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Value-add Stable Income Mixed Use Building

  SOLD July 2018 for $435,000

35 N. 6th Street, Haines City, Florida 33844

Building Size11,782 Square Feet
Land Size0.47 Acres
Electricseparate metered
Year Built1925
ConstructionBrick and block

GREAT INVESTMENT OPPORTUNITY WITH SIGNIFICANT RENT AND VALUE UPSIDE in a high growth area. This well known local historic building, Consolidated Arcade, is a mixed use investment which contains six (6+) commercial spaces on the first floor, and eight (8) spacious one bedroom apartments on the second floor. In the heart of the historic central business district, the Central Business District (CBD) zoning allows a great variety of uses for the commercial spaces with a wide range of office and retail (including restaurant) uses. The commercial spaces range in size from approx. 300 SF up to 1,600 SF and provide high ceilings and historic trim finishes. Currently 100% occupied. The apartments are HIGHLY in demand, staying historically 100% occupied, with extremely short rollover periods when a vacancy does occur. All rents in both commercial spaces and apartments are well below market and can easily be increased up to market which provides immediate higher returns and cash flow. Very little tenant turnover. All leases are month-to-month lease terms which provide owner ability to increase rents, terminate any lease, and/or institute buyer's new lease form with a 30 day notice to any tenant. All spaces are separately metered for electricity. Owner pays for water, sewer, and garbage dumpster (Haines City Utilities).

Over the past 24 months the roof (and front overhang) has been re-coated with high quality coatings, all sash windows (over 35) weatherproofed with new screens, and the entire building re-painted. Property includes private parking area adjacent/behind bldg (entry off 7th St), a critical and valuable amenity promoting high occupancy. The City Hall of Haines City and accompanying Library is only 1/2 block to the north, and, Wells Fargo Bank is 1/2 block to the south. As Haines City continues it's high growth trend and higher economic transformation, this Property will reward the owner with a great value-add, consistent, high return investment.

The information contained herein is from sources deemed reliable, but is subject to errors, omissions, and withdrawal without notice.

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