PRP Commercial Division is pleased to present the exclusive bulk offering of 7 total units within Villa Medici, a condo community located in the heart of Orlando, FL. Class A location gated community is situated w/excellent visibility from I-4 & just 1 mile from the Mall of Millenia. The Current rents have increased by $.05 psf in the last 4 months and its predicted the rents will continue to rise to catch up with the market average by another $0.20 over the next year. The area comps have significantly improved over last year, almost 10% year over year, while Villa remain 32% below market due to lack of knowledge of the market trending. Fantastic opportunity for investor to come in and increase rents upon lease expiration as the market stats are already performing at current rents. The Owner has kept his rents the same since he purchased in 2010-2011. Class A product & location shows comps are trading at a 5% Cap in place! Current in place cap is 5.3% with projected pro-forma at 8.5% with rental increases by next year. In 2007, the units in Villa Medici were selling in the upwards of $300K per door. Orlando has the highest year-over-year rent growth at 8.9%.
Villa Medic is situated w/excellent visibility off of Conroy Rd, located blocks from I-4, and Millenia Mall, Major employers are minutes from Villa including Universal Studios, Disney, SeaWorld, Lockheed Martin, OIA and I-Drive. Built in 1989 Villa underwent a $14.3 M dollar renovation in 2006 to include interior luxury finishes w/granite counter tops, ss appliances & new light fixtures. The clubhouse was completely renovated w/movie theater, racquetball court, fitness center, & catering kitchen.
