15% Cap rate 740 SW Avenue B Pl Belle Glade, FL 33430
Great rental opportunity located in the center of Belle Glade city with lots of potential! This building consist of 20 rental units and each is a 1/1. This property will require a lot of work, but the equity is there for the investor comfortable with a full rehab. This apartment building is gutted and will need a full rehab.
Rehab Cost 240k (12k per door) Contractor fee – 6k
Purchase price= $610,000 Projected cap rate is after rehab and it is greater than 15%.
Each Unit can be rented for $600 Section-8 There is a long line of approved section 8 Tenants waiting for house.
Short supply of section 8 housing in the area. ***Buyer agrees to assume Case #17-229a (minimum Housing) with a lien accruing $100 a day since October 3rd, 2017*** Buyer must properly secure property to the city of Belle Glades standards. Lien amount is approximately $21,800 to date. Liens can be negotiated with the city
Sale Comps$1.2M – $1.4M
Rental Comps$12,000 – $14,000
- 740 SW Avenue B Pl Belle Glade, FL 33430
- Belle Glade
- Zip Code:
- Year Built:
- For Sale
- Property Type:
- Square Feet:
- Const. Type: