Ridgewood Apartments

602 South Weeks Street, Bonifay, FL

12.93% return

SP: $520,000

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Property Description

Awesome property. Cute small town with really low crime rates. New metal roofs. Units have been remodeled. Property is completely turnkey. Separate electric meters. Low expenses. Financing and management is available.

Property Information

Listing statusSold
Property typeMulti Family
Total units16
Total bedrooms17
Total bathrooms20
Building size10340 sq. ft.
Lot size0.9 acres
Year built1983

CountyHolmes County
Subdivision
ConstructionCBS
RoofMetal
Water sourceCity water
Water disposalSewer
HeatingWall unit
CoolingWall A/C

Property Financial Summary

Sale price$520,000
Estimated rehab¹$0
Total investment$520,000

TypeActual

Gross income (annually)$91,104
Operating expenses (annually)$23,880
Net income (annually)$67,224
Gross return17.52%

Gross income (monthly)$7,592
Operating expenses (monthly)$1,990
Net income (monthly)$5,602
Net return12.93%

Property Income & ExpensesMonthlyAnnual

Income

Unit 117: studio / 1 bath$385/month$4,620/year
Unit 118: studio / 1 bath$400/month$4,800/year
Unit 119: studio / 1 bath$400/month$4,800/year
Unit 120: studio / 1 bath$400/month$4,800/year
Unit 121: studio / 1 bath$400/month$4,800/year
Unit 122: studio / 1 bath$400/month$4,800/year
Unit 123: 1 bed / 1 bath$457/month$5,484/year
Unit 124: 1 bed / 1 bath$457/month$5,484/year
Unit 125: 1 bed / 1 bath$457/month$5,484/year
Unit 126: 2 bed / 1 bath$532/month$6,384/year
Unit 127: 2 bed / 1 bath$532/month$6,384/year
Unit 128: 2 bed / 1 bath$532/month$6,384/year
Unit 129: 2 bed / 2 bath$560/month$6,720/year
Unit 130: 2 bed / 2 bath$560/month$6,720/year
Unit 131: 2 bed / 2 bath$560/month$6,720/year
Unit 132: 2 bed / 2 bath$560/month$6,720/year
Total$7,592/month$91,104/year

Expenses

Property Taxes$363/month$4,360/year
Insurance$333/month$4,000/year
Electric bill$25/month$300/year
Water, Sewer and Waste$333/month$4,000/year
Lawn care$60/month$720/year
Maintenance reserve$125/month$1,500/year
Property Management$750/month$9,000/year
Total$1,990/month$23,880/year

Property Questions & Answers

Q: How do I make an offer on this property?
A: Placing an offer is a simple process. All offers must be presented in writing with an escrow deposit of 10% or $5,000, whichever is larger. Escrow has to be sent to the attorney or title company who is handling the file for this property. Please send us an inquiry and one of our team members will get in touch with you to further assist you. You can also give us a call.

Q: Does this property come with clear title?
A: All our properties come with clear title. We highly recommend you purchase title insurance as well.