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Palmetto Flats 1110 Bates Ave 6 Unit Apartment Building $735,000 ($122,500/Unit) Eustis, FL 32726
Investment Highlights
- Completely Renovated in 2022 at a cost of $248,000
- Concrete Block Construction
- Tenants Pay All Utilities, Reducing Owner Operating Expenses
Executive Summary
100Units.com presents Palmetto Flats, a 6-unit multifamily property located in the rapidly growing city of Eustis, Florida. The property consists of a concrete block, two-story building of 3,388 gross square feet with durable concrete roof. The unit mix includes two one-bedroom one-bath units and four two-bedroom one-bath units, offering an efficient blend of layouts attractive to a wide renter base. Tenants pay all utilities which are separately metered for electricity, water, sewer, and trash. In 2022, the building underwent a complete $248,000 renovation, during which the property was fully vacated and taken down to the concrete block. All work was permitted and overseen by a licensed General Contractor. Renovations include; roof, windows, doors, all floors, drywall, railings, gutters, all kitchens and all baths, new mini-split HVAC systems, all electrical and all potable/supply plumbing replacement. Situated near the heart of Eustis, the property benefits from strong population expansion—up 8.1% since 2020—and long-term growth averaging 2.4% annually over the past two decades, supported by a strengthening local job market and rising demand for well-located rental housing. With proximity to the Golden Triangle communities, a revitalized downtown, and abundant recreational amenities, 1110 Bates Ave offers investors a durable, low-maintenance asset positioned for stable cash flow and future value appreciation.
Property Facts
| Price | $735,000 | Building Class | C |
| Price Per Unit | $122,500 | Lot Size | 0.25 AC |
| Sale Type | Investment | Building Size | 3,388 SF |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1967 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | SR | ||
| Price | $735,000 |
| Price Per Unit | $122,500 |
| Sale Type | Investment |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.25 AC |
| Building Size | 3,388 SF |
| No. Stories | 2 |
| Year Built | 1967 |
| Opportunity Zone |
Yes |
| Zoning | SR |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | - | - |
| 2+1 | 4 | - | - |
Property Taxes
| Parcel Number | 12-19-26-1300-00A-00900 | Improvements Assessment | $188,141 |
| Land Assessment | $35,284 | Total Assessment | $223,425 |
Property Taxes
Parcel Number
12-19-26-1300-00A-00900
Land Assessment
$35,284
Improvements Assessment
$188,141
Total Assessment
$223,425
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Palmetto Flats | 1110 Bates Ave
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