Property Description

9.3% CAP RATE!1! STABILIZED CASH COW PRODUCING AN 9.3% CAP RATE ON ASKING (AFTER TAXES, INSURANCE, AND EXPENSES OF APPROX $17K PER YEAR!) 3 STREETS FROM THE BEACH! This is a rare, high-performing asset with a confirmed zoning of up to 10 units, and land use of upto 10 units per the Property Appraiser and zero code violations. This property delivers a strong 9.3% return in its current state, offering a proven track record of reliable income with even further room for appreciation. The property is fully stabilized with long-term tenants on active leases (6-12 months remaining on each lease and they want to renew) who take great pride in the property. Key features include a 2018 roof, solid mechanicals, on-site parking, a common patio area for tenants, and a High and Dry X flood zone designation. AS A BONUS: There is a large storage unit on-site that was previously an apartment and could be converted back for additional revenue. Located walking distance to the Main Street Pier and beach access, the equity here is undeniable: a 4-unit property just two doors down recently sold for $600k-this is verifiable cash flow from day one. Perfect for a 1031 exchange or a portfolio expansion. Units nearby rent as AirBNB or long-term rentals! Call today!

Property Features