2148 Dora Street, Fort Myers, FL 33901
- $1,100,000
- 288
- BD
- 144
- BA
- 10,952
- SqFt
- Sold Price
- $1,100,000
- List Price
- $1,350,000
- Status
- SOLD
- Days on Market
- 1
- Closing Date
- Sep 05, 2024
- MLS#
- A4619028
- Subtype
- Residential Income
- Style
- One Story
- Year Built
- 1971
- Bedrooms
- 288
- Bathrooms
- 144
- Living Area
- 10,952
- Lot Size
- 18,818
- Acres
- 0.43
- Subdivision
- Cranfords Sub
- Building Name
- 2148
- MLS Area Major
- Fort Myers
Property Description
Make Money Now: High-Yield, Under-Market Income-Producing Apartment Building Unlock the potential of this 12-unit apartment building, spanning 10,954 sq ft, with each spacious unit offering 913 sq ft of living space. Currently 100% rented M/M at substantially under-market rates, this property presents a rare opportunity for savvy investors looking to maximize their ROI. Management has done little to make this cash cow payoff other than fully rented, They have made since 2021/21 to date replaced 1/2 the windows, 3/4 of the a/c units and it has a 1 yr old roof, outside painted. It is a solid, functioning, occupied, income producer which is highly under performing due to mgmt and updating mainly interior and some exterior. This may be the cheapest updating investment you will find. Going market rent (1B-1B) $1200-$1400-(2B-1B)$1600- $1800 p/m Key Features: Fixer-Upper in Great Condition: Well-maintained structure, needing only minor updates in units and exterior to elevate to market standards. High Cap Rate Potential: Projected cap rate of 9-10%, with the ability to nearly double if not double current income under new management. Significant Value Increase: Post-renovation, the property value could soar to between $2.5 and $3 million, aligning with its replacement value. Prime Location: Situated close to waterways, hospitals, shopping centers, public transportation, parks, and sports stadiums Minutes to Fort myers beach and rt 75 and FW airport. Nestled in a residential community on the edge of urban and commercial establishments, attracting Valued tenants. Investment Highlights: Under-Market Rental Rates: Significant upside potential by bringing rents to market levels (6 Figure est). Cost-Effective Upgrades: Investment in updates can and will drastically increase revenue and property value. Land value is $240K bring the asking price of the building to $1.11M Strong Rental Demand: Location and unit size make this property a magnet for tenants seeking quality housing. This diamond in the rough is a must-have for investors seeking high returns and substantial property appreciation. Don’t miss out on this rare opportunity to add a prime income-producing asset to your portfolio. This Investment easy accomodate ARV income; The 1% rule of return and 50% expense rule Contact us today to schedule a viewing and explore the immense potential of this investment property.
/u.realgeeks.media/swflregroup/Logo-min.png){kind=logo}
Additional Information
- Interior Features
- Living Room/Dining Room Combo, Solid Wood Cabinets, Split Bedroom
- Exterior Features
- Lighting
- Financing
- Cash, Conventional
- Location
- Landscaped, Level, Near Public Transit, Paved
- Community Features
- Park, No Deed Restriction
- Property Description
- One Story
- Zoning
- RSD
- Appliances
- Convection Oven, Refrigerator
- Heating
- Central, Electric
- Air Conditioning
- Central Air
- Exterior Construction
- Block, Stucco
- Exterior Features
- Lighting
- Levels
- One
- Roof
- Shingle
- Foundation
- Slab
- Parking
- Common, Ground Level
- Parking Features
- Common, Ground Level
- Garage
- 5+ Car Carport
- Garage Features
- Common, Ground Level
- View
- City
Listing courtesy of KELLER WILLIAMS ON THE WATER S. 941-803-7522
Selling Office: KELLER WILLIAMS ON THE WATER S.Mortgage Calculator
StellarMLS is the source of this information via Internet Data Exchange Program. All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale. Availability of any listing should always be independently verified. Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase. All other use is strictly prohibited and may violate relevant federal and state law. Data last updated on