Undervalued TURN-KEY 18 UNIT APARTMENT COMPLEX
Jonathan Rokh
321-900-5977
Price: $997,900- CASH Plus closing costs
Requires $40,000 non-refundable down payment
ARV: $1,295,000
CAP RATE: 11%
Here is a rare opportunity to own a 100% tenant occupied apartment complex in one of the hottest markets in the country. This gem consists of (18) 2 bedroom / 1 bath units with approximately 820 square feet per unit. Most of the units have gone through refurbishing and have newer stainless steel appliances, kitchen cabinets, and tile flooring through out the units. The complex consists of 3 buildings plus a community pool. The roof on two of the buildings was replaced in 2010, new septic in 2009, and new pool pump in the last year, with most of the AC units replaced this past year as well. The location is ideal for an investor for its diversified location being only 2 miles from the University of South Florida, minutes away from Busch Gardens and the Hard Rock casino and near all major highways. Purchase now with a current cap rate of 11% and realize a big upside with a slight rent increase.