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Key Details
Sold Price $1,750,000
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Sold
Purchase Type For Sale
Square Footage 6,915 sqft
Price per Sqft $253
Subdivision Ocean Drive Estates
MLS Listing ID A11036648
Sold Date 06/08/21
Style Fourplex
Construction Status Resale
HOA Y/N No
Year Built 1972
Annual Tax Amount $22,491
Tax Year 2020
Contingent No Contingencies
Property Description
Welcome to the perfect real estate investment property... This property is rented entirely to one tenant who is responsible for most property Maintenance & Expenses with the exception of major property repairs, property insurance policy and property taxes.
Tenant has a halfway house business for Rehab patients, (NOT INCLUDED) It serves between the initial medical rehab and going back to independent life to avoid relapse.
Tenant is on a 5-year lease with 2 more years left and is absolutely interested in staying for far longer than that.
This property has 8 units all 2/1's, Making $132,000 Yearly ($11,000 per month) has $34,747 Yearly Expenses, and Netting $97,253.
The current Cap Rate is 5.4%
The halfway house License is worth over $100,000 and it is attached to the property
Location
State FL
County Broward County
Community Ocean Drive Estates
Area 3341
Interior
Heating Central, Electric
Cooling Central Air, Electric
Flooring Other
Exterior
Pool None
Utilities Available Cable Available
Waterfront No
Roof Type Spanish Tile
Total Parking Spaces 12
Building
Lot Description Other, 1/4 to 1/2 Acre Lot, < 1/4 Acre
Story 2
Sewer Public Sewer
Architectural Style Fourplex
Level or Stories Two
Structure Type Block
Construction Status Resale
Others
Tax ID 494201030920
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Cash
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Bought with Galleria International Realty
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