Ivycove | 6805 SW 88Th St
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Ivycove 6805 SW 88Th St
19 Unit Apartment Building $6,900,000 ($363,158/Unit) 4.49% Cap Rate Pinecrest, FL 33143
Investment Highlights
- Excellent Location close to major transit, shopping and office
- Assumable debt in place with interest only first year
- Affluent Market surrounded by the best schools and multi-million dollar homes
Executive Summary
Opportunity knocks.
This 19 unit property is located in the affluent Village of Pinecrest, FL, where luxury meets convenience. This stunning apartment building offers a great unit mix, featuring 1, 2, and 3 bedroom units, providing a range of options for discerning residents.
Step inside the spacious centrally air conditioned units and discover modern interior features that create a comfortable and stylish living space in most units with the potential for additional value add. Featuring sleek finishes, spacious layouts, and abundant natural light, each unit offers a welcoming retreat to call home in a market rarely available for the multifamily investor.
Outside, the property features large green spaces and a pool, perfect for resident relaxation and recreation. This gated property provides security and privacy, while the parking lot with 30+ spaces ensures convenient parking for residents and guests.
Situated in the heart of Pinecrest, this prime location offers easy access to major shopping centers, public transit options, and is surrounded by high-end homes in the multiple millions of dollars. While the property is conveniently located, it also provides a peaceful retreat from the hustle and bustle of nearby city life.
Don't miss this opportunity to add a piece of Pinecrest to your portfolio with tenants living in an exceptional apartment building. Contact Demitri De Varona for any additional information.
This 19 unit property is located in the affluent Village of Pinecrest, FL, where luxury meets convenience. This stunning apartment building offers a great unit mix, featuring 1, 2, and 3 bedroom units, providing a range of options for discerning residents.
Step inside the spacious centrally air conditioned units and discover modern interior features that create a comfortable and stylish living space in most units with the potential for additional value add. Featuring sleek finishes, spacious layouts, and abundant natural light, each unit offers a welcoming retreat to call home in a market rarely available for the multifamily investor.
Outside, the property features large green spaces and a pool, perfect for resident relaxation and recreation. This gated property provides security and privacy, while the parking lot with 30+ spaces ensures convenient parking for residents and guests.
Situated in the heart of Pinecrest, this prime location offers easy access to major shopping centers, public transit options, and is surrounded by high-end homes in the multiple millions of dollars. While the property is conveniently located, it also provides a peaceful retreat from the hustle and bustle of nearby city life.
Don't miss this opportunity to add a piece of Pinecrest to your portfolio with tenants living in an exceptional apartment building. Contact Demitri De Varona for any additional information.
Data Room Click Here to Access
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $6,900,000 | Building Class | C |
| Price Per Unit | $363,158 | Lot Size | 0.86 AC |
| Sale Type | Investment | Building Size | 15,906 SF |
| Cap Rate | 4.49% | Average Occupancy | 100% |
| No. Units | 19 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1965 |
| Property Subtype | Apartment | Parking Ratio | 1.89/1,000 SF |
| Apartment Style | Low Rise |
| Price | $6,900,000 |
| Price Per Unit | $363,158 |
| Sale Type | Investment |
| Cap Rate | 4.49% |
| No. Units | 19 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.86 AC |
| Building Size | 15,906 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1965 |
| Parking Ratio | 1.89/1,000 SF |
Unit Amenities
- Air Conditioning
Site Amenities
- Pool
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | $1,850 | 525 - 540 |
| 2+1 | 4 | $2,225 | 550 - 580 |
| 2+2.5 | 2 | $2,475 | 1,070 - 1,080 |
| 3+2 | 1 | $3,025 | 1,350 |
Walk Score ®
Very Walkable (76)
Bike Score ®
Very Bikeable (75)
PROPERTY TAXES
| Parcel Number | 20-4035-000-1162 | Total Assessment | $3,941,123 |
| Land Assessment | $2,810,850 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,130,273 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
20-4035-000-1162
Land Assessment
$2,810,850
Improvements Assessment
$1,130,273
Total Assessment
$3,941,123
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
zoning
| Zoning Code | RU-5 (Office or multifamily/townhouse redevelopment opportunity) |
| RU-5 (Office or multifamily/townhouse redevelopment opportunity) |
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Ivycove | 6805 SW 88Th St
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