South-Central Florida 92 Unit Multi-Family Property Available!
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
- 3 folios, 4 buildings total
- 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
214.395.0804
Five Stream Ventures, LLC