Catylist ID:
#30807005
Beautifully Renovated 18 Unit Apartment Development
Multi-Family
for Sale
Sale Pending/Contingent
| Catylist Listing ID: | 30807005 |
| Property Subtypes: | Low-Rise/Garden |
| Status: | Pending/Contingent |
| Number of Units: | 18 Units |
| Building Size (RSF): | 13,888 SF |
| Gross Land Area: | 0.71 Acres |
| Sale Price: | $2,350,000 |
| Unit Price: | $130,555.56 Per Unit |
| Property Use Type: | Investment |
| Building Name: | West 18 Apartmentts |
| Usable Size (USF): | 13,888 SF |
| Sale Terms: | Cash to Seller |
| Cap Rate: | 6.8% |
| Average Occupancy Rate: | 99 |
| Gross Rent Multiplier: | 10.40 |
| Last Updated: | 5/10/2023 |
Overview / Comments
|
SVN Southland Commercial is proud to present The West 18 Apartments! This newly renovated development enjoys a northern Pensacola location in close proximity to the University of West Florida (UWF), Scenic Hills Country Club, West Florida Hospital, and various employment, entertainment, and dining opportunities along Nine Mile Road. West 18 Apartments contains a total of 18 rental units within 5 buildings, including 1 two-story building and 4 single-story buildings, with ample parking. The buildings were constructed in 1985, are wood frame construction, with low maintenance brick veneer. All of the units in the West 18 development contain one-bedroom and one bath with separate vanity area and walk-in closet, averaging 800+- square feet in size. Renovations were completed in 2022, including new composition shingle roofs, new landscaping, fresh exterior paint, and new HVAC, windows, and doors, as needed. Interior renovations include new stainless steal dishwashers, oven/stoves, and refrigerators, disposals, new cabinet faces, countertops, floor coverings, new washer/dryers in all units, and more! Units are individually metered for water and sewer, which are paid by tenants. Potential to increase rents and historical maintenance expenses are anticipated to decrease. Based on 2022 financials the cap rate was 4%. Based on market rent and vacancy and anticipated expenses, cap rate is 6.83%. Whether you're a seasoned multifamily investor or just starting in investing, this is a fantastic opportunity add to your portfolio! Do NOT contact property manager or tenants. For additional information or to schedule a tour, please call Lisa Bradley at 850-712-2232. |
Attachments & Media
Financials
| Finance Data Year | 2023 |
|---|---|
| Real Estate Taxes - Annual($) | $11,060 (Annual) |
| Assessed Value - Total($) | $581,406 (Annual) |
| Potential Rental Income | $226,800 (Annual) |
| Gross Operating Income | $238,300 (Annual) |
| Net Operating Income | $160,503 (Annual) |
| Actual or Proforma Year | Proforma |
Additional Details
| Nearest MSA: | Pensacola-Ferry Pass-Brent |
| County: | Escambia |
| Taxing Authority: | Escambia County |
| Tax ID/APN: | 071S301018060001 |
| Zoning: | MDR (MEDIUM DENSITY RESIDENTIAL) |
| Percent Occupied: | 99% |
| Highway Access: | Access to I-10 is convention to and from the property via Highway 29. |
| Airports: | Pensacola International Airport |
| Area Description: | The newly renovated West 18 unit Apartment property is located at the end of University Village Road, a private road that extends west from Guidy Lane, just south of Cobblestone Drive and north of Nine Mile Road. The development is located in close proximity to Scenic Hills Country Club, the University of West Florida (UWF), West Florida Hospital, and the numerous shopping, restaurants, and service options located along Nine Mile Road. |
| Total Number of Buildings: | 5 |
| Property Condition: | Excellent |
| Number of Stories: | 2 |
| Year Built: | 1985 |
| Year Renovated: | 2022 |
| Roof Type: | Flat |
| Construction/Siding: | Brick |
| Exterior Description: | Sturdy painted brick veneer. |
| Parking Type: | Surface |
| Parking Description: | Ample on-site parking convenient to all buildings. |
| Laundry: | In Each Unit |
| Heat Type: | Electricity |
| Air Conditioning: | Package Unit |
| Internet Access: | Cable |
| Interior Description: | All of the units in the West 18 development contain one-bedroom and one bath with separate vanity area and walk-in closet, averaging 800+- square feet in size. Renovations were completed in 2022, including new composition shingle roofs, new landscaping, fresh exterior paint, and new HVAC. windows, and doors, as needed. Interior renovations include new stainless steal dishwashers, oven/stoves, and refrigerators, disposals, new cabinet faces, countertops, floor coverings, new washer/dryers in all units, and more! Units are individually metered for water and sewer, which are paid by tenants. |
| Zoning Description: | MDR (Medium Density Residential) |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
| Easements: | Ingress/Egress |
| Land Ownership: | In file. |
| Legal Description: | In file. |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 6,628 | 49,086 | 112,843 |
| Median Age: | 40.28 | 37.79 | 38.08 |
| Households: | 2,606 | 19,673 | 44,984 |
| © Copyright 2001-2023 Moody's. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Gulf Coast CMLS nor Moody's assume any liability for errors or omissions. |
