4400 SW 23rd St 12 Unit Apartment Building $695,000 ($57,917/Unit) 10.17% Cap Rate West Park, FL 33023

Property Overview:
Excellent opportunity to acquire a turnkey multifamily/shared housing property in the Carver Ranches subdivision, offering strong in-place income and long-term operational flexibility. The property is currently operating as a 12-room dwelling, fully up to city standards and 100% occupied. Each room rents for approximately $750 per month, and rents have not been increased in over three years, providing significant upside potential for investors.
Property Details:
Property Type: Multifamily / Shared Housing (ALF or Halfway House potential)
Building Size: 2,400 sq. ft.
Lot Size: 0.1906 acres / 8,304 sq. ft.
Year Built / Renovated: Built 1957 | Fully remodeled in 2019
Capital Upgrades: New roof (2024) and all electrical panels updated
Safety Compliance: All exit signs and fire extinguishers are in place, and the building includes four total exits, meeting safety and occupancy standards
Zoning: R-1C
Land Use / Code: Multifamily 2–9 Units (Use Code 08)
Key Highlights:
Operating as Shared Housing: Currently functioning as a 12-room income-producing dwelling that meets city requirements for shared housing or transitional living.
Turnkey Condition: Fully compliant, structurally sound, and ready for continued use as a Halfway House, ALF, or shared housing facility.
Stable Income: All rooms are 100% occupied, generating consistent income with rents at $750/month per room (utilities included).
Utilities Included: Water, electricity, sewer, trash removal, and cable — simplifying operations and maximizing tenant satisfaction.
Recent Upgrades: Complete remodel in 2019, new roof (2024), and upgraded electrical systems reduce near-term CapEx.
Prime Location: Located within the Carver Ranches subdivision, offering convenient access to shopping, schools, and public transportation.
Summary:
This turnkey, code-compliant 12-room dwelling offers stable income, minimal maintenance, and excellent adaptability for Halfway House or Assisted Living Facility (ALF) use. With a new roof, full safety compliance, and proven operational performance, it represents a strong investment opportunity for both experienced operators and new investors seeking reliable cash flow and value-add potential.