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3575 US 441 Lake City FL 32025 Available

  • $679,000
  • 6 beds
  • 6 baths

3575 US 441 Lake City FL 32025

6bth /6bd
7 acres
Located in Lake City, Florida, is this six-unit multi-family property with billboard income. There are three buildings and one mobile home on the property. The first building consists of six remolded efficiency rooms that rent to long-term tenants at a weekly rate. The remaining buildings must be turned down and redeveloped into commercial buildings. They were grandfathered in as multi-family but since being vacant for more than six months they lost their status. As it stands, it is zoned commercial which gives an investor lots of options. I was also told that if the city gives the new owner a commitment letter to bring public utilities to the property, the new owner can ask to change the zoning to multi-family. With the possibility of the new zoning, the new owner can have up to 55 units, 8 units per acre. The property is currently on well and septic but would need to get public utilities in order to get the zoning changed. Since the tenants are paying weekly, the current owner pays for electricity. The current owner has no financials since they operate it as a cash business. The current monthly income is $2000 a month from the weekly rentals. We are suggesting getting the current tenants on leases while coordinating with the city on different options and plans for the property. According to the seller, the land alone recently appraised for $550,000.

Value add multi-family properties with development opportunities tend to move fast,

Available on 10.31.2021

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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

3575 US 441
Lake City, Florida 32025
Lot Size:
7 acres
Assignment of Contract
Property Type:

Additional Features

3575 US 441 Lake City FL 32025 6bth /6bd 7 acres

Call (954) 280-5883 for more details

Property Location