Listed by Lux Agency
$1,785,000
Tallahassee 13-Unit Single-Family House Portfolio
Details
APN 41022600H0310, 41-02-26-00H-019.0, 41-02-27-00A-006.0, 41-02-26-00F-022.0, 41-02-26-00F-016.0, 41-02-26-00F-013.0, 41-02-26-00G-005.0, 41-02-26-00F-011.0, 41-02-26-00A-001.0, 41-02-26-00B-003.0, 41-02-27-00B-010.0, 41-02-27-00B-009.0, 41-02-59-00A-008.0
Property Type Multifamily
Sub Type Student Housing, Single Family Rental Portfolio
Units 13
Cap Rate 5.83%
NOI $104,136
Occupancy 100%
Tenancy Multi
Pro-Forma Cap Rate 7.76%
Pro-Forma NOI $138,516
Buildings 13
Acreage 0.19 - 0.33
Investment Type Value Add
Multifamily | 13 Single-Family Houses (49 Bedrooms in Total) | $138,385/unit
Marketing description
- Current occupancy of 100% and average effective rents of $1,387 per unit demonstrate the portfolio's in-place performance and the renter demand depth across each submarket.
- We are pleased to present the exclusive offering of this Tallahassee 13-House Portfolio, a 13-unit multifamily asset totaling 17,061 square feet at Tallahassee, FL. The community benefits from strong occupancy, a desirable unit mix, and a location that consistently attracts quality residents.
- This Fully Leased portfolio of 13 Single-Family Houses in the heart of Tallahassee provides an investor with the opportunity to own a total of 49 bedrooms within 1 mile of Florida State University, 2 miles to Florida A&M University, and under 3 miles to Tallahassee State College.
- Currently, half of the properties are rented to students while the remaining properties are rented by families.
- Higher rental income could be achieved by taking advantage of the growing student population and demand for student housing in such close proximity to these 3 major institutions.
- Possibly the greatest long term value factor for these properties is the ability to build multi-story, multi-unit buildings on each parcel.
- Each lot is approximately 1/4 of an acre, providing ample room for a larger multi-story, multi-unit building along with more than sufficient parking space. This has been done on other similar parcels located nearby these properties to maximize value and cash flow for each property.
- Tallahassee, as the state capital, provides a diverse and stable economy driven by education, government, and healthcare. The city continues to see steady population growth and increasing student enrollment numbers, combined with a shortage of student-focused inventory in high-demand areas close to the universities/colleges.
- Thereby, creating a compelling long-term hold investment option with continued appreciation and cash flow upside.
Investment highlights
- New roof, electrical panels, and HVACs have been completed in some of the houses — substantial upside available with continued upgrades and renovations as leases expire.
- Market Rents allow for an increase in monthly rent over Current Rent by approximately $200 per house. As leases expire and/or improvements are made, rents can be increased to maximize cash flow.
- In-Place Rents Average 15% Below the Average of the Rent Comparables, leaving room for upside by setting new rents in line with nearby properties.
- Physical Value-Add Opportunity to Increase the Average Rent by $220+/month, resulting in Top-Line Annual Revenue Growth of $34,000+.
- ALL 13 Properties are located less than 1 mile to Florida State University, making student housing an ideal use for each. Currently, half of the properties are leased to students.
- 67,000+ Students and 17,000+ Employees supported by Florida State University, Florida A&M University, and Tallahassee State College, are within 10-minutes from ALL of the Properties.
- Conveniently located within five-minutes of the Pensacola & Tennessee Street corridors with 30+ local and national restaurant brands and retail stores.
- Each lot is approximately 1/4 of an acre — long-term redevelopment potential for multi-story, multi-unit buildings.
Listing Contacts
Listed by Lux Agency
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$104,136.00
$8,678.00/mo
Valuation Metrics
0
DSCR
5.83%
Cap Rate
5.83%
ROI
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