- Multi Family properties for sale in South Florida “Martin county FL Multi Family properties”Great Investment Opportunity!
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Palm City FL Multi Family Property
781 Gardens Blvd Palm City, FL 34990, Palm City
-Palm City FL Multi Family Property- Prime 10 unit building in Old Palm City, FL. Property is close to parks, boat ramps, river, shopping, restaurants, beaches, and many other recreational facilities. Very little supply in rentals; therefore, the vacancy rate is low in Palm City. All but 2 units are on a month to month so immediate improvement in income is achievable. Great investment opportunity!
This concrete block 10 unit building is located in the heart of Old Palm City. Property has city water and is on septic with an elevated drain field. The eastern portion of the property could possible be developed for extra storage, and or, could creating additional income. All tenants are current with rent and property is 100% occupied. Rents are below market. Market rent is $895.00 per month plus. Majority of the tenants are on a month to month leases; thus, immediate increase in rents is possible. All units are large 1 bed and 1 bath. Each unit is 650 SF. Majority of the units have been renovated with newer water heaters, tile floors, etc. The metal roof was installed in November of 2017 and the windows have hurricane shutters.
- Property Size: 7,608 square feet
- Property Lot Size: 31,188 square feet
- Rooms: 30
- Bedrooms: 10
- Bathrooms: 10
Lot Size: 1 Acre
Cap Rate: 7.74%
Price Per Square Foot: $141.29
Year Built: 1982
External Construction: Concrete Block