5599 Old Cheney Highway
Orlando, FL 32807 ·
24 Units · Multifamily For Sale
|No. Units||24||Gross Rent Multiplier||6.43|
|Building Size||14,400 SF||Occupancy||100%|
|Property Type||Multifamily||No. Stories||2|
|Property Sub-type||Garden/Low-Rise||Year Built||1972|
|Property Use Type||Investment||Parking Ratio||1.50 / 1,000 SF|
|Listing ID: 14602740||Date Created: 05/02/2006||Last Updated: 06/16/2006|
Located just off of Semoran Boulevard (AKA State Road 436) and Colonial Drive (AKA Highway 50), two of Orlando's busiest roadways, and just 6 blocks from Baldwin Park is Abby Apartment Homes. This particular location is PRIME for an apartment community given its proximity to a high density of business and retail establishments.
The Subject Property consists of two (2) buildings consisting of a total of twenty-four (24): 1 Bedroom/1 Bathroom units of approximately 600 square feet. Abby Apartments was built in 1972 of solid block construction and flat roofs which were replaced in late 2004. Each apartment unit features wall A/C units, linoleum flooring in the kitchens, electric appliances, wall-to-wall carpeting, walk-in-closet, queen size bed, futon, and coffee table. The current owner is leasing all twenty-four (24) units for $840/month or $210 per week which includes the tenants' electricity, water, refuse collection and sewer.
In summary, the Property provides an investor an EXCELLENT opportunity to acquire a well-maintained apartment community in an PRIME infill location with an initial return of over 10% Cash on Cash before debt service in the first year of ownership.
Abby Apartment Homes is well situated on Old Cheney Highway which intersects both Semoran Boulevard (State Road 436) a major north/south arterial and Colonial Drive (Highway 50) a major east/west arterial. The Property rests 5 minutes from Downtown Orlando and 6 blocks from Baldwin Park. The Subject Property also lies within the prestigious Winter Park School District while being in an area featuring numerous retail centers, restaurants and entertainment.
The retail centers surrounding Abby Apartment Homes include such household names as Sports Authority, Home Depot and Office Depot. The immediate area, however, is characterized by its heavy concentration of various automobile dealerships, shops and service centers which serve as a strong employment source located within a mile of Abby Apartment Homes.
- Approximately 5 miles from Downtown Orlando
- Over 10% Cash on Cash Return BEFORE Debt Service
- 6 Blocks from Baldwin Park
- Solid Block Construction
- New Roofs
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