Commercial property in Lake Wales, Florida № 2020968

Property description

Nearly A 10% CAP RATE! Canal Front Multifamily Property Consisting Of 2 Single Wide Mobile Homes and 1 CBC Apartment Offering LOW OPERATING EXPENSES And VALUE-ADD OPPORTUNITY Located Just 3 Blocks From Lake Walk In Water’s Public Boat Ramp In Eastern Lake Wales, Florida. Current Income: $2,075/Month and $24,900/Year Potential Gross Income: $2,675/Month and $32,100.00/Year The 3 residences sit on a well kept, 0.54 acre lot zoned R-3 with 198+\-ft of canal frontage with direct access to Lake Walk-In Water. Unit A (OCCUPIED): 2BR/1BA, 1983, 728 sqft single wide mobile home at $900/month. Unit B (VACANT- VALUE-ADD): 1BR/1BA 1975 , 485 sq ft concrete block apartment featuring a kitchenette and its own private dock. The vacant unit allows for new owner to place a tenant for immediate income or possible renovations and upgrades for increased rent. Previously rented for $600/month. Unit C (OCCUPIED): Updated and spacious 1989, 924 sq ft 3BR/2BA single wide mobile home generating $1,175/month.