This property is Off-Market

521 South Park Avenue
Winter Garden, FL 34787 ·

64 Units · Multifamily For Sale

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Winter Garden Village

Price N/A Cap Rate 7.56%
No. Units 64 Gross Rent Multiplier 7.83
Building Size 57,920 SF Occupancy 100%
Property Type Multifamily No. Stories 2
Property Sub-type Garden/Low-Rise Year Built 1972
Property Use Type Investment Lot Size 2.90 AC
Commission Split 1.5% Parking Ratio 1.70 / 1,000 SF
Listing ID: 14278195 Date Created: 07/22/2005 Last Updated: 02/20/2006

Description

Winter Garden Village, built in 1972, is a 2-story 64 unit apartment community located just off of Colonial Drive (Highway 50) on Park Avenue and is right in the heart of rapidly growing Winter Garden. The area is currently experiencing an explosive growth in population due to numerous new middle and high income housing developments currently underway. Current estimates put Winter Garden's population at 30,000 by the year 2010.

The property enjoys an excellent unit mix consisting of (64) 2Bedroom/1.5Bathroom units that are approximately 905 square feet resting on approximately 2.9 acres. In 2004, the linoleum, cabinets, dishwashers, and stoves were replaced in most of the units. In February of 2005 all the roofs were replaced. In addition, 60-70% of the air conditioning units are less than two years old.

This is a highly desirable investment opportunity located in the up and coming Winter Garden market. Due to the excellent unit mix, the capital improvements, and the high demand for condos as an alternative to single family homes, Winter Garden Village has the opportunity to be an optimal condo-conversion.

Winter Garden Village is located in Winter Garden, Florida which is east of the city Ocoee and on the southeast shore of Lake Apopka.

The submarket in which Winter Garden Village is located is comprised primarily of single-family residential. In the immediate area the residents can travel to West Point Commons retail center or stroll down the Historical District of Winter Garden. The school system in the area offers twelve elementary schools, three middle schools, three high schools and the prestigous Westside Technical Center. One of the most unique features of Winter Garden Village is that it is located directly across from Veteran's Memorial Park. This park consists of two softball fields, three little league baseball fields, a football field, tennis courts, basketball courts, a play ground, and a picnic area.

In summary, Winter Garden is experiencing tremendous growth and all economic indicators strongly suggest it will continue to do so due to Orlando's westerly employment and population growth.

Highlights

  • Solid Block Construction
  • Units renovated in 2004
  • Roofs replaced in 2005
  • 60-70% New air conditioning units
  • Directly across from Veteran's Memorial Park
  • Brand new Publix shopping complex nearby

Research

521 South Park Avenue, Winter Garden, FL 34787 (Orange County)

Property Record Data - Historical Listings, current tax, mortgage, owners & tenant info for this property

Winter Garden Market Trends - Asking price index trends, sale price trends, asking rent trends

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