CASH COW

5622 Marine Parkway, New Port Richey, FL

16.71% return

SP: $2,500,000

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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 statusSold
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 rehab¹$450,000
Total investment$2,950,000

TypeProforma
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 return19.65%

Gross income (monthly)$48,300
Operating expenses (monthly)$7,211
Net income (monthly)$41,089
Net return16.71%

Property Income & ExpensesMonthlyAnnual

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.