5830 Drew RdBelleview, FL 34420

Property Details for 5830 Drew Rd

Year built

1974

Lot size

1.22 AC

Property size (Sq ft)

10,500 SF

Property type

Apartment buildings

Description

This exceptional value-add opportunity presents a 20-unit apartment building situated on a 1.22-acre lot in Belleview, Florida. The property, known as Serenity Gardens @ Belleview, consists of five one-story, concrete block quadplexes, each unit offering 525 square feet with one bedroom and one bathroom. Built in 1974, the property boasts recently updated roofs on all buildings and fresh exterior paint. All units are individually metered for utilities, with tenants responsible for water, sewer, and electricity; the owner covers trash removal. Currently operating at 95% occupancy, the property generates a Net Operating Income (NOI) of $127,968, representing a 6.74% cap rate. Pro-forma projections indicate a significant increase in NOI to $160,768 and an 8.46% cap rate, highlighting the substantial upside potential. The asking price is $1,900,000, or $95,000 per unit. The property's strategic location, 1.5 miles from the Belleview Regional Shopping Center (including a new Publix), provides convenient access to retail, dining, and community parks. Belleview's robust growth trajectory, fueled by nearby Ocala and The Villages expansions, positions this investment for long-term appreciation. The property is zoned for multifamily use and offers significant potential for increased rental income through strategic property management and capital improvements. This is a rare opportunity to acquire a well-located, multifamily asset in a high-growth market with immediate upside potential. The property's strong cash flow and projected growth make it an attractive investment for both seasoned and emerging real estate investors.

Location Insight

City

Belleview

County

Marion

State

Florida

Latitude

29.0647

Longitude

-82.0518

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