15 Unit Multi-Family Investment

Multi-Family for Sale
Catylist Listing ID: 30675552
Property Subtypes: Low-Rise/Garden, Student Housing
Number of Units: 15 Units
Building Size (RSF): 20,988 SF
Gross Land Area: 1.09 Acres
Sale Price: $2,400,000
Unit Price: $160,000 Per Unit
Property Use Type: Investment
Building Name: Timber Ridge Townhomes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 4/9/2021

Overview / Comments

See Flyer for financial details.
Property must be sold subject to buyer assuming existing loan.
Loan Balance: $1,223,592 @ 4.63% / Matures 12/1/2027
15 Large Apartment Units with great Tallahassee NW location.
Townhome Style Buildings with Spacious Floorplan
Unique 3 bedroom & 3 bath units with front & rear balconies
25 Year Shingle Roof and Hardie Board Siding
Vaulted Ceilings, Stainless Steel Appliances, Interior utility room, Granite Counter Tops & brushed nickel light fixtures, garbage disposal, Wood Cabinets and, breakfast Bar, Central Air & Heat, Ceramic Tile Floors, Washer & Dryer Included

Additional Details

Nearest MSA: Tallahassee
County: Leon
Taxing Authority: Leon
Tax ID/APN: 2123202430000
Zoning: MR-1
Percent Occupied: 100%
Property Located Between: N Monroe & Old Bainbridge
Highway Access: I-10/ N Monroe interchange - less than 1 mile
Airports: Tallahassee International Airport
Site Description: 15 Large Apartment Units with great Tallahassee NW location Surface parking
Area Description: Timber Ridge is located in Tallahassee's northwest quadrant. Tallahassee's northwest area is the "Natural Side" of Tallahassee providing mature oak trees, palm trees, lakes, waterways and park space. Neighborhoods offer plenty of open spaces and are surrounded by local businesses, schools and churches. It's also convenient to the I-10/N Monroe interchange. Timber Ridge Townhomes are located within 5 miles of 3 major universities /colleges (FSU, FAMU, TCC) and multiple shopping centers are within 2 miles. There are 5 national/local parks within 4 miles and the Tallahassee International Airport is approximately 8.5 miles. Also, just a couple of blocks from Timber Ridge is The Centre of Tallahassee, formerly known as the Tallahassee Mall. The Centre is a semi-enclosed shopping center and entertainment venue at the corner of N Monroe Street & John Knox Rd. The "Pavilion", at The Centre of Tallahassee, seats more than 6,700 spectators and hosts many national concerts, trade shows and events. In addition to the theaters, shops & eateries, the former mall has repurposed a large portion into office space (450,790 SF) for the State of Florida with over 2000 employees working for the Department of Health and the Department of Children & Families. The former Dillard's building has been transformed into the School of Arts & Sciences
Total Number of Buildings: 2
Number of Stories: 2
Year Built: 2007
Construction/Siding: HardiePlank Siding
Parking Ratio: 2.7 (per 1000 SF)
Parking Type: Surface
Parking Description: Free Surface Parking
Total Parking Spaces: 40
Laundry: In Each Unit
Zoning Description: MR-1 Medium Density Residential

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,410 93,462 168,077
Median Age: 28.18 28.85 30.68
Households: 4,002 38,024 70,185

Contact

Photograph of Listing Agent

Lawrence "Chip" Hartung

Coldwell Banker Hartung TALrex.com Member
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