11 Units w/ room to reach 22.2% CAP Rate!
1202 Ridgewood Ave Holly Hill, FL
This is a package deal consisting of 11 separate doors at $19,900 per door. Currently operating as a 13.1% CAP Rate with a Pro Forma CAP Rate of 22.2%! Top market rents throughout building reach up to $700/ month for identical units. Building used to be a hotel and was converted to condo units in the 80’s. This package deal is for 11 of the 102 units in the building. Monthly maintenance fee covers association liability insurance, electricity, gas, water, exterior paint and building maintenance, garbage collection, pest control, cable, WIFI. $250/door Property is less than 10 minutes North of Bethune Cookman University, potentially making it good student housing. Across the street is a church that helps fill many of the units and pays rent on behalf of their tenants. Breakdown of Income, Expenses, and CAP Rates can be viewed in attached document! Last sold unit in building was 2017 which shows how great the cash flow is. Cannot be replaced! Only 8 other units are available in the complex listed by another seller for $25,900 each. All units are already furnished.
- 1202 Ridgewood Ave Holly Hill, FL
- Holly Hill
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- For Sale
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