Lake Placid Multi-family Investment
306 E. Phoenix Street, Lake Placid, Florida 33852
Sold: $2,300,000
Property Details
Property Type
Residential
Building Type
Freestanding
Building Size
16,928 sqft
Land Size
3.88 acres
Units
49
Zoning
R2
A Parcel Id:
P-06-37-30-010-0050-0010
B Parcel Id:
P-06-37-30-010-0040-0090
C Parcel Id:
P-06-37-30-030-0040-0010
D Parcel Id:
P-06-37-30-040-0230-0010
Property Description
Richards Apartments is a 49-unit multifamily community in Lake Placid, Fl. The property consists of 17 single-story garden style buildings situated on a total of 3.88 acres. The complex is located in the neighborhood between US27 & S. Main Avenue in Lake Placid. Occupancy is currently 90% with many long-term tenants. Six buildings have new metal roofs and 25% of the units have been remodeled with new kitchens and bathrooms. The properties have a mix of unit types from a 3 bedroom/2 bath home, 1 bedroom/1 bath apartments to several efficiency units. The sites are within close proximity of each other, facilitating easy maintenance. Three coin laundries strategically located add to the appeal and net income of the property.
- Value-Added Opportunity for the investor
- Multi-family investment portfolio
- Additional .36 acres of buildable land (could develop an additional 5 to 6 units)
- Located between South Main and US27
- Well-kept attractive rental income property
- 49 single-story garden style apartment homes
- Area of projected population and income growth
- Below market rents