Lakeland 7 Unit Complex! Here is an exceptional opportunity to acquire seven townhome-style apartment units, all in one building. Each two-story unit consists of 2 bedrooms and 1.5 bathrooms with an estimated square footage of 1,200 per unit. This property is situated in a great location and all units have lake views from the second level balcony. This property has been very well maintained however the roof has reached the end of it’s economic life and may need replacement in the near future. Each unit is tenant occupied on month-to-month leases and generating around $4,825 per month. Current rents are substantially below market rates. There are very strong comps in the area showing market rents between $895 to $950 per month. With the size, style, and location of these townhomes, we feel $1000 per month is not unrealistic. This opportunity offers a few investment options. One option would be to introduce rent increases and hold for long term cash flow. Another would be to resell the property once rents are raised, at an estimated 7% cap value of $800,000. And finally, there may be an option to individually parcel these units and sell them off separately for top dollar.
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