This is a multifamily investment opportunity with a total of 20 units with a mix of 19 - Two Bedrooms One Bath Units and 1 - One Bedroom One Bath Unit. A turnkey investment with value add opportunities through continuing gradual rent increases currently being implemented. The property management company who has managed the property for nearly three years would like to continue, this adds stability and lowers the risk of this investment. The property is of masonry construction and the foundation is of concrete slab. It has central air conditioning. Flooring is a mix of carpet in the common areas and tile in the kitchens and baths.
In addition, there are washer and dryers included in every unit, as well as a comfortable patio for residents to relax. The units also have a storage closets as well as walk in closets. This property has very low operating costs as it is on well and septic. It is located on two main roads for great visibility. Historically, it has had a high level of occupancy. There are two buildings built in 1986 and 1993. It has been priced for sale at an attractive market cap rate of 7.71% based on current market rents. The proforma cap rate is 8.19% and can be achieved by increasing rents by $50.
This type of investment is hard to find in the United States current compressing cap rate environment, especially in Florida where there is no state income tax. Capital improvements of over $113,000 were completed within the last 5 years. They include a new drain field, new well system, nine HVAC replacements, six water heaters, seven carpet replacements, new appliances in several units and more.
For access to the offering memorandum, financials and schedule a property visit please fill out the attached confidentiality agreement and send it to the contact email Info@CosoCapitalGroup.com.
PLEASE DO NOT DISTURB THE RESIDENTS.
