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38520 N 86th St
Pahokee, FL 33476
Lakeside Terrace Apartments · Multifamily Property For Sale
·
88 Units
PROPERTY FACTS
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Walk-In Closets
- Grill
SITE AMENITIES
- Laundry Facilities
ABOUT 38520 N 86TH ST , PAHOKEE, FL 33476
This is an excellent opportunity to own a professionally managed 87 unit apartment complex in Pahokee, FL, in the heart of sugar cane country. "Pahokee" means "grassy waters" in the Creek language. Local residents refer to Pahokee as "The Muck," which refers to the mineral-rich dark soil in which sugar cane, corn, and citrus are grown by agribusiness. In 2017 the NOI was $345,339.50. Most of the rents were below market. After completing renovations in late 2017 the owner began raising rates to market. As of April 15, 2018, 54 units have been raised to market rates which puts the 2018 NOI at $398,480.03 and an attractive 7.25% Cap Rate. There are 33 remaining units below market which will be raised as the one year leases come up for renewal. This will raise the actual 2018 NOI and Cap Rate.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 27 | $550.00 | 578 |
| 2+1 | 52 | $650.00 | 721 |
| 3+1 | 8 | $750.00 | 850 |
PROPERTY TAXES
| Parcel Number | 00-37-42-20-06-001-0000 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $3,066,060 |
PROPERTY TAXES
