Income Property For Sale - 6 condominiums - 5,000

Description

6
condominiums for sale in Melbourne,  FL
Listed at 5,000
All 6 condominiums are located in a 34-unit complex in Melbourne, FL and are priced between ,500 and ,000 each.  Every condominium in the complex have the same layout with the living area and kitchen downstairs and 2 bedrooms and 1 bath upstairs for a total of 740 square feet.
The condo association dues were reduced in 2019 and are now only 0 a month which covers a master insurance policy, all exterior maintenance including exterior paint, parking lot maintenance, landscaping and roof repair / replacement.  There is no intent for the monthly fees to change in the foreseeable future and there is no need or plans for any special assessments.
Some of the upgrades that have been done on these units are as follows:
19D: New appliances, water heater and AC system in 2019 - Tenant occupied on 12 month lease - 0 a month
20B: This was completely renovated in 2017 including new electrical panel and AC system.  Carpet in the bedrooms was replaced in 2020 along with new kitchen countertops.  Tenant occupied on a 12 month lease 5 a month
21: Water heater was replaced in 2017.  Completely renovated along with new electrical panel and AC system in 2015.  Tenant occupied on 12 month lease 0 a month
23: New water heater in 2021 and new appliances in 2015.  Upgrades to the bathroom and kitchen were done in 2013, tenant as been residing there since 2014.  Month to month at 0 a month
25: New kitchen, appliances and AC in 2016.  New water heater December 2020.  Tenant occupied, month to month 0 a month.  Tenant lived there since 2017
20D: New appliances in 2018.  New AC 2014.  Upgraded kitchen and bathroom in 2013/14.  Tenant occupied 12 month lease at 0 a month
The financial breakdown for the 6 units are as follows:
Gross Potential Income:
$ 54,300
Vacancy Rate (3%):
$
1,629
Gross Operating Income:
$ 52,671
Property Taxes:
$
3,069
Condo Association Dues:
$  10,800
Total Expenses:
$  13,869
Net Operating Income:
$ 38,802
CAP Rate:
9.1
%
The owner is a licensed real estate agent and can offer full management services after the sale if required.
The property itself is predominantly investor owned and almost entirely rentals.   Three investors own over half the complex and have made considerable investments into their units resulting in a solid and stable tenant base.  Under this ownership mix, this co
mplex will not meet FHA lending requirements so commercial lending or cash buyers are required.
** There is no owner financing available
** Please do not generically ask for "more information".  If you have specific questions then please ask and will be more than happy to answer your questions.
** The price is not negotiable.
Recent sales: June 2021 - 22C sold for ,000 - requires a complete renovation including needing a new AC system and appliances
January 2021: A fully renovated unit sold for ,000
Increasing some of the rental rates to fair market will push the CAP rate to 10% which is unheard of in this market.
There are plans to conduct significant improvements to the buildings that will further enhance future value.
Interested buyers should select buy now and once terms are agreed, a Florida contract will be executed and the transaction will be handled through a local title company.
About Melbourne, FL:
A rapidly growing city on Florida’s east coast.
Very stable employment base including major employers such as L3Harris, Northrop Grumman, Raytheon Technologies, Boeing, SpaceX, Health First Medical Group, Clear Choice Health Care and Space Coast Credit Union.
Since NASA ended the shuttle program in 2011 the Cape Canaveral launch facilities have been redeveloped into a state of the art space hub and has seen explosive growth over the last 9 years as evidenced with the recent SpaceX manned mission to the space station.