Make Money Now: High-Yield, Under-Market Income-Producing Apartment Building
Unlock the potential of this 12-unit apartment building, spanning 10,954 sq ft, with each spacious unit offering 913 sq ft of living space. Currently 100% rented M/M at substantially under-market rates, this property presents a rare opportunity for savvy investors looking to maximize their ROI. Management has done little to make this cash cow payoff other than fully rented, They have made since 2021/21 to date replaced 1/2 the windows, 3/4 of the a/c units and it has a 1 yr old roof, outside painted. It is a solid, functioning, occupied, income producer which is highly under performing due to mgmt and updating mainly interior and some exterior. This may be the cheapest updating investment you will find. Going market rent (1B-1B) $1200-$1400-(2B-1B)$1600- $1800 p/m
Key Features:
Fixer-Upper in Great Condition: Well-maintained structure, needing only minor updates in units and exterior to elevate to market standards.
High Cap Rate Potential: Projected cap rate of 9-10%, with the ability to nearly double if not double current income under new management.
Significant Value Increase: Post-renovation, the property value could soar to between $2.5 and $3 million, aligning with its replacement value.
Prime Location: Situated close to waterways, hospitals, shopping centers, public transportation, parks, and sports stadiums Minutes to Fort myers beach and rt 75 and FW airport.
Nestled in a residential community on the edge of urban and commercial establishments, attracting Valued tenants.
Investment Highlights:
Under-Market Rental Rates: Significant upside potential by bringing rents to market levels (6 Figure est).
Cost-Effective Upgrades: Investment in updates can and will drastically increase revenue and property value. Land value is $240K bring the asking price of the building to $1.11M
Strong Rental Demand: Location and unit size make this property a magnet for tenants seeking quality housing.
This diamond in the rough is a must-have for investors seeking high returns and substantial property appreciation. Don’t miss out on this rare opportunity to add a prime income-producing asset to your portfolio.
This Investment easy accomodate ARV income; The 1% rule of return and 50% expense rule
Contact us today to schedule a viewing and explore the immense potential of this investment property.
Unlock the potential of this 12-unit apartment building, spanning 10,954 sq ft, with each spacious unit offering 913 sq ft of living space. Currently 100% rented M/M at substantially under-market rates, this property presents a rare opportunity for savvy investors looking to maximize their ROI. Management has done little to make this cash cow payoff other than fully rented, They have made since 2021/21 to date replaced 1/2 the windows, 3/4 of the a/c units and it has a 1 yr old roof, outside painted. It is a solid, functioning, occupied, income producer which is highly under performing due to mgmt and updating mainly interior and some exterior. This may be the cheapest updating investment you will find. Going market rent (1B-1B) $1200-$1400-(2B-1B)$1600- $1800 p/m
Key Features:
Fixer-Upper in Great Condition: Well-maintained structure, needing only minor updates in units and exterior to elevate to market standards.
High Cap Rate Potential: Projected cap rate of 9-10%, with the ability to nearly double if not double current income under new management.
Significant Value Increase: Post-renovation, the property value could soar to between $2.5 and $3 million, aligning with its replacement value.
Prime Location: Situated close to waterways, hospitals, shopping centers, public transportation, parks, and sports stadiums Minutes to Fort myers beach and rt 75 and FW airport.
Nestled in a residential community on the edge of urban and commercial establishments, attracting Valued tenants.
Investment Highlights:
Under-Market Rental Rates: Significant upside potential by bringing rents to market levels (6 Figure est).
Cost-Effective Upgrades: Investment in updates can and will drastically increase revenue and property value. Land value is $240K bring the asking price of the building to $1.11M
Strong Rental Demand: Location and unit size make this property a magnet for tenants seeking quality housing.
This diamond in the rough is a must-have for investors seeking high returns and substantial property appreciation. Don’t miss out on this rare opportunity to add a prime income-producing asset to your portfolio.
This Investment easy accomodate ARV income; The 1% rule of return and 50% expense rule
Contact us today to schedule a viewing and explore the immense potential of this investment property.
Property Details
Price:
$1,350,000
MLS #:
A4619028
Status:
Pending
Beds:
288
Baths:
144
Address:
2148 DORA STREET
Type:
Multi Family
Subdivision:
CRANFORDS SUB
City:
FORT MYERS
Listed Date:
Aug 2, 2024
State:
FL
Finished Sq Ft:
10,952
ZIP:
33901
Lot Size:
18,818 sqft / 0.43 acres (approx)
Year Built:
1971
Units:
12
See this Listing
I have been selling real estate for over 23 years from New York to Florida. My main service areas include Celebration, Marco Island, Miami, Naples, Orlando, Sarasota, Tampa, Windermere. We can help you buy or sell real estate anywhere in the State of Florida. Looking for Golf Course Homes For Sale, Luxury Estates, Beachfront Condos, Gated Communities, Fine Homes and Estates, we cover it all.
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Schools
Interior
Appliances
Convection Oven, Refrigerator
Cooling
Central Air
Flooring
Tile
Heating
Central, Electric
Laundry Features
None
Exterior
Community Features
Park
Construction Materials
Block, Stucco
Exterior Features
Lighting
Other Structures
Shed(s)
Parking Features
Common, Ground Level
Roof
Shingle
Financial
Buyer Agent Compensation
2%%
Tax Year
2023
Taxes
$21,912
Map
Community
- Address2148 DORA STREET FORT MYERS FL
- CityFORT MYERS
- CountyLee
- Zip Code33901
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Courtesy of KELLER WILLIAMS ON THE WATER S. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the Stellar MLS. Detailed information about real estate listings held by brokerage firms other than CENTURY 21 Carioti include the name of the listing broker. Neither the listing company nor CENTURY 21 Carioti shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. Stellar MLS. All rights reserved. 2148 DORA STREET
FORT MYERS, FL
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