Ridgewood Apartments
602 S Weeks St, Bonifay, FL
12.93% return
LP:
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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 disposalSewer
  • HeatingWall unit
  • CoolingWall A/C Units

Property Financial Summary

  • Asking price $520,000
  • Estimated rehab 1 $0
  • Total investment $520,000
  • Type Actual
  • Gross income (annually) $91,104
  • Operating expenses (annually) $23,880
  • Net income (annually) $67,224
  • Gross return 17.52%
  • Gross income (monthly) $7,592
  • Operating expenses (monthly) $1,990
  • Net income (monthly) $5,602
  • Net return 12.93%

Property Income & Expenses

  • 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 and waste bill $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.

Property Flyer

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