319 Dixie Dr
Tallahassee, FL 32304
Multifamily Property For Sale · 16 Units

Preferred means of communication via email: Please email directly at: 319dixie@gmail.com The 319 Dixie Drive Apartments offer consistent cash flow with historically high occupancies and plenty of room for rent growth. This offering consists of four 4-unit garden style buildings (total of 16 1BR units), on four separate parcels, all within their own separate cul-de-sac giving the look and feel of a standalone complex. All roofs are under 5 years old. Tenants pay all utilities. Built in 1982, all 16 units are 1 BR/1 BA units at 640+/- SF each. It has been owned and managed by the seller for 25 years. The existing rent roll is approx. $100+/month per unit below market rents. There is a major shortage of one bedrooms in the area. There are approx. 554 units along Dixie Drive with only 80 one bedrooms (of which 16 are the subject property). Located directly west from the subject property is Torchlight Townhomes. Composed of 2 & 4 BR units, and sold for $164,000 per unit in November 2016. The second largest property is the Tenn Street Apartments; a 156unit complex composed of all 4 BR units, which recently sold for $152,000 per unit in November 2017. These units are in high demand. Lease to professionals, students of either college, or both. These units are conveniently located off of West Tennessee St. (US90), and are very convenient to Florida State University and Tallahassee Community College, in an area that is rapidly growing. With some updating, these units rent potential should increase. According to the map the property is zoned CP (Commercial Parkway) next to properties zoned UT (University Transition) Link to zoning map application, enter address 319 DIXIE DR for search. http://tlcgisinter.leoncountyfl.gov/zoning/ 319 DIXIE DR We are offering these four quads at a price of $ $212,500 per quad for a total of $850,000 for all four quads (16-1BR/1Ba units) Included is information I have compiled at this time for the 319 Dixie Drive property in Tallahassee, Fl. The IRS Schedule E s are each 1/2 of total, As well as income, since my sister and I split numbers on Dixie Dr. property for tax purposes. We have not informed the tenants yet that the units are for sale. If you have serious interest, have viewed the exterior and feel the asking price is feasible, feel free to contact us to arrange viewing of interior. My sister, Virginia Johnson, and I are interested in selling because we are now in our late sixties and think it's about time. The price of $850,000, as is, is firm, anything less and we would keep them. We have owned the property for 25 years, we have not done any major renovations (roofs are all less than 5 years old), we have maintained and repaired as needed, replaced some appliances as needed. Central Heat/Air units have been repaired as needed but not replaced. We have always managed them ourselves. Because we have kept our rent a little below market, we have maintained next to 100% occupancy. With improvements, raising rent to market should be acceptable. ($650-$700) Thank you so much for your interest, and if you think I might be able to supply any further information you might need, feel free to ask. The IRS Schedule E s for myseself (Kenneth) and my sister (Virginia)are each 1/2 of total, as well as income, since my sister and I split numbers on Dixie Dr. property for tax purposes. PLEASE note that the Dixie property is listed under heading "B", the others on the Schedule Es ("A & B")are not part of this offering. I compile expenses at the end of the year, so these schedule Es are all I have currently, we don't keep a running monthly P/L We have not informed the tenants yet that the units are for sale. If you have serious interest, have viewed the exterior and feel the asking price is feasible, feel free to contact us to arrange viewing of interior. My sister, Virginia Johnson, and I are interested in selling because we are now in our late sixties and think it's about time. The price of $850,000, as is, is firm, anything less and we would keep them. Owner financing is not an option for us. We may, consider a lease/buy for up to around 2 years at $8,900/month, $40,000 deposit, lessee assumes all expenses and responsibility for maintenance, repair, management, rent collection , etc for lease term with permission to do renovations, Required outright purchase at $850,000 at end of lease period. We would continue to pay PITI mortgage and rental income would go to person leasing. We have owned the property for 30 years, we have not done any major renovations (roofs are all less than 5 years old), we have maintained and repaired as needed, replaced some appliances as needed. Central Heat/Air units have been repaired as needed but not replaced. We have always managed them ourselves. Because we have kept our rent a little below market, we have maintained next to 100% occupancy. With improvements, raising rent to market should be acceptable. ($650-$700) Thank you so much for your interest, and if you think I might be able to supply any further information you might need, feel free to ask. Kenneth Johnson Virginia Johnson Texting or email preferred 319dixie@gmail.com text (or voice mail) 850 556-1573