1302 NE 33RD AVENUE

A thirty-two-unit (32) multifamily investment opportunity in Ocala, FL. Turnkey investment with value add opportunities through continuing gradual rent increases currently being implemented. The property is of concrete construction with exterior masonry walls and the foundation is of reinforced concrete. It has central air conditioning. Flooring is a mix of carpet or vinyl in the common areas and tile or vinyl in the kitchens and bathrooms. The property has a lease to the laundry room of a nearby building, as well as a comfortable patio for residents to relax. The units also have a storage closet as well as walk-in closets. It is strategically located near the downtown area creating great visibility and desirability from residents. Historically, it has had a high level of occupancy. There are four buildings built-in 1974. It has been priced for sale at an attractive market cap rate of 5.15% based on current market rents. The Pro-forma cap rate is 6.0% and can be achieved by increasing rents by $100. This type of investment is a rare find in the United States' current compressing cap rate environment, especially in Florida where there is no state income tax. Capital improvements of over $150,000 were completed within the last 4 years. They include 2 roof replacements, 15 HVAC units, water heaters, several carpet replacements, new appliances in several units, and much more. Opportunity Zone expires on December 31, 2021.