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11585 SE 59th Ave 6 Unit Apartment Building $475,000 ($79,167/Unit) Belleview, FL 34420
Executive Summary
Well-located 6-unit multifamily investment opportunity in Belleview, Florida, featuring two concrete block buildings with three units each. The property offers a straightforward unit mix and stable in-place income with immediate upside potential through rent growth and lease stabilization.
Each unit is currently leased on a month-to-month basis, providing flexibility for a new owner to reposition, renovate, or implement market-rate rents over time. Current rents average approximately $700 per unit, which are below prevailing market levels for comparable units in the area.
Recent capital improvements include a new roof, reducing near-term maintenance exposure. The seller is offering a $60,000 credit at closing to address prior sinkhole remediation, allowing a buyer to control the scope and execution of the repair post-closing.
This property is well suited for an investor seeking a value-add multifamily asset with stable cash flow, low management complexity, and upside through operational improvements in a growing Marion County submarket.
Each unit is currently leased on a month-to-month basis, providing flexibility for a new owner to reposition, renovate, or implement market-rate rents over time. Current rents average approximately $700 per unit, which are below prevailing market levels for comparable units in the area.
Recent capital improvements include a new roof, reducing near-term maintenance exposure. The seller is offering a $60,000 credit at closing to address prior sinkhole remediation, allowing a buyer to control the scope and execution of the repair post-closing.
This property is well suited for an investor seeking a value-add multifamily asset with stable cash flow, low management complexity, and upside through operational improvements in a growing Marion County submarket.
Property Facts
| Price | $475,000 | Building Class | B |
| Price Per Unit | $79,167 | Lot Size | 0.41 AC |
| Sale Type | Investment | Building Size | 3,120 SF |
| No. Units | 6 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1981/2015 |
| Property Subtype | Apartment | ||
| Zoning | R3 - Mult-family | ||
| Price | $475,000 |
| Price Per Unit | $79,167 |
| Sale Type | Investment |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | B |
| Lot Size | 0.41 AC |
| Building Size | 3,120 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1981/2015 |
| Zoning | R3 - Mult-family |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 6+6 | 6 | - | - |
1 1
Property Taxes
| Parcel Number | 39057-000-00 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $334,746 |
Property Taxes
Parcel Number
39057-000-00
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$334,746
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11585 SE 59th Ave
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