10-UNIT CASH FLOWING COMMERCIAL PROPERTY

Commercial Space

10176 ft²

0 Bedrooms

0 Baths
Rental

$799,900 0

Status : Sold

Year Built : 1968

Description

Property overview:
Rare 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