8-Unit Complex on Lake Josephine State Road 17 Dundee, FL. 33838
Property Detail
Type
Multifamily over 4 Units, **SOLD** Status
Cash Flow, **SOLD** Location
Florida
Sub Location
Dundee
Price
$385,000
Sq. Ft.3,792Bedrooms8Bathrooms8Rent/mo$5,500 - $6,000RehabModerate - MajorGarageNonePoolNoneTaxes/yr$4,743.93Lot Size (Acres)1.1653ConstructionOtherWaterfrontFrontageYear1947SubdivisionLake Josephine VillaHOA Fees/mon/a
Property Description
Huge reduction! This is an 8-Unit Apartment Complex on Lake Josephine in Dundee with approval from city to Build 8 More Units. Complex is made up of a main building with 8 units:
3 Studio/One Bathroom
2 Two Bedroom/ One Bathroom
3 One Bedroom/ One Bathroom
Apartment is currently running below fair markets rents and can get market rents with upgrades:
Occupancy – 5 of 8 units rented
Apartment 1 – $900 2 Bedroom
Apartment 2 – Vacant 1 Bedroom. Can rent for $750-800
Apartment 3 – $660 1 Bedroom
Apartment 4 – Vacant Large Studio. Can rent for $700
Apartment 5 – $550 Large Studio
Apartment 6 – $700 Large Studio
Apartment 7 – Vacant 2 Bedroom. Can rent for $900-$1,000
Apartment 8 – $600 1 Bedroom. Usually rents for $750
There is a large shed that can be converted to a 9th unit.
Current Expenses:
Landlord currently pays for water and trash removal
Taxes – $4,744 yearly
Insurance – $3,871.19 yearly
Trash Removal – $1,800 yearly
Water – $5,160 yearly
