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Grace Sparks

grace.sparks@engelvoelkers.com +1(386) 965-8244

$ 3,850,000

Est. payment -/mo

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Active

438 SE ALLEN PL Lake City, FL 32025

3.18 Acres Lot

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Two Story,Other-See Remarks

Listing Status Active

Purchase Type For Sale

MLS Listing ID 132049

Style Two Story,Other-See Remarks

Year Built 1968

Lot Size 3.180 Acres

Acres 3.18

Lot Dimensions Irregular

Property Sub-Type Two Story,Other-See Remarks

Property Description

This is the prime multifamily asset that you have been waiting for. 36 rental units on a 3.18 acre parcel with multiple value-add pathways on the excess land surrounding. Comprised of 3 different buildings that have 24 two bedroom 1.5 bath units and 12 one bedroom 1 bath units providing the ultimate flexibility to cater to a variety of tenants keeping vacancy rates low. With a majority of the units being updated in the past 2 years, current rents range from $785 to $1065 per unit leaving opportunity for escalation. Hillside apartments has a mix of long-term tenants and newer tenants that have moved to the area for job opportunities and proximity to county schools. This asset sits in one of Lake City's most stable rental corridors and is surrounded by the VA Hospital, Regional DOT offices, a recently remodeled Winn-Dixie, Florida Gateway College Campuses and a vibrant downtown. Known as the "Gateway to Florida," Columbia County's economy is driven by tourism, sports tournaments, and multiple national employers including New Millennium, HAECO, Target, United States Cold Storage and the up and coming Inland Port. Built-in operational efficiencies include a third-party operated community laundry area and a dedicated office space for on-site management. This asset presents an exceptional acquisition for investors seeking stable cash flow, improved cap-ex expenditures, and long-term appreciation in a growing North Florida market.

Location

State FL

County Columbia

Area 1-S. Us 90 - E. Us 441 Columbia

Zoning RMF-2

Interior

Interior Features Blinds, High Speed internet, Cable TV Available, Other-See Remarks, Work Shop

Heating Central Electric, Other-See Remarks

Cooling Central Electric, Other-See Remarks

Flooring Vinyl Linoleum, Carpet, Tile, Ceramic Tile

Appliance Refrigerator, Shared Washer Dryer, Stove Elec, Other-See Remarks

Exterior

Exterior Feature Cable TV Available, Rain Gutters Partial Roof, Other-See Remarks

Parking Features Driveway, Guest, Other-See Remarks

Roof Type Shingle

Building

Sewer Public Connected

Water Public Connected

Others

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Listed by SWIFT CREEK REALTY

NEARBY SCHOOLS & PROPERTIES

Grace Sparks

Real Estate Advisor

+1(386) 965-8244

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