This apartment complex is located on a huge 20,953 sf lot. It is 1 block west of Federal Highway. Most tenants are month to month but have been renters for up to 8 years. All units have updated kitchens and consist of 6-studios ($775/m each), 4-one bedroom ($800/month each), 1-2/2 ($850/month), 2 small studios ($675/month each). Built in 1945, with 13 parking spots. The cap rate is 5% but rents are below market. Owner has current active hotel license. Property can easily be turned back to a hotel. Zoned C2 (mixed use commercial) for up to 10 story building. Please see photos and attachments. DO NOT APPROACH TENANTS!
Listing courtesy of Keller Williams Eagle Realty.