1124 Mercury Drive, Lakeland, FL
14.60% return
SP:
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Property Description

Lots of work done on this property in the last few years. Great condition. Each unit is rented at $500/unit currently. Market rents are $650/unit. Completely turnkey. Professional property management is available. Tenant pay utilities. Low expenses. No deferred maintenance required. Nice solid brick building. Each unit is a two bed and one bath with a carport. Units have washers and dryers. Consistent subdivision. Great purchase in today's market.

Property Information

  • Listing statusSold
  • Property typeMulti Family
  • Total units4
  • Total bedrooms8
  • Total bathrooms4
  • Building size4114 sq. ft.
  • Lot size0.4 acres
  • Year built1981
  • CountyPolk County
  • SubdivisionWINSTON HEIGHTS UNIT 4
  • ConstructionCBS
  • RoofAsphalt Shingle
  • Water sourceCity water
  • Water disposalSeptic
  • HeatingCentral
  • CoolingCentral air

Property Financial Summary

  • Sale price$179,900
  • Estimated rehab1$0
  • Total investment$179,900
  • TypeProforma
  • Gross income (annually)$31,200
  • Operating expenses (annually)$4,939
  • Net income (annually)$26,261
  • Gross return17.34%
  • Gross income (monthly)$2,600
  • Operating expenses (monthly)$412
  • Net income (monthly)$2,188
  • Net return14.60%

Property Income & Expenses

  • Income
  • Unit A: 2 bed / 1 bath$650/month$7,800/year
  • Unit B: 2 bed / 1 bath$650/month$7,800/year
  • Unit C: 2 bed / 1 bath$650/month$7,800/year
  • Unit D: 2 bed / 1 bath$650/month$7,800/year
  • Total$2,600/month$31,200/year
  • Expenses
  • Property Taxes$115/month$1,379/year
  • Insurance$100/month$1,200/year
  • Lawn care$30/month$360/year
  • Maintenance reserve$167/month$2,000/year
  • Total$412/month$4,939/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.

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