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Derek Ratliff

derek.ratliff@riserealtyadvisors.com +1(386) 438-9355

$ 799,900

Est. payment | -/mo

7 Beds

6 Baths

3,731 SqFt

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$ 799,900

Est. payment | -/mo

Save Virtual Tour

7 Beds

6 Baths

3,731 SqFt

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 3,731 sqft

Price per Sqft $214

Subdivision Town/Bunnell

MLS Listing ID FC302326

Bedrooms 7

HOA Y/N No

Originating Board Stellar MLS

Year Built 1997

Annual Tax Amount $8,161

Lot Size 0.360 Acres

Acres 0.36

Property Description

Here's your chance to own an income-producing property that's an exceptional investment opportunity in the popular and vibrant Flagler County area of northeast Florida. This multi-family property currently offers 5 units (A, B, C, D, E-#302) with a total square footage of 4910, consisting of 2 buildings constructed in 1924, one in 1997, and major renovations completed in 2018. The property has been meticulously maintained and offers several amenities for the residents, with the potential for even more. Situated in the City of Bunnell, the seat of government for Flagler County and one of the fastest growing counties in Florida, this property enjoys proximity to major transportation routes, shopping centers, dining options, schools, and recreational facilities. The area boasts a robust rental market with high demand for multi-family housing, ensuring consistent occupancy rates and rental income. In fact, since November 2018, the vacancy rate has been a VERY LOW 1.31%, with ZERO EVICTIONS and just four turnovers, indicating TENANT SATISFACTION as well as successful and profitable tenancies (two units have had the same tenants for 6 years!). Each unit is equipped with climate control, modern appliances, vinyl plank or porcelain tile flooring, and privacy, providing residents with comfort and convenience, as well as SEPARATE METERS for the ELECTRIC and the WATER/TRASH/SEWAGE (which means the TENANT PAYS FOR THEIR OWN UTILITIES!!). There are two locked Laundry Rooms on the premises, which currently are used by the owners in Unit E-#302 and Unit A tenants (Tenant-Owned Washer/Dryer in Unit A Laundry Room; Washer/Dryer in Unit E-#302 conveys with the property). Future use could include coin-operated machines in one or both Laundry Rooms and access for all tenants on the premises, generating additional income opportunities. Four units are occupied by tenants, with rents ranging from $900 to $1475 ($4875/month total). The owners occupy the fifth unit, which can be rented for $1275 to $1395 or more; there is a 2 Car Garage, Storage, and a Private Laundry Room under the unit that adds extra value to the rental. With $1275 for Unit E-#302, the current rents are $6150 per month for $73,800 Gross Rent Income, and Net Operating Income of $50,551 (includes property taxes, insurance, and 8% property management fees). Market Rent--conservatively forecasted--for all 5 units is $6875 for a total of $82,500 Gross Rent Income per year. Manage the property yourself and the potential NOI is $61,920+ per year! For an Offering Memorandum Brochure that provides more details and financial information on this investment property, please ask your agent to download the document directly from the MLS or request it from the listing agent if you're not represented by a buyer's agent. This is a well-maintained property that has undergone regular maintenance and updates, ensuring a desirable living environment and maximizing tenant satisfaction. It's a compelling investment opportunity that comes with strong cash flow potential and capital appreciation in the thriving Flagler County rental market. Its prime location, amenities, and solid financial performance makes this multi-family property an ideal addition to any investment portfolio.

Location

State FL

County Flagler

Community Town/Bunnell

Zoning R-1

Interior

Interior Features Attic Fan, Ceiling Fans(s), Eat-in Kitchen, Open Floorplan, Solid Wood Cabinets, Thermostat

Heating Central, Electric, Heat Pump

Cooling Central Air

Flooring Luxury Vinyl, Tile

Fireplace false

Appliance Electric Water Heater, Range, Refrigerator

Laundry Electric Dryer Hookup, Laundry Room, Washer Hookup

Exterior

Exterior Feature Balcony, Lighting, Private Mailbox, Rain Gutters, Storage

Parking Features Assigned, Ground Level, Off Street

Garage Spaces 2.0

Utilities Available Electricity Connected, Public, Sewer Connected, Water - Multiple Meters, Water Connected

Roof Type Metal

Porch Covered, Deck, Enclosed, Front Porch, Porch, Screened, Side Porch

Attached Garage true

Garage true

Private Pool No

Building

Lot Description Corner Lot, City Limits, Level, Oversized Lot, Paved

Entry Level Two

Foundation Crawlspace, Slab

Lot Size Range 1/4 to less than 1/2

Sewer Public Sewer

Water Public

Structure Type Concrete,Stucco,Wood Frame

New Construction false

Schools

Elementary Schools Bunnell Elementary

Middle Schools Buddy Taylor Middle

High Schools Flagler-Palm Coast High

Others

Pets Allowed Yes

Senior Community No

Ownership Fee Simple

Acceptable Financing Cash, Conventional, FHA, VA Loan

Listing Terms Cash, Conventional, FHA, VA Loan

Special Listing Condition None

Listed by BETTER BUY REALTY, LLC

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(386) 438-9355

derek.ratliff@riserealtyadvisors.com

10752 Deerwood Park Blvd South Waterview II, Suite 100 , JACKSONVILLE, Florida, 32256, USA

300 N CHURCH ST #All Units Bunnell, FL 32110

Derek Ratliff

Key Details

Location

Interior

Exterior

Building

Schools

Others

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300 N CHURCH ST #All Units