3220 South Fiske Boulevard, Rockledge, FL
12.52% return
SP:
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Property Description

AWESOME INVESTMENT!!!! 

20 units on 5 acres with a manager's apartment, swimming pool, 6 tennis courts, cafeteria and kitchen. Property can be operated as apartments or a hotel. Good condition, needs TLC. Will generate $40,000 a month and a 12.5%+ NET RETURN on investment!!! Property is surrounded by newly built housing. C-2 Zoning. Property can be redeveloped to a nice A class 150 unit, 4 story apartment complex!!! Beautiful pond in the center. Tons of upside! 

Financing is available. CALL US TODAY! 

Property Information

  • Listing statusActive
  • 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 rehab 1 $0
  • Total investment $2,950,000
  • Type Proforma
  • Gross income (annually) $480,000
  • Operating expenses (annually) $110,773
  • Net income (annually) $369,227
  • Gross return 16.27%
  • Gross income (monthly) $40,000
  • Operating expenses (monthly) $9,231
  • Net income (monthly) $30,769
  • Net return 12.52%

Property Income & Expenses

  • Income
  • Tennis Membership $3,000/month $36,000/year
  • Pool Membership $1,000/month $12,000/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 20: 1 bed / 1 bath $1,800/month $21,600/year
  • Total $40,000/month $480,000/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
  • Lawn care $200/month $2,400/year
  • Pool Maintenance $425/month $5,100/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 $9,231/month $110,773/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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