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Savannah Shores Apartments for Sale
5400 Munson Hwy
Milton, FL 32570
County: Santa Rosa
Units: 8
Building: 8,000 sq ft
Occupancy: 100%
Price: $599,000
Price Per Unit: $74,875
Cap Rate: 6.68%
Year Built: 1980
***** INCREDIBLE APARTMENT COMPLEX ON THE
WATER IN FLORIDA *****
These 8-units,
consisting of 2 - fourplex buildings, sit right on
the Black Water River in Milton, Florida! Ideally
located and the perfect starter sized apartment
complex for the investor looking to get into
multifamily investing. This can be purchased as 1 -
8 unit building using commercial financing or as 2
separate transactions using residential financing!
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2 fourplex
buildings
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All large 2 bedroom 2 bath units
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Each units has a large private balcony facing the
water
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Washer and dryer hook ups in each unit
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$50,000+ in rehab recently completed: Decks, roof,
interior renovations, exterior painted, etc. The
places look great
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Small fishing doc
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Lots of open space
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Less than 1/8 mile to city park with boat launch
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1/4 mile to high school
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1/2 mile to downtown Milton
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30 minutes to Pensacola
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6.68% Cap Rate for units literally on the water!
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7.76% cap rate potential
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Includes two continuous lots
This all
equates to solid tenants and a high desire to reside
in this area.
Location:
Literally on Black Water River one of the nation's
top 10 cleanest rivers. Fresh water make for
incredible fishing, boating, jet skiing or just
enjoying a swim.
Financial Summary Actual
Year: 2008
Scheduled Gross Income: $55,200
Effective Gross Income: $55,200
Operating Expenses: $15,180
Net Operating Income: $40,020
Pre-Tax Cash Flow: $40,020
Unit Mix Information
2 bedroom 2 bathroom
No. Units: 8
SF: 1,000
Avg. Mo. Rent: $575
Debt & Equity Information
Debt Type: Proposed
Loan Amount: $479,200
Interest Rate: 6.75%
Amortized Over: 200
Due In: 30
Annual Debt Service: $32,340
Down Payment: $119,800
Loan Description: Because there are
two 4-plex buildings the financing could be
either one commercial loan or two
residential loans. Leaving the two
additional lots F&C.
Contact: Chief Denney at (619)
223-0055
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Apartment Investments
A Great New Book Full of What Investors
Need to Know.
Comment
Dear
Richard,
Thank You very much for your help on the
financing. The rate turns out to be better than
expected...
Joe D.
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