Located in Lake City, Florida, is this ten-unit multi-family property with billboard income. There are three buildings and one mobile home on the property. The first building consists of six remolded efficiency rooms that rent to long-term tenants at a weekly rate. Building two is a duplex that also rents to long-term tenants at a weekly rate. The third building is a three-bedroom, two-bathroom home that needs to be updated. The mobile home on the property currently rents weekly to a long-term tenant. This property also comes with a leased billboard. The entire property is on well and septic and has five electric meters. Since the tenants are paying weekly, the current owner pays for electricity. The current owner has no financials since they operate it as a cash business. We are suggesting updating all unoccupied units and placing current tenants on leases to increase the cash flow. There could also be an excellent opportunity to develop the land while collecting rent. According to the seller, the land alone recently appraised for $550,000. The breakdown of the proforma numbers is below.
Building #1 - 6 Units @ $500 a month
Building #2 - 2 Units @ $600 a month
Building #3 - 1 Unit @ $1000 a month
Mobile Home - 1 Unit @ $600 a month
Billboard - 1 Unit @ $1250 a month
Value add multi-family properties with development opportunities tend to move fast, so call your EquityPro Advisor today before it's gone.