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Listed by Matthew Jones • KELLER WILLIAMS REALTY GULF COAST
Bought with Matthew Jones • KELLER WILLIAMS REALTY GULF COAST
Bought with Matthew Jones • KELLER WILLIAMS REALTY GULF COAST
$ 900,000
$ 1,100,000 18.2%
Est. payment | /mo
16 Beds
8 Baths
6,144 SqFt
$ 900,000
$ 1,100,000 18.2%
Est. payment | /mo
16 Beds
8 Baths
6,144 SqFt
Key Details
Sold Price $900,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Square Footage 6,144 sqft
Price per Sqft $146
MLS Listing ID 649500
Bedrooms 16
Full Baths 8
Year Built 1984
Property Description
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!
Location
State FL
County Santa Rosa
Rooms
Other Rooms Workshop/Storage
Interior
Heating Central
Cooling Central Air
Flooring Tile
Exterior
Parking Features 2 Space/Unit
Fence Privacy
View Y/N No
Roof Type Shingle
Building
Lot Description Corner Lot, Interior Lot
Story 1
Water Public
Structure Type Frame
New Construction No
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Andy Rose
Broker Associate | License ID: FL: 3444771 GA: 348516
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