Bates Ave, Eustis FL 32726

Fully occupied 6-unit block apartment building in Eustis. The building is well kept and a has great rental value. The roof was re-tarred 2 years ago. New wall AC units installed so window units can be removed (some still have window units in). More interior pictures and videos coming soon. Great price for a great 6-unit apartment building in a growing area of Florida.

All units are rented, but below market value:

(2)  1 bed, 1 bath units (one rented for $350/m and the other for $500/m),

(4) 2 bed/1 bath units rented for $600 each.

After checking comparable rents on multifamily units nearby, most 1/1 units are rented for $800+, and most 2/1 units are $900+. Should be easily able to increase rents to $650/m on the 1/1 units and $750/m on the 2/1 units. After increasing rents, the gross rental income would be $4300/m. The current gross rent is still a solid $3250/m.

Rent Rolls and Leases available on request.

Some of the tenants fell behind during Covid but they are now signed up for Cares Act, and LCAA for rental assistance.

All units pay their own electric and water bills, All separately metered.

Lease agreement – Current Owner does not have any lease agreements for any of the tenants living in the units. They are paying month to month.

Assignable

Current Monthly Rent: $3,250

Est. Market Rent: $4,300