205 Waller St, Plant City, FL 33563
Here are the full details on the 15 Unit property in Plant City.
Year built: 1969
Long term tenants with excellent payment history. Most tenants pay by Zelle (Cash App) or check.
Tenants are background checked and pay on time.
Current rents are lower than market rents. Very low maintenance.
Major renovations in the last two years: major bath and kitchen upgrades, flooring high quality vinyl planks installed. Plumbing upgraded. Faucets upgraded. New instant hot water heater, bathrooms renovated, new tile bathrooms, replaced cabinets, electrical upgrades, new garden installed, fencing all around the property, trimmed trees, doors replaced, painted interior and exterior, stalled light poles, installed security camera. There is a laundry room which is additional income.
No CAP expenditure expense required.
Hillsborough County is experiencing a 12.5 appreciation rate with MFR property. Rents are under market. Lots of room for value add.
Attached is the P&L, rent roll, leases, and pictures of the property.
11 out of the 15 leases have expired. All but 4 leases are month to month. Due to Covid restrictions on evictions, the seller has not renewed the expired leases, which makes those leases month to month. Evictions are not allowed for termination of tenancy. (Left it that way to have the option to evict if needed.)
None of the tenants are problematic.
The owner pays for all sewage, water and garbage, Total bill per month is around $1000. 6 units pay their own electricity. Total electricity bill for other units are around $500 )
Are there septic tanks on the property or city? (City)
6 units have separate meters. Rest have common.
Seller has a part time helper to manage the property – he is the handyman for the tenants on a as needed basis.
7 have new roofs. Rest are old metal roofs. No leaks though.
Just as an FYI – the property “is” permitted as a motel. (OCC CODE : APARTMENT HOTEL – EACH ROOM) Which means you can rent weekly or daily. The seller just started renting with a 6 month lease in place for $250 a week with a $1000 deposit for a few of the tenants. It works for the tenants as their total cost to move in is much lower than the current market price. The seller also does background checks for additional safety. This conversion could bring a total annual rent close to $200,000.
Available on 09.23.2021
Don’t let this excellent opportunity pass you by! Get it yours now!
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The sale of these properties may be contingent upon a successful close by the Buyer under Contract with the Current Owner. Seller may not be the owner of record of the property at the applicable court jurisdiction; however, the Seller holds equitable interest in the property along with the owner of record and such interest is documented through an executed Purchase and Sale Agreement