Marcus & Millichap, as exclusive advisor, is pleased to present Dragonfly; a 10-unit, 1920’s vintage, apartment building located in “America’s Hometown” Eustis, Florida in Lake County. Located just 35 miles north of Orlando, this property has a strong rental history and is being offered at a 6.87% FY1 Cap Rate and a competitive cash-on-cash return with additional upside potential through a strategic plan of improving both the exterior curb appeal and updating unit interiors. In addition, Dragonfly is being offered free and clear of existing debt thereby allowing investors to take advantage of attractive long-term financing options which are still at historically low rates.
Originally built in 1914, Dragonfly has been well maintained under the current 7-year ownership. This ten-unit, two-story building with a metal roof sits on a quiet 0.49-acre site which features an off-street parking lot on the east side of the building. Mature landscaping lines the front entrance, while large trees provide shade for the parking area on the northeast end of the property. Units are a mix of two 650 square feet studio apartments, six 750 square feet one bedroom one-bathroom apartments, and two 850 square feet two-bedroom one-bathroom apartments all featuring hallway entries. Original wood floors, gas stoves, central A/C, ceramic tile bathroom floors.
Dragonfly enjoys an excellent location within the City of Eustis with access off State Road 19 and direct proximity to Downtown. Eustis is rapidly developing in the residential and retail sectors. In addition, Dragonfly is just minutes from the new Downtown Waterfront Entertainment District. The District brings together businesses for mutual promotion and activities as well as family and friends to enjoy its unique shopping experience, fine dining, and live entertainment.
Northwest Orlando's multifamily is performing notably well with vacancies and annual rent growth near the best they've been in over a decade. The submarket has historically been a largely rural area dominated by agriculture, though development has picked up in recent years, especially in the residential and retail sectors. The submarket encompasses the northwest corner of Orange County and the entirety of Lake County.
