100 NE 10th Ter
- 5 duplex style structures on almost an acre of land with 10 units. Tremendous upside - current under market rents can be raised
- All units are 2/1 traditional apartment and several of the units have been rehabbed - this work continues
- Great income opportunity, with proforma numbers conservatively reflecting north of $150,000 annually. Current rents are under market
- 4 vacant units at present, as new management company gets situated, with some units also needing renovation
- Zoned RL-4, Unincorporated Polk County
- Utility Providers - TECO for electric, water and sewer provided by the City of Mulberry
- Tenants pay their own electric, Landlord pays water and sewer
- Each structure has space for tenant parking. Central fenced trash receptacle on site, and there is a central mailbox area for the tenants
- All buildings have recently been pressure washed
- Currently managed by a 3rd party company - could be transitioned to new owner management
- There are code enforcement issues at the property, which are being addressed, as well other other issues from different properties tied to the entity. The brokers can provide more details
- Rent roll available
Property Description
We are pleased to present this investment opportunity in Mulberry Florida, only 5 minutes from Lakeland. This is a 10-unit property offering tremendous value-add. The asset comprises five duplex buildings, all featuring traditional 2-bedroom, 1-bathroom units (a portion of which are fully renovated). The current vacancies, resulting from a recent management change and deferred maintenance, are a direct value-creation opportunity for a new owner. Several of the units have and continue to be rehabilitated. The buildings have all been pressure washed and the buildings sit on almost 1 acre. There is separate parking for each of the buildings, and the property has a central mailbox system. As for location, it has excellent connectivity via N Church Ave/SR 37 in Mulberry. State Road 60 runs east and west through the state, and SR 37 is also known as Florida Ave, which runs through Lakeland.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $795,000 |
| No. of Units: | 10 |
| Year Built: | 1973 |
| Lot Size: | 0.92 Acres |
| Opportunity Zone: | No |
| Price per unit: | $79,500 |
| Property Website | Click Here |
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout