Park Place Townhomes

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Address: 6417 2nd Terrace and others

Florida & Gulf Coast + Apartment Buildings

Created date: June 6, 2023

Date last updated: August 14, 2024

Property Description

Park Place Townhomes, 14 units apartment complex on South Stock Island, adjacent to Key West, FL. Gross Income $333,000.00 per year. 11 of the units have a minimum of a year lease, have been renovated, and are currently rented. The other 3 units are in a triplex building that is beyond repair and needs to be torn down and rebuilt. The property faces 3 different streets: 2nd Street, 3rd Ave, and 2nd Terrace. Free and clear with no mortgages or liens. North Stock Island has been annexed by the City of Key West. South Stock Island is still unincorporated Monroe County. Each unit has its own Real Estate Number and could be sold separately if desired. HOA corporation in place transfers to new owner if desired. There are 7 buildings: 1 single family home, 5 duplexes, 1 triplex. Each building has its own transferable LLC. All units are 2 bedrooms, 1 bath, unfurnished. Tenants pays for all utilities, separate meters for water & electric, tenants get their own accounts. Tenants reimburse for sewer and trash pickup. Off street parking. Map pin drop is not accurate as shown. More detailed info, financial and otherwise, available to be emailed. Send name, phone number, and email address. If I miss your call, text name and reason for call and I will call you back.

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Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Property Types:	Apartment Buildings
Price:	$4,975,000
No. of Units:	14
Cap Rate:	5.50%
GRM /GIM:	17.99
Average Occupancy:	98.00
Year Built:	1962
Year Renovated:	2024
Building Size:	10,314 Sq ft
Lot Size:	23,515.00 Sq ft
No. of Stories:	1
APN:	multiple
Zoning Code:	mixed use
Opportunity Zone:	No
Price per unit:	$355,357
Parking Spaces:	21