Cabana Villa Apartments 545765 US Highway 1 9 Unit Apartment Building $801,962 ($89,107/Unit) 8% Cap Rate Callahan, FL 32011

A rare turnkey opportunity in a fully leased, self-managing community. Cabana Villas has run at 100% occupancy with an active waiting list, giving a new owner immediate, stable cash flow from day one. Rents are currently below market, which means the upside is already baked in rather than speculative.
A round of capital improvements is already underway — massive tree and brush cleaning, new hot water heaters, and central HVAC has just been installed across the property, and 7 units remain to be renovated. Completing those upgrades is the clearest path to pushing rents to market and driving NOI higher.
Highlights:
100% occupied with an active wait list — no lease-up risk
Central HVAC recently installed property-wide
7 units remaining to renovate, offering a clear value-add roadmap to push rents
Property valued at $801,962 based on an 8% cap rate
Additional adjacent acreage available for just $125,000 — room to build, expand, or improve
This is a stabilized asset with a straightforward business plan already in motion: finish the renovations, capture the rent upside, and use the extra acreage to add value or density. Priced to move for an investor ready to step in and continue what's already working.