Great rental opportunity located in the center of Belle Glade city with lots of potential! This building consist of 20 rental units and each is a 1/1. This property will require a lot of work, but the equity is there for the investor comfortable with a full rehab.
This apartment building is gutted and will need a full rehab.
Sale price - $270K
Rehab Cost $240k (12k per door)
Contractor fee - 6k
Purchase price= $610,000
Projected cap rate is after rehab and it is greater than 15%.
Each Unit can be rented for $600 Section-8
There is a long line of approved section 8 Tenants waiting for house. Short supply of section 8 housing in the area.
***Buyer agrees to assume Case #17-229a (minimum Housing) with a lien accruing $100 a day since October 3rd, 2017***
Buyer must properly secure property to the city of Belle Glades standards. Lien amount is approximately $21,800 to date. Liens can be negotiated with the city.