The Van Zant House 5419 Woodcrest Rd 4 Unit Apartment Building $549,000 ($137,250/Unit) 11.75% Cap Rate Jacksonville, FL 32205

This historic property was home to the Van Zant family, founders of the rock bands Lynyrd Skynyrd and .38 Special. The State of Florida recognizes it as a historical site with a historic marker. The main four-unit building is operated as a short-term rental, with guests from all over the world. The manufactured home in the back serves as a Padsplit with six private rooms and shared common areas, but is being retainered or sold separately and will be carved off at closing.

Tremendous cash flows make this a profitable investment from day one. The new owner can continue to operate as is (the seller will assist in the transition) or come live in one unit and manage the rest while living off the income. All units come fully furnished and everything is included, including a branded website, operating systems, and two sets of coin-operated washers/dryers for even more income. Property creates cash flows between $6-8K per month. Expenses are around $1500 per month before debt service, making this deal a 12% cap rate, about two times better than the going market cap rates.

There is a great deal of meat on the bone for investors. This is not a traditional multifamily, but short-term rental (STR) which creates revenues 2- 3x higher than those of a conventional multifamily. Please make sure your buyers understand this. See the financials and offering memorandum for more details.