11585 Southeast 59th Avenue
Property Description
Well-located 6-unit multifamily investment opportunity in Belleview, Florida, featuring two concrete block buildings with three units each. The property offers a straightforward unit mix and stable in-place income with immediate upside potential through rent growth and lease stabilization. Each unit is currently leased on a month-to-month basis, providing flexibility for a new owner to reposition, renovate, or implement market-rate rents over time. Current rents average approximately $700 per unit, which are below prevailing market levels for comparable units in the area. Recent capital improvements include a new roof, reducing near-term maintenance exposure. The seller is offering a $60,000 credit at closing to address prior sinkhole remediation, allowing a buyer to control the scope and execution of the repair post-closing. This property is well suited for an investor seeking a value-add multifamily asset with stable cash flow, low management complexity, and upside through operational improvements in a growing Marion County submarket.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $475,000 |
| No. of Units: | 6 |
| Year Built: | 1981 |
| Lot Size: | 0.43 Acres |
| Opportunity Zone: | No |
| Price per unit: | $79,167 |
| Property Website | Click Here |
Investment Analyzer
Sponsored by:
Step 1Financing Calculation
Step 2Gross Rent Analysis
Please enter annual amounts.
Step 3Cap Rate Calculation
Step 4Final Deal Analysis
Similar Properties in the Area
3962-3964 No Name Road
Big Pine Key, Florida
5635 MONTANA Avenue
NEW PORT RICHEY, Florida
Brokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout