In Normandy Isle on the west side of the island, very close to the water. Asking price 3M doesn’t take any less than 2.6M.
Cap is about 6%. Right now they are rented from $1.200-$1500 and they are all occupied but 1 which will be occupied March 1st already under contract.
Been conservative if the rentals get stabilized in all units, the gross income (GPI) is 235k including a 5% vacancy rate.
Or if all units get remodeled they could all for 1500$. Half of the units are complete remodeled the other half have at least the kitchen.
Some others have the kitchen and bathroom and not the floor. That’s why they have different prices…
It has a lot of POTENTIAL. It could be converted to a condo, and sold separably in the near future. In the area they are in the 150k’s to 250k’s range individually sold
with an association fee of a range from 300’s-400$ a month.