10-UNIT CASH FLOWING COMMERCIAL PROPERTY

  • Commercial Space
    10176 ft2
    bedroom 0 Bedrooms
    bathroom 0 Baths
  • Rental
    $799,900 0
    Status : Sold
    Year Built : 1968
 Description
Property overview:
R
are opportunity consists of (10) 2/1 units with dedicated garages, separate utility meters, and separate A/C units, selling for under 80psf.  It is located across the street from the beach and just down the street from Jimmy Buffet's Ocean Club condominium development, it can either be updated to generate market rent, or it could potentially be developed into a 5 story condominium complex, both strategies will deliver a super-sized ROI. 

Property features include, architectural shingle roof, few updated windows, well-preserved kitchens with some appliances included, nicely maintained bathrooms, mostly tile floors throughout, and 10 fully intact central A/C systems. Each unit has a dedicated garage, walk across the street to the beach.

Rent rehab: 100k-150K, updates throughout interior and exterior is recommended
 Rehab Work Needed
  • Appliances
  • Bathroom
  • Bedroom
  • Floor
  • Kitchen
  • Living Room
  • Paint Exterior
  • Paint Interior
 General Amenities
 Distance
  • Beach : 1 Minutes

 Summary

Overview
10-UNIT CASH FLOWING COMMERCIAL PROPERTY Sold
$799,900
Property ID: 5b7e1b443c63c
Address: Login to View
City: Ormond Beach
State/Province: FL
Zip Code: 32176
Country: USA


Rental Analysis

+ Purchase Price: $799,900
+ Purchase Closing Cost: $0
+ Rehab Cost: $100,000
Total Acquisition Cost: $899,900


+ Annual Potential Rent: $144,000
- Vacancy (10%): $14,400
Annual Gross Income: $129,600
Annual Gross ROI: 14.4%


+ Property Taxes: $13,598
+ Insurance (6 Months): $700
+ HOA Fees: $0
+ Miscellaneous Expenses: $11,520
Total Annual Expenses: $25,818


Monthly Rent: $12,000
Monthly Net Cash Flow: $8,649
Net Operating Income: $103,782
CAP Rate: 11.53%

 Message

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