475 Umatilla Blvd
Umatilla, FL 32784
Boulevard Inn · Multifamily Property For Sale · 16 Units

Marcus & Millichap, as exclusive advisor, is pleased to present the Boulevard Inn; a 16-unit, 1930’s vintage, apartment building located in Umatilla, Florida in North Lake County. Located just 35 miles north of Orlando, this property has a strong rental history and is being offered at an 8.77% FY1 Cap Rate and a double digit cash-on-cash return with additional upside potential through a strategic plan of improving both the exterior curb appeal and updating unit interiors. In addition, Boulevard Inn is being offered free and clear of existing debt thereby allowing investors to take advantage of attractive long-term financing options which are still at historically low rates. Originally built in 1930, Boulevard Inn has been well maintained under the current 15-year ownership. This two-story building has a concrete block frame with a flat roof and sits on a quiet 0.53-acre site which features off-street parking both in front and in the back of the building. Palm trees line the façade while a large oak tree provides shade for the common area on north end of property. Units are a mix of six 520 square feet studio apartments and ten 720 square feet one bedroom one-bathroom apartments featuring hallway entries, original wood floors, gas stoves (select units), ceiling fans, ceramic tile kitchen and bathroom floors. Boulevard Inn enjoys an excellent location within the City of Umatilla with access off State Road 19, direct proximity to the Ocala National Forest, known for its natural pools and canoe runs at Juniper, Alexander, and Salt Springs recreation areas and is walkable to Umatilla Elementary, Middle and High Schools. In addition, Boulevard Inn is just minutes away from North Lake Community Park that features many amenities, including an expansive playground area, picnic pavilions, restroom facilities, basketball courts, tennis courts, sand volleyball courts, baseball fields, little league fields, softball fields, soccer fields, multi-use fields, concession stands, a perimeter trail loop for walking or exercise and a number of exercise stations for working out.