545740 Us-1Callahan, FL 32011

Property Details for 545740 Us-1

Lot size

1.68 AC

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 12-unit apartment complex in Callahan, Florida, presents a compelling investment opportunity. The property consists of a single, renovated (2023) garden-style building situated on a 1.68-acre lot, including a 0.58-acre commercially zoned parcel. The building features a mix of unit sizes: two 2-bedroom/2-bathroom units, two 2-bedroom/1-bathroom units, and eight 1-bedroom/1-bathroom units. Currently boasting 92% occupancy and a Net Operating Income (NOI) of $97,602, resulting in a 5.81% cap rate, the property offers a strong foundation for immediate cash flow. Average monthly rent is approximately $1,150 per unit. A separate laundry facility generates additional income, averaging $350 per month. The expansive lot size presents significant potential for expansion, including adding garages, storage units, or even a manager's residence, leveraging the adjacent commercially zoned land. The asking price is $1,680,000 ($140,000 per unit). Detailed financial projections are available upon request. This turnkey property is ready for a new owner to capitalize on its existing income and substantial growth opportunities. The included commercially zoned land allows for various expansion options, as detailed in the Nassau County Code of Ordinances, Section 16.01 (link available upon request).

Location Insight

City

Callahan

County

Nassau

State

Florida

Latitude

30.6484

Longitude

-81.8716

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