16 S GRANDVIEW Avenue
Property Description
9.3% CAP RATE!1! STABILIZED CASH COW PRODUCING AN 9.3% CAP RATE ON ASKING (AFTER TAXES, INSURANCE, AND EXPENSES OF APPROX $17K PER YEAR!) 3 STREETS FROM THE BEACH! This is a rare, high-performing asset with a confirmed zoning of up to 10 units, and land use of upto 10 units per the Property Appraiser and zero code violations. This property delivers a strong 9.3% return in its current state, offering a proven track record of reliable income with even further room for appreciation. The property is fully stabilized with long-term tenants on active leases (6-12 months remaining on each lease and they want to renew) who take great pride in the property. Key features include a 2018 roof, solid mechanicals, on-site parking, a common patio area for tenants, and a "High and Dry" X flood zone designation. AS A BONUS: There is a large storage unit on-site that was previously an apartment and could be converted back for additional revenue. Located walking distance to the Main Street Pier and beach access, the equity here is undeniable: a 4-unit property just two doors down recently sold for $600k-this is verifiable cash flow from day one. Perfect for a 1031 exchange or a portfolio expansion. Units nearby rent as AirBNB or long-term rentals! Call today!
Broker Details
Charles Rutenberg Realty Orlando LLC (407) 622-2122
MLS ID: 272507578 State License Number: 3293364
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $665,000 |
| Year Built: | 1910 |
| Lot Size: | 2,972.00 Sq ft |
| Opportunity Zone: | No |
| Property Website | Click Here |
| Number of Bedrooms: | 5 |
| Number of Bathrooms: | 8 |
ID: 3yd-MFRMLSFL-O6419368
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