Property details
Florida 700 Unit Apartment Building Portfolio, Southeast Region
Property Description
Florida 700 Unit Apartment Building Portfolio
Located in Northwestern Florida.
This portfolio consists of 12 muitifamily properties ranging from 15 to 159 units per property.
Concentrated in 3 cities within in a 50-mile radius.
Value-Add Investment Opportunity.
Class C to B.
Private Investment Opportunity.
Gross Income: $5,532,340.
Price: $55 million is very firm.
Legacy old tenants at extremely under-market rent (started at 50% vacancy in March 2018, so they could not afford to kick anyone out, they needed the income and allowed them to stay at lower than market rents). Now they are stabilized you could replace those old tenants with new tenants at market rates.
Across the portfolio, market rents are still under market for the surrounding area (see co-star comps attached).
They are at about 88% occupancy (due to ongoing rehab that will be completed in Febuary, 2020) and this portfolio should be at 97% with even higher market rents (all 3 sub markets are growing like crazy with more demand than current housing becoming available). Note, they will be over 90% in Febuary.
Laundry income should be approx. $45,000 per year
Rubs were not included in the attached - also you could increase rubs to an additional $40,000 per year (this is pest, sewer, water and trash).
You have 3 full houses and 1 apartment (being used as offices) that could be converted to rental units. Additional $54,000 - $60,000 + income per year if you convert those.
Priced below market price a door at $73,500 a door. Market comparables are over $80k a door.
There are currently 60 units that are down. $8,000 per door will make them nice.
The balance of the units are in great condition and the rents can be raised without any further work.
The roofs are in excellent condition with 8 years on the existing sarranty.
The former owner purchased the portfolio over 2 years ago after it was damaged by the Hurricane. The property was over 60% vacant at their closing.
The owner put over $8 million in CapEx into the property and set rent prices at a low price point to get the occupancy up quickly
Images
Highlights
- Status:
- Available
- Price:
- $55,000,000
Property Information
- Property Type:
- Apartments
- Industry Type:
- Apartment - Multifamily
- Units/Spaces:
- 700
- Purchase Tenure:
- Fee Simple
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.