CASH COW
5622 Marine Parkway, New Port Richey, FL
16.71% return
SP:
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Property Description

INSANE OPPORTUNITY!!!! 

23 unit apartment complex in the TAMPA FLORIDA MSA!!!!  Building is in great shape, only cosmetics repairs needed. LOCATED IN ONE OF THE HOTTEST AREAS IN THE COUNTRY!!! Separate electric meters, city water and sewer, central heat & air. 16%+ NET RETURN ON INVESTMENT!!!​​​​ ​​​VERY NICE AREA!!!! Large units will easily rent for $2100 per unit after renovations. Tons of population growth and rental demand, units will rent immedietly!! 

Do not miss out, will not last!!! 

Property Information

  • Listing statusActive
  • Property typeMulti Family
  • Total units23
  • Total bedrooms92
  • Total bathrooms46
  • Building size31138 sq. ft.
  • Lot size2.0 acres
  • Year built1981
  • CountyPasco County
  • SubdivisionTAMPA TARPON SPRINGS
  • ConstructionCBS
  • RoofAsphalt Shingle
  • Water sourceCity water
  • Water disposalSewer
  • HeatingCentral
  • CoolingCentral air

Property Financial Summary

  • Sale price $2,500,000
  • Estimated rehab 1 $450,000
  • Total investment $2,950,000
  • Type Proforma
  • After repair value $3,750,000
  • Potential profit $800,000
  • Gross income (annually) $579,600
  • Operating expenses (annually) $86,528
  • Net income (annually) $493,072
  • Gross return 19.65%
  • Gross income (monthly) $48,300
  • Operating expenses (monthly) $7,211
  • Net income (monthly) $41,089
  • Net return 16.71%

Property Income & Expenses

  • Income
  • Unit 1: 4 bed / 2 bath $2,100/month $25,200/year
  • Unit 2: 4 bed / 2 bath $2,100/month $25,200/year
  • Unit 3: 4 bed / 2 bath $2,100/month $25,200/year
  • Unit 4: 4 bed / 2 bath $2,100/month $25,200/year
  • Unit 5: 4 bed / 2 bath $2,100/month $25,200/year
  • Unit 6: 4 bed / 2 bath $2,100/month $25,200/year
  • Unit 7: 4 bed / 2 bath $2,100/month $25,200/year
  • Unit 8: 4 bed / 2 bath $2,100/month $25,200/year
  • Unit 9: 4 bed / 2 bath $2,100/month $25,200/year
  • Unit 10: 4 bed / 2 bath $2,100/month $25,200/year
  • Unit 11: 4 bed / 2 bath $2,100/month $25,200/year
  • Unit 12: 4 bed / 2 bath $2,100/month $25,200/year
  • Unit 14: 4 bed / 2 bath $2,100/month $25,200/year
  • Unit 15: 4 bed / 2 bath $2,100/month $25,200/year
  • Unit 16: 4 bed / 2 bath $2,100/month $25,200/year
  • Unit 17: 4 bed / 2 bath $2,100/month $25,200/year
  • Unit 18: 4 bed / 2 bath $2,100/month $25,200/year
  • Unit 19: 4 bed / 2 bath $2,100/month $25,200/year
  • Unit 20: 4 bed / 2 bath $2,100/month $25,200/year
  • Unit 21: 4 bed / 2 bath $2,100/month $25,200/year
  • Unit 22: 4 bed / 2 bath $2,100/month $25,200/year
  • Unit 23: 4 bed / 2 bath $2,100/month $25,200/year
  • Unit 25: 4 bed / 2 bath $2,100/month $25,200/year
  • Total $48,300/month $579,600/year
  • Expenses
  • Property Taxes $1,311/month $15,728/year
  • Insurance (estimated) $1,250/month $15,000/year
  • Lawn care $200/month $2,400/year
  • Maintenance reserve $3,000/month $36,000/year
  • Waste Collection $250/month $3,000/year
  • Water and Sewer $1,200/month $14,400/year
  • Total $7,211/month $86,528/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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