10 Unit - 5 Building Multifamily Property Opp

We are pleased to present this investment opportunity in Mulberry Florida, only 5 minutes from Lakeland.

This is a 10-unit property offering tremendous value-add. The asset comprises five duplex buildings, all featuring traditional 2-bedroom, 1-bathroom units (a portion of which are fully renovated).

The current vacancies, resulting from a recent management change and deferred maintenance, are a direct value-creation opportunity for a new owner. Several of the units have and continue to be rehabilitated. The buildings have all been pressure washed and the buildings sit on almost 1 acre.

There is separate parking for each of the buildings, and the property has a central mailbox system.

As for location, it has excellent connectivity via N Church Ave/SR 37 in Mulberry. State Road 60 runs east and west through the state, and SR 37 is also known as Florida Ave, which runs through Lakeland.

Highlights

• 5 duplex style structures on almost an acre of land with 10 units. Tremendous upside - current under market rents can be raised
• All units are 2/1 traditional apartment and several of the units have been rehabbed - this work continues
• Great income opportunity, with proforma numbers conservatively reflecting north of $150,000 annually. Current rents are under market
• 4 vacant units at present, as new management company gets situated, with some units also needing renovation
• Zoned RL-4, Unincorporated Polk County
• Utility Providers - TECO for electric, water and sewer provided by the City of Mulberry
• Tenants pay their own electric, landlord pays water and sewer
• Each structure has space for tenant parking. Central fenced trash receptacle on site, and there is a central mailbox area for the tenants
• All buildings have recently been pressure washed
• Currently managed by a 3rd party company - could be transitioned to new owner management
• There are code enforcement issues at the property, which are being addressed, as well other other issues from different properties tied to the entity. The brokers can provide more details
• Rent roll available

For more information please visit: https://commercial.saundersrealestate.com/commercial-property-for-sale/100-ne-10th-ter-mulberry-sale/