319 Dixie Drive

Home » All Multifamily Properties » Florida & Gulf Coast » 319 Dixie Drive

Address: 319 Dixie Dr, Tallahassee, FL 32304, USA

Florida & Gulf Coast + Apartment Buildings

Created date: June 13, 2024

Date last updated: August 16, 2024

Ask About Potential Seller Financing
Historically Low Vacancy - Shortage of 1BR Units in the Submarket
All Utilities are Separately Metered
Tenants Handle Their Own Electric, Water, Phone, and Trash Collection
Close Proximity to Florida State University (FSU), Florida A & M University (FAMU), and Tallahassee Community College
Value-Add Proforma CAP Rate of 8.7% is Projected for Year 2
Assumes an Average Monthly Income Improvement of $60/Mo/Unit, with Minimal Added CAPEX
Tenants Pay Directly for All Utilities

Property Description

This 16 unit multi-family property is centrally located within the University Submarket of Tallahassee, and a short distance to Tallahassee Community College, Florida State University (FSU), and Florida A & M University (FAMU). These units are in high demand as there is a shortage of one-bedroom units in the area. This investment asset offers consistent cash flow with historically low vacancy and plenty of room for rent growth. This offering consists of four (4) garden-style buildings with four (4) units each, all within their own separate cul-de-sac. Built in 1982, all sixteen (16) units are 1 BR / 1 Ba units at 650± SF each. All roofs have been replaced within the past twelve (12) years. The existing rent roll is approximately $60+ / month per unit below market rents. Landlord has been steadily replacing appliances and fixtures in lieu of repairs.

Unavailable

Request Information

Key Property Information

Listing Status:	Unavailable
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$1,450,000
No. of Units:	16
Year Built:	1982
Lot Size:	0.20 Sq ft
Opportunity Zone:	No
Price per unit:	$90,625
Property Website	Click Here