3220 South Fiske Boulevard, Rockledge, FL

15.41% return

SP: $2,950,000

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Property Description

AWESOME INVESTMENT!!!!

19 units units, owner's suite, cafe with kitchen, pool and 6 tennis courts!!! Property can be operated as apartments, hotel and nightly/weekly guest reservations. Excellent condition. Will generate $46,500 a month and a 15.41%+ NET RETURN on investment!!! Property is surrounded by newly built housing. C-2 Zoning. Property can be redeveloped into a large A CLASS apartment complex or mixed use property. Lots of opportunity & unlimited upside!

Financing is available. CALL US TODAY!

Property Information

Listing statusSold
Property typeMulti Family
Total units20
Total bedrooms20
Total bathrooms20
Building size9177 sq. ft.
Lot size5.0 acres
Year built1991

CountyBrevard County
Subdivision
ConstructionMasonry/Frame
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingWall unit
CoolingWall A/C

Property Financial Summary

Sale price$2,950,000
Estimated rehab¹$0
Total investment$2,950,000

TypeProforma

Gross income (annually)$558,000
Operating expenses (annually)$103,273
Net income (annually)$454,727
Gross return18.92%

Gross income (monthly)$46,500
Operating expenses (monthly)$8,606
Net income (monthly)$37,894
Net return15.41%

Property Income & ExpensesMonthlyAnnual

Income

Tennis Membership$5,000/month$60,000/year
Pool Membership$3,000/month$36,000/year
Cafe Income$2,500/month$30,000/year
Unit 1: 1 bed / 1 bath$1,800/month$21,600/year
Unit 2: 1 bed / 1 bath$1,800/month$21,600/year
Unit 3: 1 bed / 1 bath$1,800/month$21,600/year
Unit 4: 1 bed / 1 bath$1,800/month$21,600/year
Unit 5: 1 bed / 1 bath$1,800/month$21,600/year
Unit 6: 1 bed / 1 bath$1,800/month$21,600/year
Unit 7: 1 bed / 1 bath$1,800/month$21,600/year
Unit 8: 1 bed / 1 bath$1,800/month$21,600/year
Unit 9: 1 bed / 1 bath$1,800/month$21,600/year
Unit 10: 1 bed / 1 bath$1,800/month$21,600/year
Unit 11: 1 bed / 1 bath$1,800/month$21,600/year
Unit 12: 1 bed / 1 bath$1,800/month$21,600/year
Unit 13: 1 bed / 1 bath$1,800/month$21,600/year
Unit 14: 1 bed / 1 bath$1,800/month$21,600/year
Unit 15: 1 bed / 1 bath$1,800/month$21,600/year
Unit 16: 1 bed / 1 bath$1,800/month$21,600/year
Unit 17: 1 bed / 1 bath$1,800/month$21,600/year
Unit 18: 1 bed / 1 bath$1,800/month$21,600/year
Unit 19: 1 bed / 1 bath$1,800/month$21,600/year
Unit Manager: 1 bed / 1 bath$1,800/month$21,600/year
Total$46,500/month$558,000/year

Expenses

Property Taxes$1,592/month$19,105/year
Insurance (estimated)$1,500/month$18,000/year
Water, Sewer and Waste$800/month$9,600/year
Maintenance reserve$2,000/month$24,000/year
Property Management$1,500/month$18,000/year
Electric bill$1,100/month$13,200/year
Internet$114/month$1,368/year
Total$8,606/month$103,273/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.