South-Central Florida 92 Unit Multi-Family Property Available!

[Todd Keith]

South-Central Florida 92 Unit Multi-Family asset that is Value Added on steroids, priced Super Low!

Purchase price is very firm per the seller at $1,450,000

The seller to pay the Real Estate Commission at this price only

Or

Should the executed purchase price be less than $1,450,000, the buyer to pay the 4% Real Estate Commission

Located in Belle Glade, Florida in Palm Beach County some 45-50 miles west of West Palm Beach and the Atlantic ocean. Belle Glade is a rural community near the iconic Lake Okeechobee which is a large body of water in the middle of the state.

Please note: This is a Class C asset that has a Cap Rate of 7.6% with a Net Operating Income of $107,978 & that is with 86% rented rent-ready units and there are still 20 units that need a full rehab & then to be rented.

Proforma: Cap rate would be 11.5% (when fully occupied, there are currently 20 vacant units)

Property description:

Great potential income producing property in Downtown Belle Glade, FL.

This value add property includes the sale of 4 buildings with a total of 92 units.

• 92 units breakdown:
  • 3 folios, 4 buildings total
    
  • 72 available for rent now
    
  • 62 already currently rented (86% occupancy of the 72 units that are rent-ready)
    
  • 20 needs full rehab
    

    Folio 1: Building- 12 unit apartment building. Legal 12 unit property. (all full 1/1s) all rented 3 separate 4 unit buildings fully occupied. The buildings are CBS construction. All 3 buildings have concrete roofs! Cash flow multi-family rental! All units rented for $450-$550 per month each. Rents can be increased as they have been the same for 10+ years. Folio 2: Building- 28 units (1 bed with kitchen area-4 common bathroom areas). Building almost fully occupied. This building is CBS construction Folio 3: Building 1- 32 unit building that is almost fully rented, (with common bathroom areas). It has a vacant building on same folio that can provide 20 extra rent-able units once renovated. Building 2: is a two story frame/stucco building with 20 units single bed and 7 units double bed boarding house style, small room with down the hall full bathroom and showers for women and men. Needs full rehab estimated at $60-75k. Property has on site property manager that collects rent and maintains property.

• Folio 1: Income $59,935 expenses $34,975 net $24,960
• Folio 2: Income $62,640 expenses $25,654 net $36,986
• Folio 3: Income $69,600 expenses $23,568 net $46,032
  
  • Total Net NOI: $107,978

Property is tenant occupied. Please do not disturb tenants or management. Showing is strictly by appointment only. Please do not show up without an appointment. Todd Keith

[email protected]

214.395.0804

Five Stream Ventures, LLC