Sundial Apartments
Work Force Housing 107 Units
Marketing description
Sundial Apartments offers a high occupancy asset with immediate upside and a clear runway ahead.
Lake City’s crossroads location at the I-10 / I-75 interchange is an easy commute for tenants to a robust
local and regional employer base.
This has resulted in a 2.5% unemployment rate and Household Income up a whopping 14.5% in 2024.
Sundial’s workforce housing profile puts new ownership squarely in the sweet spot to answer the markets
high demand for workforce housing and continue capitalizing on this remarkable growth story.
PLEASE REQUEST NDA FOR FULL FINANCIAL DISCLOSURE:
T12 P&L, Certified Rent Roll available to qualified investors upon the execution of
a Non-Disclosure Agreement.
PRICE DETERMINED BY MARKET. PLEASE CALL FOR DETAILS.
SELLER WILL NOT HOLD A NOTE.
Investment highlights
I. REVENUE COMPOSITION & UPSIDE
The property utilizes a diversified income model that shields the investor from fluctuations
in base rent.
Ancillary Income Drivers:
Value-Add Fees: a steady "Other Income" stream that exceeds 15% of the total revenue
mix including utility reimbursement income +9% above utility expenses.
Loss-to-Lease Capture: Current rent rolls indicate a systematic narrowing of the gap
between In-Place and Market rents.
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II. ASSET MIX & LEASING DYNAMICS
Sundial’s unit mix is designed to capture the broadest possible segment of the local workforce,
ensuring high demand and low turnover and provides a natural hedge against market fluctuations.
The property features a variety of floor plans:
• 62 Units- Studio / Efficiency (400 Sq Ft)
• 37 Units- Standard One-Bedroom (550 Sq Ft)
• 8 Units- Large One-Bedroom (750 Sq Ft)
Current Lease Status
Stability: High demand of Workforce Housing. Few competing properties. Minimal vacancy loss recorded
in the current rent roll.
Rent Appreciation: Rates have steadily increased over 25% since 2021.
Growth Potential: Current lease rates are 10% below market.
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III. ASSUMABLE FINANCING
Low Leverage Fannie Debt with the following terms:
Loan Balance- $4,255,000
Interest Rate- Fixed 4.15%
Maturity- Jan 1, 2032
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