10 Unit - 5 Building Multifamily Property Opportunity
Multifamily | 10 Units | $79,500/unit
Marketing 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.
For more information please visit: https://commercial.saundersrealestate.com/commercial-property-for-sale/100-ne-10th-ter-mulberry-sale/
Investment highlights
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
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