0 Ark PlLake City, FL 32055

Property Details for 0 Ark Pl

Year built

1945

Lot size

0.72 AC

Property size (Sq ft)

640 SF

Property type

Investment properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents an 11-unit single-family rental portfolio situated in Lake City, Florida's Opportunity Zone. The property, boasting a 13% cap rate and $100,000 NOI, comprises eleven 1-story buildings constructed in 1945 and fully renovated in 2024. Unit sizes range from 640 to 1200 square feet, each with one parking space. Currently, 10 of the 11 units are occupied (80% occupancy rate), generating a consistent cash flow. The property features durable block construction with metal roofing, minimizing maintenance costs. Eight units include washer/dryer hookups, and all units are equipped with window air conditioning units. The 0.723-acre lot is secured by a half-gated entrance and mesh fencing, creating a private and safe environment for residents. The property is zoned RSF-3, offering flexibility for future development or enhancements. The asking price is $1,490,000, translating to $216.57 per square foot. This prime investment offers significant tax advantages due to its location within a federally designated Opportunity Zone, making it particularly attractive to both domestic and international investors. The property's strong cash flow, low maintenance requirements, and secure location contribute to its long-term investment potential. The projected full occupancy date is November 13, 2024. The APN is 00-00-00-10890-000.

Location Insight

City

Lake City

County

Columbia

State

Florida

Latitude

30.1974

Longitude

-82.6342

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