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| Country Walk| Altamonte springs , FL |
| 242 Sharon Dr |
| Altamonte springs , FL |
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| Purchase Price |
$7,000,000 |
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| Cap Rate |
-1.34% |
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| Property Type |
Residential |
| Rentable Square Feet |
192,606 |
| Price per RSF |
$36.34 |
| Number of Tenants |
188 |
| | | Property Description |
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188 UNITS. ORIGINALLY A RENTAL PROJECT THAT WAS CONVERTED TO CONDO IN 2006. STRUCTURES ARE 2 -3 STORY.
THE PROPERTY WAS BUILT AS APARTMENTS IN 1973 AND CONVERTED AND RENOVATED IN 2006.
254 UNITS IN TOTAL, 66 OF WHICH WERE SOLD.
ALTAMONTE SPRINGS IS IN SEMINOLE COUNTY, NORTH OF DOWNTOWN ORLANDO. 5 MINUTES TO THE ALTAMONTE MALL WHICH IS ONE THE MOST SUCCESFUL MALLS IN FLORIDA, THE I-4 HWY, SCHOLLS AND MORE. AMENITIES: 2 Swimming pools, tennis and basketball court, clubhouse,computer center, playground and laundry facilities.
THE PROPERTY IS BANK OWNED AND WILL BE SOLD QUICKLY.
ASSESSED VALUE 2009 - $80,000 - $140,000.
COMPARABLES - $38,000 / UNIT. http://mfr.mlxchange.com/Pub/EmailView.asp?r=1102098117&s=MFR&t=MFR
THE PROPERTY IS NOT BEING MANAGED PROPERLY. STABILIZING IT WITH AGRESSIVE LEASING WILL REWARD THE NEW OWNER HANDSOMLY.
PROPERTY PERFORMANCE AFTER TAX:
*** SALE AFTER 5 YEARS AT 6% CAP OF NOI.
*** CAP RATE AT ACQUISITION - -1.34%.
*** AFTER TAX CASH ON CASH AFTER STABILIZING - 13%.
*** AFTER TAX IRR - 21.83%
*** AFTER TAX CUMULATIVE ROI - 348%.
*** DISCOUNT RATE - 10%. |
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| Presented To You By |
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Sean Glickman, CIPS TRC CSP
561-488-7766
seanglickman@gmail.com
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STIRLING SOTHEBY'S
INTERNATIONAL REALTY |
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The information above has been obtained from sources believed reliable. While
we do not doubt its accuracy we
have not verified it and make no guarantee, warranty or representation about
it. It is your responsibility to independently confirm its accuracy and
completeness. Any projections, opinions, assumptions, or estimates used are for
example only and do not represent the current or future performance of the
property.
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