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3833-3835 Reid St

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Address: 3833 Reid St, Palatka, FL 32177, USA

Florida & Gulf Coast + Apartment Buildings

Created date: October 22, 2024

Date last updated: October 23, 2024

Total gross rental income of $113,000
100% Occupied
Direct left-hand turning access
Zoned Commercial (C2)
Owner financing with strong downpayment
3.42 Acres

Property Description

Introducing a unique investment opportunity in the rapidly expanding commercial corridor near State Road 100 and State Road 19 – a prime 3.42-acre property that offers a blend of multifamily residential income and commercial development potential. Key Highlights: Current Use & Income: This property includes 3 single-family homes and 4 duplexes, generating $113,000 in gross rental income from 11 fully-occupied units. Rents are set to increase on November 1, boosting the cap rate to 8.5%. Zoning Flexibility: Zoned Commercial (C2), this property is ideal for a wide range of business uses, including a medical facility, hotel, or other high-demand commercial ventures. Benefit from existing rental income while planning for future development. Development Potential: With 20,000 cars passing the property daily and direct left-hand turning access, this location offers outstanding exposure for commercial enterprises. The nearby intersection is already home to major retailers and restaurants like Lowe’s, Home Depot, Holiday Inn Express, Zaxby’s, and the brand new WAWA and Longhorn Steakhouse. Financing Options: The seller is offering flexible owner financing with just 50% down and a 7% interest rate, making it easier to seize this lucrative opportunity. Buyer is only required to obtain liability insurance, not property insurance – a significant cost savings. Solid Construction: All structures are built with durable block construction. Whether you're looking to develop a commercial property, petition for a zoning change to add additional units, or simply collect rent while finalizing your plans, this property offers unlimited potential in a highly desirable and fast-growing area. Don’t miss out on this rare chance to invest in a property with income generation, future development potential, and a prime location!

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Key Property Information

Listing Status:	Available
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$1,100,000
No. of Units:	11
Year Built:	1971
Lot Size:	3.42 Sq ft
Opportunity Zone:	No
Price per unit:	$100,000
Property Website	Click Here