8 Units in the heart of Pace!
Multi-Family
for Sale
| Catylist Listing ID: |
30875641 |
| Property Subtypes: |
Duplex/Fourplex
|
| Number of Units: |
8 Units |
| Building Size (RSF): |
6,144 SF |
| Gross Land Area: |
1.36 Acres
|
| Sale Price: |
$1,100,000 |
| Unit Price: |
$137,500 Per Unit |
| Property Use Type: |
Investment |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
7.2% |
| Last Updated: |
8/26/2024 |
Overview / Comments
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8 quality units in the heart of Pace and located just a half mile north of the popular and growing 5 points intersection where you'll find the new Starbucks and Publix! All units are 2 bedroom / 1 bath and have: central heat & air, open living room and kitchen layout with washer dryer connections in the unit and a private patio plus a dedicated storage room outside the unit. The current gross rent is $8400 per month but with the 3 most recent vacant units renting for $1250 per month there is room to increase revenue. 4 Units have been totally remodeled and rent has been increased but the other 4 units offer opportunities to increase your return through value add improvements and higher rent. Conveniently, all leases under $1150 are month to month and all leases at $1150 and up are locked into a lease up to 1 year. The property has been well kept and the current owners have made over $75k in capital improvements(Interior renovation, fences, paved parking area, new windows in 2 units) in the last few years. Each unit is separately metered and the tenants pay their own utilities. The owner pays the electric bill for the lift station and splits the bill for the dumpster with the neighboring property. Lodging Cir is a small private circle drive community made up of 4 quadplexes with trees surrounding the neighborhood and a large area of green grass in the center. The current offering of 3378 & 3386 Lodging Cir sit next door to each other. Both buildings received a new roof in 2021. This is the ideal rental, it makes good money today but still offers lots of upside for the new owner!
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Financials
| Finance Data Year |
2023 |
| Real Estate Taxes - Annual($) |
$5,064 (Annual) |
| Potential Rental Income |
$100,800 (Annual) |
| Net Operating Income |
$76,800 (Annual) |
| Actual or Proforma Year |
Proforma |
Additional Details
| Nearest MSA: |
Pensacola-Ferry Pass-Brent |
| County: |
Santa Rosa |
| Taxing Authority: |
Santa Rosa County |
| Tax ID/APN: |
31-2N-29-0000-00812-0000 |
| Percent Occupied: |
100% |
| Property Located Between: |
Quintette Rd & Chumuckla Hwy Immediately south of Tunnel Rd |
| Highway Access: |
Head south to Hwy 90, Multiple options to pick up I-10. |
| Airports: |
Pensacola International Airport -14 Miles |
| Site Description: |
Relatively Flat, circle drive. 3378 & 3386 Lodging Cir are on your right when you turn in. Two buildings owned by 1 owner are across the grassy area on the other side of the loop |
| Area Description: |
Growing mostly residential area with lots of new construction homes and well established neighborhoods. Shopping and Restaurants nearby at 5 points or south on Hwy 90. |
| Total Number of Buildings: |
2 |
| Property Condition: |
Good |
| Number of Stories: |
1 |
| Year Built: |
1984 |
| Year Renovated: |
2022 |
| Roof Type: |
Hip |
| Construction/Siding: |
Wood Frame, Wood Siding |
| Parking Ratio: |
3 (per 1000 SF) |
| Parking Type: |
Surface |
| Parking Description: |
2 lined parking places per unit with some additional areas that could be used for parking if needed. |
| Laundry: |
In Each Unit |
| Sprinklers: |
None |
| Heat Type: |
Electricity |
| Heat Source: |
Central |
| Fuel: |
Electric |
| Water Service: |
Municipal |
| Sewer Type: |
Municipal, Other |
| Legal Description: |
3378 Lodging Cir:
Updated Description For 2021 Com At Ne Corner Of Section 31 Township 2 North Range 29 West Thn S0 06'15"W 30 Ft Along E Sec Ln Thn N89 08'30"W 16.95 Ft To Wly R/W Of Sr 197 & S R/W Of Gas Semnt Thn Cont W 152 Ft To Pob Thn Cont W 153 Ft Thn S0 51'30"W 200 Ft Thn N 86 22'27"E 35.47 Ft Thn N03 37 '33"W 10 Ft Thn N86 22'27"E 118 Ft Thn N0 51'30"E 177.7 Ft To Pob As Des In Or 4084 Pg 282
AND
3386 Lodging Cir:
Parcel 2: Port Of Sections 31 & 32 Township 2 North Range 29 West Des As: Com At Ne Corn Of Said Sec 31 Th S0 06'15"W 30 Ft Th N 89 08'30 W 16.95 Ft For Pob Th Cont 152 Ft Th S00 51'30"W 177.97 Ft Th N86 22'27"E 181.69 Ft To Wly R/W Of State Rd 197 Th Nly Along R/W 166.68 Ft To Pob As Des In Or 4084 Pg 279 |
Demographic Statistics
| Proximity: |
3 miles |
5 miles |
| Total Population: |
18,215 |
35,307 |
| Median Age: |
39.99 |
38.99 |
| Households: |
6,603 |
13,052 |
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© Copyright 2024 Moody's. All Rights Reserved.
The information presented herein is provided as is, without warranty of any kind.
Neither Gulf Coast CMLS nor
Moody's assume any liability for errors or omissions.
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