For Sale
$1,400,000

278 Trinity PlLake City, FL 32055

11-Unit Rental Property, High ROI

Overview

Added:
Feb 11
Days on market:
53
This exceptional investment opportunity presents an 11-unit single-family rental portfolio in Lake City, Florida. The property, known as Trinity Villas, boasts 6,880 square feet across seven 1-story buildings situated on a 0.723-acre lot. Built in 1945 with significant renovations between 2000 and 2023, the property features 11 units, each with 2 parking spaces, and is currently operating at 90% occupancy, generating a strong NOI of $134,757 and a 9.63% cap rate. The property includes a ready-to-build slab for an additional unit, increasing potential revenue. Extensive recent capital improvements include new roofs, plumbing, electrical upgrades, updated kitchens and bathrooms, new appliances, exterior repainting, and the addition of five laundry facilities. All units underwent certified 4-point mechanical and roof inspections in August 2024, with all identified issues addressed. The property benefits from its location in an Opportunity Zone, offering potential tax advantages. Individual water and electric meters are installed for each unit. Security features include solar-powered security cameras and solar floodlights. The property is zoned for multi-family use and offers significant potential for value-add improvements, including completing the build-out of the existing vacant unit and constructing a new unit on the existing slab. This well-maintained property presents a compelling investment opportunity with a high potential for return. The asking price is $1,400,000.

Highlights

  • $1,400,000 asking price for a value-add, Class B multifamily property (Single Family Rental Portfolio).
  • 11 units, 1 pad, 6,880 square feet on a 0.72 acres lot, 90% occupancy.
  • $134,757 Net Operating Income (NOI) yielding a 9.63% cap rate.
  • Seven 1-story buildings built in 1945, renovated between 2000 and 2023; 2 parking spaces per unit.
  • Recent (August 2024) 4-point inspections and roof inspections completed with all noted items addressed. Extensive renovations completed on most units, including kitchen and bathroom upgrades, new appliances, and exterior painting. One unit vacant, one building used for storage, and a ready-to-build slab for potential expansion.
  • Property located in Lake City, FL (32055), in an Opportunity Zone.

Property Details for 278 Trinity Pl

Property type
Residential income homes
Square Feet
6,880 SF
Class
B
Year Built/Renovated
1945/2000
Buildings
7
Stories
1
Lot Size (sq. ft)
31,494 SF
Units
11

Location Insight

City
Lake City
County
Columbia
State
Florida
Latitude
30.1976258
Longitude
-82.6343156
278 Trinity Pl, Lake City, Florida

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278 Trinity Pl
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