Here is an exceptional opportunity to acquire seven townhome-style apartment units, all in one building. Each two-story unit consists of 2 bedrooms and 1.5 bathrooms with an estimated square footage of 1,200 per unit. This property is situated in a great location and all units have views of Lake Parker from the second level balcony. This property has been very well maintained, however the roof is older and may need replacement within the next few years. Six units are tenant occupied with most tenants on month-to-month leases. Current rents are substantially below market rates. There are very strong comps in the area showing market rents between $895 to $950 per month. With the size, style, and location of these townhomes, we feel $950 per month is not unrealistic. This opportunity offers a few investment options. One option would be to introduce rent increases and hold for long term cash flow. Another would be to resell the property once rents are raised, at an estimated 7% cap value of $800,000. And finally, there may be an option to individually parcel these units and sell them off separately for top dollar. Tons of potential here so please contact your EquityPro Advisor for more details.
Lakeland 7 Unit Complex
14 bed / 10.5 bath8,463 sq ft Built in 1981Multi-family
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