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Browse More Listings in Multifamily For Sale, High Springs, FL or Florida

Multifamily Property For Sale

A LANDLORD'S DREAM - High Springs apartments

20450 NW 243rd Drive, High Springs, FL 32643

Price:
$1,750,000
No. Units:
28
Building Size:
23,000 SF
Price/Unit:
$62,500
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Property Use Type:
Investment
Cap Rate:
8.86%
Occupancy:
100%
No. Stories:
1
Year Built:
1984
Lot Size:
5 AC
Tax ID / APN #:
00217-001-000
Find Out More...

Last Verified 10/7/2009 Listing ID 16265798

Highlights

One of the most exciting aspects of this property is the room for expansion! You could build 30 more units and bring in an additional $241,000+ a year

Description

These are beautifully kept 1,2, and 3 bedroom units in High springs located just outside Gainesville - no deferred maintenance on these apartments. Attractive maintenance free brick exteriors. Nicely kept grounds with room for AT LEAST 30 more units - zoning already approved !!!!! Renting is never a problem - can you say waiting list!

In High Springs these apartments are the only answer to a high demand for medium priced rentals in a clean and secure environment that is walking distance from shopping and restaurants. Currently, our tenants include many retirees as well as a police officer. Apart from these 28 units there are only 42 more rentals (in one other apartment complexes) in High Springs. These 28 units are modestly appointed in contrast to the other 42 luxury/high-end rentals which compare with the luxury/high-end rentals that saturate the Gainesville market 20 miles to the south. Every season is marked by calls we receive from new High Springs arrivals who are interested in this price range but must be added to our waiting list.

Location is great - a very short drive to the Historic downtown of High Springs as well as walking distance to the local grocery store. Only minutes to turn of the century antique shops, local cafes, and quaint restaurants. Not to mention the areas world famous crystal blue fresh water springs . these 28 units comprise 1 out of the only 2 apartment complexes in High Springs - renting is a breeze! The property consists of 28 units located at 20450 NW 243rd Drive.

Financial Summary

Unit Mix Information

Debt & Equity Information

Actual
Year
2008
Scheduled Gross Income
$220,920
Operating Expenses
$65,944
Net Operating Income
$154,976

Description	No. Units	Avg. Mo. Rent	Sq. Ft.
1 bedroom 1 bath	6	$525	650
2 bedroom 1 bath	18	$670	750
3 bedroom 1 bath	4	$800	950

Map of 20450 NW 243rd Drive, High Springs, FL 32643 (Alachua County)

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Presented by

livingston & Livingston, llc

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Contact Listing Broker

shelagh forrest (352) 379-4952

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Created 6/5/2009

Additional Information for 20450 Nw 243rd Drive, High Springs, FL 32643

Active For Sale - 1 Listing
Active For Lease - 0 Listing
Previously Listed - 0 Historic Listing
Sales Comparables Available - 0 RecentSales Record

View additional information for the property view other currently active listings, previous listings, sales comparables, public records, and county records data for this address.

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The information above has been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

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Multifamily Property For Sale - A LANDLORD'S DREAM - High Springs apartments

20450 NW 243rd Drive, High Springs, FL, 32643