712 SW 70TH Terrace

Description

Taxes reflected are for all 4 parcels, as is the heated SF. This offering is for 14 units across 4 parcels in the popular Cedar Ridge Apartments subdivision; a 473 unit multifamily community located in Gainesville, FL. Developed between 1980-1982, the community features 37 Eightplexes, 34 Quadraplexes, 8 Duplexes, 4 Triplexes, 13 Condos, and a recreation area. The subdivision is within 5 miles of the University of Florida, HCA Florida North Hospital, as well as several shopping centers & other amenities. The offering is 14 units. 10 units (two quads & a duplex) are 2BR/1.5BA townhome style. The remaining 4 units (quad) are 2BR/1BA flats. The flat style units are 713 +/- SF. The townhome style units range in size from 900-1062 +/- SF. Each parcel sits on a roughly quarter acre lot. All townhome style units (10) have washer/dryer connections & balconies. All units have carpet flooring with vinyl/tile flooring in the kitchens and bathrooms with the exception of one unit with vinyl/tile flooring throughout. The roof ages are the following- Quad (2022), Quad (2019), Quad (2013), Duplex (2004). 4 units have new kitchen cabinetry and several units have various new appliances. All four buildings have fresh exterior paint jobs within the last year. THE OPPORTUNITY: Current in place rent averages $969/month ranging from $697-$1047. Comparable 2 BR/1.5 BA units in the same subdivision are renting for over $1100/month for a fully renovated unit. Continue improving the buildings for increased rents.