Turnkey 45-Unit FL Multifamily w/ 10.5% Cap & 23%+ CoC Upside | $50K/door

[Asma Kabeer]

Belle Glade, FL 33430

Off-Market | Stabilized | Renovated | Value-Add Potential

One of the cleanest sub-$50K/door multifamily assets in Florida — fully renovated, 95% occupied, strong T12 NOI, and $700K below appraised value (2023).

Deal Highlights:

• Total Units: 43 residential (24 studios, 19 1BR) + 2 commercial

• Occupancy: 95%

• Avg Rent: $643/month

• Price: $2,000,000

• Appraised Value: $2.7M (2023)

• Renovations: $205K (windows, paint, electric, cabinets, parking)

Financials (As-Is):

• NOI (T12): $210,858

• Cap Rate: 10.5%

• Cash-on-Cash (25% down): ~16.8%

• Monthly Gross Income: ~$26,600

• Opex Ratio: 45% (C-Class norm)

Value-Add Upside (Pro Forma):

• Raise 60% of rents to $750

• Fill 5% vacancy

• Convert 30% to Section 8 @ $875

• Reposition commercial units

🔹 Pro Forma NOI: $290,742
🔹 Cap Rate (Pro Forma): 14.5%
🔹 Cash-on-Cash (Pro Forma): 23–27%
🔹 Future Value @ 7.5% Cap: ~$3.88M

Exit Options:

✅ Hold for high cash flow
✅ BRRRR + Refi in 12–18 months
✅ 1031 Exchange
✅ Add commercial/mixed-use upside