THE EAGLE LAKE APARTMENTS FOR SALE!
19 W Eagle Ave
Eagle Lake, FL 33839
Highlights
- 11-UNIT MULTIFAMILY PORTFOLIO CONSISTING OF AN 8-UNIT APARTMENT BUILDING AND 3 SINGLE-FAMILY HOMES.
- LOCATED IN THE HEART OF EAGLE LAKE, FL! SEVERLY UNDER-MARKET RENTAL RATES IN PLACE GIVE THE BUYER A MASSIVE UPSIDE!
- THE UNITS ARE CURRENTLY $250 PER MONTH BELOW THE CURRENT MARKET AVERAGE.
- 100% OCCUPIED, AND ALL UNITS HAVE UNDERGONE SIGNIFICANT RENOVATIONS!
- 8.3% CAP RATE IN 2025!
- 10.5% CASH-ON-CASH RETURN IN 2025! 9% CAP RATE 2026!
- 11.4% CASH-ON-CASH RETURN IN 2026! 10% CAP RATE 2027!
- LONG-TERM TENANTS IN PLACE AT THE PROPERTY!
- THE ROOFS WERE REPLACED IN THE PAST 6 YEARS!
Description
THE EAGLE LAKE APARTMENTS CONSIST OF A BEAUTIFUL 8-UNIT APARTMENT COMPLEX AND 3 SINGLE-FAMILY HOMES, ALL IN FANTASTIC CONDITION. THE PROPERTY HAS RECENTLY BEEN UPDATED AND ALL UNITS ARE IN FANTASTIC CONDITION. THIS AMAZING ASSET SITS IN THE HEART OF DOWNTOWN EAGLE LAKE, FL A CITY IN WINTER HAVEN, FL! THIS AREA HAS SEEN MASSIVE GROWTH IN THE PAST 5 YEARS AND HAS A LARGE MARKET FOR RENTAL UNITS WITHIN THE DOWNTOWN CORRIDOR OF EAGLE LAKE.
THE PROPERTY IS 100% OCCUPIED AND WITH THE LIMITED NUMBER OF UNITS AVAILABLE FOR RENT IN EAGLE LAKE, THE DEMAND IS OFF THE CHARTS! THERE IS ALMOST NOTHING AVAILABLE FOR RENT CURRENTLY IN THE ENTIRE AREA AS MORE AND MORE PEOPLE CONTINUE TO MOVE INTO THIS CITY. THIS WILL BE A HUGE POSITIVE FOR A BUYER AS THEY CAN RAISE THE RENTS QUICKLY WITHOUT SPENDING EXCESS MONEY ON IMPROVEMENTS! WITH THE PROPERTY'S PRIME LOCATION, THESE UNITS WILL STAY RENTED AND THE RENTAL RATES WILL ONLY CLIMB OVER TIME!
THE EXTERIOR OF EACH PROPERTY IS ALSO IN GOOD CONDITION AS EACH ROOF HAS BEEN REPLACED IN THE PAST 6 YEARS. THIS WILL ALLOW A BUYER TO RAISE RENTAL RATES WITHOUT HAVING TO SPEND MUCH ON CAPEX. THE UNITS ARE APPROXIMATELY $250 PER MONTH BELOW THE MARKET AVERAGE GIVING THE BUYER MASSIVE UPSIDE AND THE ABILITY TO INCREASE THEIR NOI QUICKLY!
GIVEN THE ABILITY TO RAPIDLY INCREASE THE RENTAL RATES AT THE PROPERTY, A BUYER CAN OBTAIN A CAP RATE OF OVER 8.3% AND A CASH-ONCASH RETURN OF 10.5% BY THE BEGINNING OF 2025! BY 2026 A BUYER CAN OBTAIN A CAP RATE OF 9% AND A CASHON-CASH RETURN OF 11.4%+!
