40 Units

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Highlights: The property was built in 2020 and is constructed of wood frame with pitched shingle roofing. The complex consists of (2) three-story apartment buildings with a total of (40) units, approximately 40,000 gross square feet and is situated on 1.65 acres. The unit mix is all three-bedroom, two bath units featuring stackable washer and dryer units, granite countertops and stainless-steel appliances. This property is ideally located just minutes from Downtown Orlando and under 15 minutes to the Orlando International Airport and the University of Central Florida. The property is being liquidated as part of a bankruptcy filing by the original developer. The property is vacant but well maintained.

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Repositioning: The property will be acquired $7,200,000. The demand for 3/2 rental properties is exceedingly high and the current supply of quality units is extremely low, thus creating a premium rental market. Current market rent ranges from $1,675 to $1,895. A rental survey indicates that the first (20) units can be leased within 15 days of acquisition for $1,675 and the remaining (20) units should be absorbed within 30 days at a minimum of $1,775 providing gross rental income in excess of $828,000 for year one.

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