1110 And 1114 Bates Ave. Eustis, FL 32726 Sold

1110 And 1114 Bates Ave. Eustis, FL 32726

10 Beds | 6 Bath
Square feet: 3,500 sq ft
Year built: 1967

Description:

Fully occupied 6 unit Block Apartment Building in Eustis.  The building is well kept and a has great rental value.  The roof was re-tarred 2 years ago.  New wall AC units installed so window units can be removed (some still have window units in).  More interior pictures and videos coming soon. Great price for a great 6 unit apartment building in a growing area of Florida.

All units are rented but rented below market value.  There are two 1bed, 1bath units (one rented for $350/m and the other for $500/m), there are four 2bed/1bath units rented for $600 each.  After checking comparable rents on multifamily units nearby, most 1/1 units are rented for $800+, and most 2/1 units are $900+.  Should be easily able to increase rents to $650/m on the 1/1 units and $750/m on the 2/1 units. After increasing rents, the gross rental income would be $4300/m.  The current gross rent is still a solid $3250/m.

Rent Rolls and Leases available on request.

Some of the tenants fell behind during Covid but they are now signed up for Cares Act, and LCAA for rental assistance.

All units pay their own electric and water bills, All separately metered.

Lease agreement – Current Owner does not have any lease agreements for any of the tenants living in the units. They are paying month to month.

Available on 11.11.2020

Don’t let this excellent opportunity pass you by! Get it yours now!