Looking for investors that buy Subsidized Multifamily Complexes
Here's an extremely rare opportunity to purchase a well run and well maintained 40 unit multi-family complex an hour outside of Orlando in booming Lake County. The government subsidized property consists of 8 concrete block buildings with a total of 40 units. The mix includes (13) 1/1 units with 529 square feet, (16) 2/1 units with 666 square feet, and (11) 3/1 units with 1000 square feet. Utilities are partially paid by the owner with the majority covered by a monthly utility allowance. All roofs are being replaced this month. The property comes with a 20 year HAP (Housing Assistance Program) contract with approximately 15 years remaining, providing automatic rental income from the start. One unit is currently vacant and being rehabbed and the other 39 units are performing. This property has always had a waiting list of HUD-approved tenants ready to rent. Current yield is 9% to 10% and with a booming rental market and regular rent reviews, this yield can continue increasing.