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11 Units w/ room to reach 22.2% CAP Rate!



$218,900

SOLD

1202 Ridgewood Ave

Holly Hill, FL

  • This is a package deal consisting of 11 separate doors at $19,900 per door.
  • Currently operating as a 13.1% CAP Rate with a Pro Forma CAP Rate of 22.2%!
  • Top market rents throughout building reach up to $700/ month for identical units.
  • Monthly HOA fee of $250/door covers association liability insurance, electricity, gas, water, exterior paint and building maintenance, garbage collection, pest control, cable, WIFI.
  • Breakdown of Income, Expenses, and CAP Rates can be viewed in attached document!
  • Building used to be a hotel and was converted to condo units in the 80's. This package deal is for 11 of the 102 units in the building.
  • Property is less than 10 minutes North of Bethune Cookman University, potentially making it good student housing. Across the street is a church that helps fill many of the units and pays rent on behalf of their tenants.
  • Last sold unit in building was 2017 which shows how great the cash flow is.
  • Cannot be replaced! Only 8 other units are available in the complex listed by another seller for $25,900 each.
  • All units are already furnished.

Documents

 

  • Sale Comps $605K - $770K
  • Rental Comps $6,050 - $7,700
  • Property Type Residential
  • Location Holly Hill, FL
  • Size 2904 sq. ft.
  • Bedrooms 11
  • Bathrooms 11
  • TAV 213K
  • Annual Taxes $4,226
  • Year Built 1984

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