Cashflow Producing 5 Unit Multifamily with Land - Commercially Zoned

Multi-Family for Sale
Catylist Listing ID: 30049618
Property Subtypes: Duplex/Fourplex, Mixed Use, Other
Number of Units: 5 Units
Building Size (RSF): 3,452 SF
Gross Land Area: 29,104 SF
Sale Price: $450,000
Unit Price: $90,000 Per Unit
Property Use Type: Investment
Building Name: 1500 Clearwater Largo Road
Sale Terms: Cash to Seller, Owner Financing
Cap Rate: 6.0%
Last Updated: 11/8/2017

Overview / Comments

5 Unit cash-flowing multifamily in Largo, FL.

Property Consists of:

Four 1/1 cottages (576 SF each), one 1,148 SF 2/1 single family home and 10,848 SF vacant lot with development potential for additional MF units, or commercial use.

All units have been very well maintained and recent improvements include windows and roof.

Separate electric/water meters (tenants pay utilities).

Includes street to street frontage between 15th Avenue NW and 16th Avenue NW.

On another note - this property has adequate dimensions for some national fast food retailers. It is possible to develop this property into a franchise location in the future as growth in the area dictates. Mixed Use zoning will allow for this.

Financials

Finance Data Year 2017
Real Estate Taxes - Annual($) $7,490 (Annual)
Assessed Value - Total($) $357,650 (Annual)
Net Operating Income $26,000 (Annual)
Gross Operating Income $38,400 (Annual)

Additional Details

Nearest MSA: Tampa-St. Petersburg-Clearwater
County: Pinellas
Taxing Authority: City of Largo
Tax ID/APN: 272915389700030030
Zoning: MIXED USE - CITY OF LARGO
Property Located Between: Rosery and Ponce De Leon
Total Number of Buildings: 5
Property Condition: Good
Number of Stories: 1
Year Built: 1948
Roof Type: Gable
Construction/Siding: Block
Parking Type: Surface
Parking Description: 5 carports.
Total Parking Spaces: 10
Heat Type: Electricity
Heat Source: Wall Units
Air Conditioning: Package Unit, Window Unit
Zoning Description: Within the City of Largo's Clearwater-Largo Rd., redevelopment district.
Lot Frontage: 208 ft on Clearwater-Largo Rd
Lot Depth: 113 ft on north and 163 on south.
Water Service: Municipal
Sewer Type: Municipal, Storm
Legal Description: HIGHLAND PARK BLK 3, LOTS 1-5.

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 19,642 116,541 266,875
Median Age: 42.56 47.01 46.22
Households: 8,785 53,445 122,008

Contact

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