15992 W Colonial Dr
Oakland, FL 34787
30 UNITS- ESTATE SALE- 9% PROFORMA CAP RATE · Multifamily Property For Sale · 30 Units

Estate Sale! 30 Rental Units in West Orange County FL (Orlando Metro) - 19 Minutes from Downtown Orlando, .4 miles from West Orange Trail This 2.15-acre, 30-unit investment property (20 Duplexes and 20 RV's) that is part of an estate sale with 8 beneficiaries that Co-Trustees must sell to close out the estate. The property was annexed into the town of Oakland in the 1980’s and has been owned in the same family since the 1970’s. Although the property has a part time property manager who collects most of the rentals on a weekly basis, all units are rented on a 7-month basis and no shorter-term rentals are allowed. The location is an excellent hotel or short-term rental site due to its proximity to the FL Turnpike exit at Hwy 50 which is one of the last exits before tourists split off the turnpike to go top either Walt Disney or Universal. During a brief 1-month period, photos from the property were removed from Google since there were over 10,000 views but nothing was rented for under 7 months. If the property is purchased as an investment property, each of the RV’s could be replaced over time with Airstreams and rented by the day through Air BNB to capture the high short-term rental demand that this location provides. Although the property is currently on a drain field, sewer will be available in the area within 18 to 24 months. The site is in the center of a 30-acre assemblage that is part of the Town of Oakland future plan to build a town center since it is located between the Florida Turnpike and SR 50 (W Colonial Drive) just .25 miles east of the FL Turnpike and Hwy 50 full interchange. The property is in the Oakland Gateway Overlay District and it is only 19 minutes from DT Orlando. Single-family developers have discovered the historic Town Oakland and, now that sewer is coming to the rest of Oakland within 18 months, we expect the area between The Florida Turnpike and SR 50 will be the first to be developed. Although the property is zoned Commercial and is grandfathered in as a combination of Duplexes and RV’s, we think the exit strategy for an investment buyer will be to sell to an apartment or hotel developer to take advantage of the prime location once sewer lines are available to the rest of the town. Although the beneficiaries are not interested in selling as a redevelopment play, subject to site plan approval or Sewer availability, a developer could purchase our property on an 9.1% CAP rate on current income if they closed and continued operating while they get the other adjacent vacant sites approved. The price was reduced for a quick closing (see Property Website). Pricing and financial information can also be downloaded on the property website. Property tours can be scheduled at any time. The Co-Trustees can also send you a link to a Web Conference to show why this investment property can give an investor great short term returns prior to the area between SR 50 and the Florida Turnpike getting sewer which will eventually become Oakland’s Town Center. Gerald A. Smith Successor Co-Trustee Email: gsmith@smithequitiescorp.com Cell: (407) 810-1628 Robert E. Smith, CCIM Successor Co-Trustee/Broker Email: rsmith@smithequitiescorp.com Cell: (407) 496-8575 Note: Both Successor Co-Trustees have a Florida Real Estate License and work at Smith Equities Real Estate Investment Advisors.