Newly Renovated West 18 Apartments

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30740979
Property Subtypes: Low-Rise/Garden
Status: Pending
Number of Units: 18 Units
Building Size (RSF): 13,888 SF
Gross Building Area: See Agent
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 Apartments
Sale Terms: Cash to Seller
Cap Rate: 5.82%
Average Occupancy Rate: 95
Gross Rent Multiplier: 11.60
Last Updated: 10/12/2021

Overview / Comments

The West 18 Apartment 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. Guidy Lane 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. The buildings were renovated in 2020 and 2021 and include new composition shingle roofs, fresh paint, and new HVAC systems. 15 of the unit interiors have been completely updated and renovated, including new stainless steal dishwashers, oven/stoves, and refrigerators; new disposals, new cabinets, countertops, doors, windows, floor coverings, and washer/dryers. Units are individually metered for water and sewer, which are paid by tenants. All of the units in the Guidy Lane development contain one-bedroom and one bath, averaging 800+- square feet in size. If you are a seasoned multifamily investor or just starting in multifamily investing, this is a fantastic opportunity add to your portfolio! Do NOT contact property manager to tenants, For additional information, please call Lisa Bradley at 850-712-2232.

Additional Details

Nearest MSA: Pensacola-Ferry Pass-Brent
County: Escambia
Taxing Authority: Escambia County
Tax ID/APN: 07-1S-30-1018-040-001, 07-1S-30-1018-003-001 & 07-1S-30-1018-060-001
Zoning: MDR (MEDIUM DENSITY RESIDENTIAL)
Percent Occupied: 95%
Property Located Between: Guidy Lane and University Village Apartment (Private Road)
Airports: Pensacola International Airport
Area Description: This 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: Good
Number of Stories: 2
Year Built: 1985
Year Renovated: 2021
Roof Type: Gable
Construction/Siding: Wood Frame
Parking Type: Surface
Parking Description: Ample Parking
Total Parking Spaces: 36
Laundry: In Each Unit
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Package Unit
Internet Access: Cable
Water Service: Municipal
Sewer Type: Municipal
Legal Description: In file

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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

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