About 5611 12th Street
Under contract-accepting backup offers. Appraised for $425K in June 2023! Located in a very desirable market, just 2 miles from AdventHealth, Publix, Starbucks, Chic-Fil-A, Super Walmart and much more, this is a 3-unit triplex property fully leased with 2 of the 3 leases expiring in 6 months creating a significant value add opportunity. Two of the units are 2 bedrooms and one of the units is a 3 bedroom. This property rents for $47,400 per year. After expenses of about $15,000, the Net Operating Income is almost $32,000 per year. With 25% down, this property is making just under a 12% cash-on-cash return which includes a 5% vacancy factor, an 8% management fee and an amortizing loan. If desired, an interest-only loan will lower mortgage payments and push yields even higher. Value add opportunity in less than 6 months when 2 of the leases expire. The Buyer can adjust rents to market levels to achieve almost a 18% cash-on-cash return. For a full analysis, please contact us for details.
