31 Unit Multifamily - Titusville, Florida
BANK OWNED PROPERTY FOR SALE
$500,000 “AS IS” MULTI FAMILY
INVESTORS SPECIAL 31 TOTAL UNITS
Bank Says: “Bring me all offers”
Year Built 1965
Total Units 31
Land Size 1.02 acres
Construction Concrete Block
Address 810 Sycamore St.
Titusville, Fl. 32780
Potential Gross Income $148,800
Less Vacancy @ 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 @ 85% $92,389
POTENTIAL PURCHASE OPPORTUNITY
Listed Purchase Price $500,000
Per Unit $ 16,129
CURRENT OCCUPANCY 0%
ORIGINAL PURCHASE $1,120,000
PURCHASE DATE 7/5005
The property is currently vacant and waiting for renovation. It has recently been fumigated and boarded up. Solid concrete block construction, good roof. Each unit needs new appliances, wall air conditioning, water heaters, painting, some dry wall replacement, electrical and plumbing.
The property was 50% occupied at the time the Lender took the property back. The tenant profile was senior citizens living on social security. At a projected $400 per unit per month, stabilization will happen quickly once the property has been renovated.
Based on a stabilized cap rate of 8.5%, future value may be more than $1,000,000.
We have some potential Lenders that are interested in financing the property.
Please call or email for additional information.
Contact Kent Cooper, CCIM
Coldwell Banker Commercial-Sun Land Realty of Florida, Inc.
1920 Highway A1A, Indian Harbor Beach, Florida 32937
Office: 321-777-7743 Cell: 321-720-0429 Email: firstname.lastname@example.org