$769,000
Active · 41 days on market · MLS# MFRO6407163
| Living area | 2,972 sq ft |
|---|---|
| Lot size | 0.11 acres |
| Year built | 1910 |
| Property type | Multi-Family 5+ |
| Waterfront | Yes |
| Annual taxes | $5,721 |
| County | Volusia |
STABILIZED 7-UNIT CASH COW PRODUCING AN 8% CAP RATE ON ASKING (AFTER TAXES, INSURANCE, AND EXPENSES)! 3 STREETS FROM THE BEACH! This is a rare, high-performing asset with a confirmed zoning of up to 10 units, and land use of 7 units per the Property Appraiser and zero code violations. This property delivers a strong 8% return in its current state, offering a proven track record of reliable income with even further room for appreciation. The property is fully stabilized with long-term tenants on active leases (6–12 months remaining) who take great pride in the property. Key features include a 2018 roof, solid mechanicals, on-site parking, a common patio area for tenants, and a "High and Dry" X flood zone designation. AS A BONUS: There is a large storage unit on-site that was previously an apartment and could be converted back for additional revenue. Located walking distance to the Main Street Pier and beach access, the equity here is undeniable: a 4-unit property just two doors down recently sold for $600k—this is 7 units with immediate, verifiable cash flow from day one. Perfect for a 1031 exchange or a portfolio expansion. Units nearby rent as AirBNB or long-term rentals! Call today!
Listing courtesy of Husain Jaffer, CHARLES RUTENBERG REALTY ORLANDO. Presented by MC Homes Realty Inc · 727432218.