Business for Sale Overview:
Investor's Special! 31 Unit Multi-Family Apartment Complex On 1.02 Acres For Sale For Just $500,000! That is only $16,120 per unit! The original purchase price in July, 2005 was a staggering $1,120,000! This apartment complex built in 1965 is not currently occupied & it does need renovation. It has recently been tented & it is now sealed up to keep out unwanted visitors! It is a solid concrete block construction with a good roof, Each unit needs new appliances, outside painting, interior painting with some dry wall replacement, some plumbing & electrical work. Based on a stabilized cap rate of 8.5%, the future value of this property may be more than $1,000,000! This property will not last long! Once the renovation have been made, low rents will equal happy tenants & a quick fill up in the occupancy. Very Important: The City Where This Property Is Located Is Willing To Help! The City where this property is located is willing to help! Projected Potential Gross Income:$148,800 ($400 per month per unit) Less Vacancy at 15% (Market) $22,320, Effective Gross Income- $126,480, Less Estimated Operating Expenses: Real Estate Taxes-$14,756, Property Insurance-$10,956, Repairs- Maintenance- $7,115,Utilities- $7,115, Off Site Management- $7,115, Miscellaneous-$2,846,Total Expenses-$49,901, Net Operating Income at 85%- $92,389.
For more information regarding this listing please contact us by completing the "Contact the Seller" form to the left. We look forward to hearing from you.
Property Features and Assets:
Located on 1.2 acres in Brevard County, Florida on the Atlantic Coast. Less than an hour from Orlando & all its attractions & within close proximity to Kennedy Space Center, Cruise Terminals at Port Canaveral, World famous Cocoa Beach, the best fishing & boating around in the Indian River & St John's River, amazing tournament class golf courses & so much more.
Additional Details:
- The property is owned.
- The owner is willing to train/assist the new owner.
- This is not a homebased business opportunity.
- This is not a franchise resale opportunity.
- This is not a distressed business or bankruptcy situation.