Cash flow of $50k per year-multifamily in Lakeland in Lakeland, Florida For Sale

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W. Magnolia St, Lakeland, FL xxxx5
($330,000.00)
Please call for more info and showing, Foster Algier 407-668-xxxx.
ARV: $405,000 - $450,000 +/-
Rehab: Little to none
Rent: $4,850 (occupied)
Multifamily Home
7,220 SqFt
Built: xxxx
Construction: Stucco over Wood Frame
$50k NET INCOME PER YEAR. Turnkey investment property currently 13% Cap Rate! 8-unit apartment building in downtown Lakeland, Florida. All units have been recently renovated to include ceramic tile in kitchen areas, freshly painted throughout, newer plumbing, electric, mechanical and HVAC systems have been updated. (All renovations were permitted.) Each unit is individually metered for electric. Interior features include 9' ceilings in most units. Property consists of 2 efficiency apartments, (2) 2 bed/1 bath units; (2) 3 bed/1 bath; (1) 4 bed, 1-1/2 bath and (1) 4 bed, 1 bath. All units but one are currently occupied with tenants who have 12-month lease agreements. Once final unit is rented, cap rate will increase to 15%+. NO HOA!
All properties require cash or a private/hard money loan in order to purchase. No conventional or FHA financing available unless otherwise indicated. All inspections must be completed prior to buyer signing the contract. Buyers will need to provide a $3,000 non-refundable deposit at time of contract. Seller will convey using an as-is contract and a special warranty deed. Buyer will be responsible for all closing costs unless otherwise indicated.
Foster Algier, Licensed Real Estate Agent, Sand Dollar Realty Group, Inc.