SW Gainesville Portfolio

Address: 825 SW 62nd Terrace

Apartments

Created date: October 16, 2023

Date last updated: October 16, 2023

Portfolio Description

A very rare and remarkable multifamily portfolio is now available for sale. This 34-unit assemblage was purchased by one family in the 1980s and 1990s. All are either sturdy block or brick construction, and have been self-managed and well cared for. In total there are 6 quadplexes, 2 duplexes, and 1 six-plex. The unit mix consists of 22- 2 BR/1 BA flats, 6- 2 BR/1 BA townhomes, 4- 2 BR/1.5 BA townhomes, and 2- 1 BR/1 BA flats. These units have plenty of upside for the next savvy investor. With an average in-place monthly rent at only $560, and market rents averaging $1,144, the buyer has the opportunity to provide tremendous value to the tenants by updating the kitchens, baths, and flooring. The average roof age is only 7 years. All buildings have washer/dryer connections except the Sugarfoot Oaks buildings. The units are located within 4 very well known, popular subdivisions: Greenleaf, Sugarfoot Oaks, Tower Oaks and Tower Village. The units in Greenleaf & Tower Village are within walking distance to one another. The units in Tower Oaks & Sugarfoot Oaks are also within walking distance of one another. Collectively they are less than a 10 minute drive apart. There are no HOA dues in Tower Village, Tower Oaks, or Sugarfoot. The dues in Greenleaf are only $95/unit per year. The value add prospect is proven considering that updated units in each subdivision are consistently selling for much more per unit than the per unit asking price of this offering. All buyers must provide a proof of funds with their offer and before any tours are scheduled. Driving by the units is permitted, but please do not disturb the tenants. The successful buyer will have an opportunity to see the inside of all units during the inspection period.