BANK OWNED PROPERTY FOR SALE
$500,000 “AS IS” MULTI FAMILY
INVESTORS SPECIAL 31 TOTAL UNITS

PROPERTY DETAILS

Year Built 1965
Total Units 31
Land Size 1.02 acres
Construction Concrete Block
Address 810 Sycamore St.
Titusville, Fl. 32780

PROJECTED

Potential Gross Income $148,800
($400/month/unit)
Less Vacancy @ 15% (Market) $ 22,320
Effective Gross Income $126,480

LESS ESTIMATED OPERATING EXPENSES

Real Estate Taxes $ 14,756
Property Insurance $ 10,956
Repairs & Maintenance $ 7,115
Utilities $ 7,115
Off Site Management $ 7,115
Miscellaneous $ 2.846
Total Expenses $ 49,901

Net Operating Income @ 85% $92,389

POTENTIAL PURCHASE OPPORTUNITY

Listed Purchase Price $500,000
Per Unit $ 16,129
CURRENT OCCUPANCY 0%

ORIGINAL PURCHASE $1,120,000
PURCHASE DATE 7/2005

The property is currently vacant and waiting for renovation. It has recently been tented and boarded up. Solid concrete block construction, good roof. Each unit needs new appliances, outside painting, interior painting with some dry wall replacement, some plumbing and electrical work.

Based on a stabilized cap rate of 8.5%, future value may be more than $1,000,000.

This one was just listed and won’t last long. Once renovated, low rents equals fast lease up. City of Titusville is willing to help. Please call for details.

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