900 N Bay St
Eustis, FL 32726
Bayside Condominiums · Multifamily Property For Sale · 12 Units

Marcus & Millichap, as exclusive advisor, is pleased to present Bayside Condos; a 1982 built, 12-unit condominium located in “America’s Hometown” of Eustis, Florida in Lake County just 40 minutes to both Orlando or Ocala and just a few blocks from Downtown Eustis. The offering will convey a 100% interest in the condominium thereby allowing the flexibility to run as a traditional apartment community or sell the individual units as an exit strategy. The property has a strong rental history and is being offered at a 7.36% current Cap Rate and a competitive cash-on-cash return. Additional upside potential exists through a strategic plan of improving both the exterior curb appeal and the unit interiors. Originally built in 1982, Bayside Condos has been well maintained under the current 7-year ownership. This 12-unit, two-story building with a pitched shingle roof and two firewalls, sits on ½ acre site which features an off-street private parking lot. Mature trees line the perimeter of the property, providing shade for the front and privacy for the back patios/balconies. Units are all two bedroom one-bathroom, 750 square feet apartments. Each unit with central air/heat, refrigerator, stove, dishwasher and stackable washer/dryer. Individual meters for electricity and water. Upstairs units with balconies front and rear, downstairs with patios front and rear. Bayside Condos enjoys an excellent location within the City of Eustis with a beautiful view of Lake Eustis. Just a five-minute walk to Downtown Eustis; a rapidly developing area in the residential and retail sectors. Eustis’ new Downtown Waterfront Entertainment District brings together businesses for mutual promotion and activities as well as family and friends to enjoy its unique shopping experience, fine dining, and live entertainment. Northwest Orlando's multifamily is performing notably well with low vacancies and annual rent growth near the best they've been in over a decade. The submarket has historically been a largely rural area dominated by agriculture, though development has picked up in recent years, especially in the residential and retail sectors. The submarket encompasses the northwest corner of Orange County and the entirety of Lake County.