Rare 35-unit complex in prime Edgewater, Florida — first time offered for sale.

This is a unique opportunity to acquire a 35-unit multifamily complex in the highly desirable Edgewater, Florida, available for the first time ever. With substantial built-in equity and strong upside potential, this asset stands out as one of the most promising investments on the market.

The property is comprised of five turnkey buildings, most of which have been updated and renovated within the past ten years. All buildings received new roofs in 2021, along with new exterior doors and windows. A brand-new storage shed has also been added for maintenance and landscaping equipment.

Unit Breakdown:

• 4 buildings: Each has (8) 2-bedroom, 1-bathroom units with 680 square feet per unit. There are thirty-one units total.

• 1 building: Contains (4) 3-bedroom, 1.5-bathroom units with 980 square feet per unit. 

Built initially under a USDA loan program to provide affordable housing, the property is subject to a 50-year low income housing agreement, which was renewed in 1997. Like most rental programs, owners need to request rental amount increases to keep up with current trends. However, this was never requested on this property, and so currently, it is generating approximately $26,000 per month. There are routes to possibly get out of this agreement early. Along with ways to bring the rental amounts up to near market rent. But at minimum, it should not be hard to increase the rental amounts a substantial amount. Currently the rental amounts per unit are averaging around $660 per month, when they should be closer to $1600-$1800 per month. 

Financial Snapshot:

• Current net income: Approximately $200,000 per year

• Future projected market-rate gross income: Approximately $55,000 per month

• Future cap rate potential: Over 11%

Comparable Sales:

• Nearby comps range from $173,000 – $240,000 per unit.

• A smaller, non-renovated complex quickly sold at $120,000 per unit.

• Conservative market value is $165,000 per unit. At $123,000 per unit, we are offering this opportunity at a huge discount.

This offering represents a rare, value-add opportunity in a fast-growing area with strong rental demand. You simply won’t find a comparable property in this condition, at this price point, anywhere on the market. Don’t miss out on this once-in-a-lifetime gem. Contact your EquityPro Advisor today for more information.