Future 8.4 CAP Multi Family + Commercial

Multi-Family for Sale
Catylist Listing ID: 30815250
Property Subtypes: Low-Rise/Garden, Mixed Use, Other
Number of Units: 10 Units
Building Size (RSF): 4,416 SF
Gross Building Area: See Agent
Gross Land Area: 0.68 Acres
Sale Price: $1,550,000
Unit Price: $155,000 Per Unit
Property Use Type: Investment, Vacant/Owner-User
Sale Terms: Cash to Seller
Cap Rate: 4.26%
Average Occupancy Rate: 100
Last Updated: 10/4/2022

Overview / Comments

American Property Group Presents this One of a Kind Investment and/or Owner Occupied Property Now Available!
10 unit Multi Family + Commercial
Projected Market Return would be approx. 8.4% CAP

Site includes 8 apartments and an Auto Sales lot with two office suites. This property is located on busy 15th St. E. and has two entrances. The auto sales portion has it's private entry from 15th St. E and the 8 apartments has a private entry from 14th St. E. Currently the seller is occupying the Auto Sales building at 5624 and 5620.

The multi family section has a total of: One 2bd/1 bath, Three 1bd/ 1 bath, and Three efficiency apartments. All tenants besides one are on month to month leases with a ton of upside. NDA must be completed prior to delivering the rent roll / P and L / Pro Forma.

Site has had many improvements including:
- Back two apartment buildings have new roofs - 2022
- Front structure on 15th St. AC replaced - 2018
- Front structure new metal roof - 2013
- Termite tenting - 2022
- Subterranean termite treatment - 2022
- Apartment 4 Bathroom update - 2020
- Apartment 3 Bathroom update - 2019
- Mini split AC systems in rear apartments – 2022
- New gutters Apartment 1 & 2 – 2022
- Mini split AC in office – 2021
- Hot water heater front building – 2019
- Front office update (drywall/paint/baseboard) - 2022
- Exterior Stairwell siding - 2022

Current Net Income - $66,080.78
Market Net Income - 130,671.83 Projected CAP 8.4%

Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Manatee
Tax ID/APN: 5760800002
Percent Occupied: 80%
Number of Stories: 2
Year Built: 1920
Year Renovated: 2021
Zoning Description: HC

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,438 98,575 203,298
Median Age: 35.54 42.7 44.72
Households: 3,932 41,374 87,308

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