Woodland Condominiums | 2513 S 17th St
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Woodland Condominiums 2513 S 17th St
11 Unit Apartment Building $1,500,000 ($136,364/Unit) 6.23% Cap Rate Fort Pierce, FL 34982
Investment Highlights
- Seller Financing Being Offered at 5%
- All Roofs Replaced In September of 2021
- Central Air Conditioning Throughout
- Washer & Dryer Hookups & Private Patio/Balcony In Each Unit
- Located In the Vastly Expanding City of Fort Pierce
Executive Summary
Marcus & Millichap, as exclusive listing agent, is proud to present to market 11 condominiums located within the Woodland Condominiums Association located in Fort Pierce, Florida.
The offering consists of 7 two-bedroom / two-bathroom units and 4 one-bedroom / one-bathroom units. The association has 3 buildings totaling 48 units, all of which were built in 1981 with concrete block construction and central air conditioning. All of the roofs were replaced in September of 2021 with metal mansard. Every unit has washer & dryer hookups as well as a private patio/balcony.
Located just south of Virginia Avenue, the property offers access to both Interstate-95 & the Florida’s Turnpike and is also located just down the street from Indian River State College's Massey Campus. The city of Fort Pierce has been experiencing a plethora of development, specifically the King’s Landing project located off of North Indian River Drive in downtown Fort Pierce. This state-of-the-art development will consist of 116 residential units (106 condos and 10 townhomes), a 140-room hotel, 35,000 square feet of restaurant space, 17,000 square feet of retail space, and over 300 parking spaces between a garage and surface spots.
Seller financing is available and being offered at 48% Loan to Value ($715,000) with 5% interest only (IO) for the first three years and then 6% interest only (IO) for the following 3 years.
The offering consists of 7 two-bedroom / two-bathroom units and 4 one-bedroom / one-bathroom units. The association has 3 buildings totaling 48 units, all of which were built in 1981 with concrete block construction and central air conditioning. All of the roofs were replaced in September of 2021 with metal mansard. Every unit has washer & dryer hookups as well as a private patio/balcony.
Located just south of Virginia Avenue, the property offers access to both Interstate-95 & the Florida’s Turnpike and is also located just down the street from Indian River State College's Massey Campus. The city of Fort Pierce has been experiencing a plethora of development, specifically the King’s Landing project located off of North Indian River Drive in downtown Fort Pierce. This state-of-the-art development will consist of 116 residential units (106 condos and 10 townhomes), a 140-room hotel, 35,000 square feet of restaurant space, 17,000 square feet of retail space, and over 300 parking spaces between a garage and surface spots.
Seller financing is available and being offered at 48% Loan to Value ($715,000) with 5% interest only (IO) for the first three years and then 6% interest only (IO) for the following 3 years.
Property Facts Under Contract
| Price | $1,500,000 | Property Subtype | Apartment |
| Price Per Unit | $136,364 | Apartment Style | Low Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.23% | Lot Size | 4.73 AC |
| Sale Conditions | Bulk/Portfolio Sale | Building Size | 12,139 SF |
| Gross Rent Multiplier | 7.84 | No. Stories | 2 |
| No. Units | 11 | Year Built/Renovated | 1981/2024 |
| Property Type | Multifamily |
| Price | $1,500,000 |
| Price Per Unit | $136,364 |
| Sale Type | Investment |
| Cap Rate | 6.23% |
| Sale Conditions | Bulk/Portfolio Sale |
| Gross Rent Multiplier | 7.84 |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 4.73 AC |
| Building Size | 12,139 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1981/2024 |
Unit Amenities
- Kitchen
- Oven
- Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $1,379 | 987 |
| 2+2 | 7 | $1,489 | 1,170 |
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Contacts
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Daniel Cunningham -
River Rhoads -
Evan Richardson -
Dillon Majeski -
Jason Nowik -
Marcus & Millichap
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Woodland Condominiums | 2513 S 17th St
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