4251 21St StGainesville, FL 32607

Property Details for 4251 21St St

Year built

1981

Lot size

0.51 AC

Property size (Sq ft)

10,800 SF

Property type

Apartment buildings

Description

Oak Terrace Apartments presents a compelling investment opportunity in Gainesville, Florida. This stabilized, Class B multifamily complex boasts 12 units, totaling 10,800 square feet, situated on a 0.51-acre lot. The property comprises two, two-story buildings, featuring eight 2-bedroom, 1.5-bath townhouses and four 2-bedroom, 1-bath flats, each unit offering 900 square feet of living space. Built in 1981 and 1982 with durable concrete block construction, the property has undergone recent, comprehensive renovations, both cosmetic and mechanical, enhancing its appeal and value. Currently, the complex enjoys an average monthly rent of $1,400 per unit, generating a substantial net operating income (NOI) of $132,037 and a 6.29% cap rate. The asking price is $2,100,000, representing a price per unit of $175,000. Conveniently located in southwest Gainesville near Butler Plaza and the University of Florida, the property benefits from proximity to major retailers, including Target, Walmart, and Publix. The property includes 20 parking spaces, and tenants are responsible for all utilities via individual metering. All units feature washer and dryer hookups. The property's zoning is U9. This is a 1031 exchange eligible property. This prime location and strong financial performance make Oak Terrace Apartments an exceptional addition to any investment portfolio.

Location Insight

City

Gainesville

County

Alachua

State

Florida

Latitude

29.6327

Longitude

-82.3887

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