1301 South Lee Highway

Description

It's almost impossible to find a 9 Cap rate investment property these days. This 20-unit apartment complex is divided into three buildings. There are currently 18 one bedroom and 2 two-bedroom units. Each building has its own address, 1200 South Lee Hwy, 1208 South Lee Hwy and 1301 South Lee Hwy. They have been completely renovated inside and out as of the end of 2019. These units from around 420 to 620 sq feet, each with a living room, kitchen, bathroom and a generous bedroom with closet for the 1-bedroom units and an additional bedroom in 2 units. One of the larger one-bedroom units has a washer and dryer. There is also a full-sized office with bathroom and a more than 2,700 sq feet storage area that could be converted to 3 additional apartment units. Each apartment has its own heat and air unit, range and refrigerator. Most tenants are long term minded residents and the vacancy rate stays below 1%. The owner provides utilities, cable and internet and rents are paid weekly. Rents average over $1,200 per month with some units much higher. You really must see them to understand how well they have been updated and maintained.