110 NW 39th Ave
Gainesville, FL 32609
Bella Vista Village · Multifamily Property For Sale · 284 Units

PLEASE DO NOT GO TO MANAGEMENT OFFICE. Please do not visit site without a previous appointment. TOURS BY APPOINTMENT ONLY - MONDAY 12/4 AND TUESDAY 12/5 FROM 10AM-2PM. CONTACT CHERI MASCITELLI AT 305-537-9318 TO SCHEDULE. Investment Highlights: 284 unit modular home community on ñ32 acres in Gainesville, Florida All improvements including 284 park-owned homes, pads, on-site utilities, clubhouse and road infrastructure will convey in this offering ñ95% occupied with a diverse tenant mix including students from the University of Florida Low turnover rate: ñ25% of tenants with move in dates in 2014 or earlier One of a kind opportunity with historic NOI that consistently exceeded $1 Million Owner Financing Available Prime Value-Add Opportunity through Cosmetic and Capital Improvements Current rents are $100 - $200 per month below the market Close Proximity to University of Florida, Santa Fe College and Gainesville Regional Airport Investment Overview: Bella Vista Village (the "Property") is located at 110 NW 39th Avenue in Gainesville, Florida and is an excellent value-add opportunity for an experienced investor. The Property would benefit from a substantial increase to ma The Property would benefit from a substantial increase to market rents since the last rent increase was in 2006. Comparable rents in the market show competing properties can garner rates an average of $100 to $200 per unit higher due to better exterior appearance packages. The Property is one of the largest multi-family communities in the immediate area with a stable tenant base and long-term tenants. Fixed improvements include 284 park owned homes, pads, on-site utilities, and road infrastructure. All 284 park owned homes will convey as part of this offering. The Property's unit mix includes 84 studios, 88 one bedroom units and 112 two bedroom units. Tenants pay all the utilities (with a separate meter including water and sewer). The property also has 32 foundations with all the utilities ready for new houses. This creates the value add opportunity for an additional 32 units to be built over the ñ32 acre parcel. Per the seller, major capital improvements conducted in the past 3 years include updated electricity, updated kitchens, updated floors, new roofs, new appliances and a new laundry facility. The Property benefits from its relatively close proximity to University of Fl