THIS RECENTLY RENOVATED 11-UNIT PORTFOLIO CONSISTS OF A BEAUTIFUL 8-UNIT APARTMENT COMPLEX IN THE HEART OF DOWNTOWN EAGLE LAKE. AS WELL AS A SINGLE-FAMILY HOME DIRECTLY NEXT TO THE 8-UNIT APARTMENT COMPLEX AND 2 ADDITIONAL SINGLE-FAMILY HOMES LESS THAN .8 MILES AWAY. WITH THE RECENT IMPROVEMENTS TO EACH UNIT, THE CURRENT IN-PLACE RENTAL RATES ARE SIGNIFICANTLY BELOW THE MARKET AVERAGE. ALMOST ALL OF THE TENANTS HAVE LIVED IN THEIR RESPECTIVE UNITS FOR OVER 2 YEARS, AND BECAUSE THEY TAKE GREAT CARE OF THEIR UNITS, THE OWNER HAS NOT PUSHED RENTS UP ANYWHERE CLOSE TO THE MARKET AVERAGE. THIS PERFECT VALUE-ADD OPPORTUNITY WILL ALLOW A BUYER TO COME IN AND RAISE THE RENTS IMMEDIATELY TO THE MARKET AVERAGE WITHOUT HAVING TO SPEND MONEY ON LARGE CAPEX ITEMS. WITH ALL OF THE ROOFS, AND UNIT INTERIORS ALREADY UPDATED, A BUYER CAN EASILY OBTAIN AN 8% + CAP RATE AND A 10%+ CASH-ON-CASH RETURN IN EARLY 2025, JUST BY RAISING THE RENTAL RATES TO THE MARKET AVERAGE!
IT’S ALMOST IMPOSSIBLE TO FIND MULTIFAMILY UNITS FOR SALE IN EAGLE LAKE, FL DUE TO THE RAPID GROWTH THE AREA HAS SEEN IN RECENT YEARS. THE DEMAND IN DOWNTOWN EAGLE LAKE, FOR RENTAL UNITS OF THIS TYPE IS EXTREMELY HIGH, AS THE CURRENT OCCUPANCY RATE IS OVER 98.27%. IT GETS EVEN BETTER, AS THE CURRENT RENTS ARE $250 BELOW THE CURRENT MARKET AVERAGE AND THE OWNERS HAVE SPENT A LOT OF MONEY UPGRADING THE UNITS. THIS WILL ALLOW A BUYER TO COME IN AND RAISE THE RENT WITHOUT HAVING TO SPEND MUCH, IF ANY, ON CAPEX!
THE OWNERS HAVE RECENTLY UPGRADED THE UNITS AND THEY ARE IN FANTASTIC CONDITION. RECENT UPGRADES AND RENOVATIONS AT THE PROPERTY INCLUDE BUT ARE NOT LIMITED TO; NEW ROOFS ON ALL BUILDINGS IN THE PAST 6 YEARS, NEW MINI SPLITS/HVAC UNITS, INTERIOR AND EXTERIOR PAINT, ALL NEW ELECTRICAL WIRING, NEW PLUMBING, NEW KITCHENS, UPGRADED KITCHEN APPLIANCES, NEW CABINETS, NEW COUNTERTOPS, NEW FANS, NEW LAMINATE FLOORING, UPGRADED DOORS AND WINDOWNS, NEW BATHROOMS WITH ALL NEW APPLIANCES, WASHER AND DRYER HOOKUPS, THE ADDITION ON NEW WATER HEARTERS, AND MUCH MORE!
THIS IS AN AMAZING VALU-ADD OPPORTUNITY TO PURCHASE PRIME REAL ESTATE IN THE RAPIDLY GROWING DOWNTOWN EAGLE LAKE AREA. THESE FANTASTIC UNITS ARE EXTREMELY CLEAN AND EASY TO MANAGE WHETHER THE BUYER IS LOCAL OR OUT OF STATE. THE MANY UPGRADES AND IMPROVEMENTS WILL ONLY HELP THE BUILDING APPRECIATE OVER TIME, AND AS THE DEMAND CONTINUES TO RISE IN EAGLE LAKE, THE RENTAL RATES WILL ONLY FOLLOW!
Located in Downtown Eagle Lake, Fl! Minutes from the center of Winter Haven!
