Premier Realty Partners Commercial Division is pleased to present an acquisition opportunity of a 21-unit apartment complex that consists of 7 triplexes located in Palm Bay, Florida. Built in 1964, the 7 triplexes are constructed of solid concrete with pitched roofs. Each of the 21 units are two bedroom and one bath floor plans that are 676 square feet, commanding monthly rents of between $700-$750. All of the units are separately metered for water and electric but most tenants elect to be charged a flat rate of up to $225 for both utilities or $125 for either electric or water.
The 21-units are situated within 2 miles of Florida Institute of Technology, a highly regarded graduate and undergraduate university on 130 acres with over 6,000 enrolled, 70% of which are from outside of Florida in need of housing.
The property is currently privately owned and managed. The Owners purchased the property in 2013 and have renovated 90% of the units completed with new cabinets, exterior and interior paint, roofs, windows as needed, appliances as needed, and new tenants in place.
This is an EXCELLENT opportunity to buy a solid concrete constructed asset that is turn key and cash flowing immediately upon acquisition. Please see attachments for the Offering Memorandum.
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