2BR/1BA

 

$1,800

 

$1,800

Unit 3

 

2BR/1BA

 

$1,790

 

$1,800

Unit 4

 

1BR/1BA

 

$920

 

$1,600

Unit 5

 

1BR/1BA

 

$720

 

$1,600

Current Financials

Gross income $81,960

Less Vacancy/Deduction $2,458

Less Expense $26,258

Net Operating Income $53,244

GRM 12.99

Cap Rate 5.00%

No Vacancy

Pro Format Financials

Gross income $103,200

Less Vacancy/Decution $3,096

Less Expense $27,320

Net Operating income $72,784

GRM 10.32

Cap Rate 6.83%

Expenses

 

Current

 

Pro Format

Property Tax

 

$13,000

 

$13,000

Insurance

 

$1,560

 

$1,560

Utilities

 

$5,100

 

$5,100

Maintenance

 

$2,500

 

$2,500

Property Management

 

$4,098

 

$5,160

Total

 

$26,258

 

$27,320