1608 Long Ridge CtOrlando, FL 32807

Property Details for 1608 Long Ridge Ct

Year built

1989

Property size (Sq ft)

3,900 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a portfolio of three, fully renovated two-story townhomes in Orlando, Florida. Each unit boasts modern amenities and is currently 100% occupied, generating a substantial annual net operating income (NOI) of $50,493. The portfolio offers a compelling 7.26% capitalization rate on an asking price of $695,900, representing an excellent return on investment. Built between 1984 and 1989, with renovations completed in 2021, these properties feature a mix of 2 and 3-bedroom, 2.5-bathroom layouts, ranging from approximately 1227 to 1307 square feet. The total square footage across all three units is 3,900 square feet. Each unit includes two parking spaces. The properties are situated in a gated community in East Orlando, offering convenient access to major roadways including Highways 408, 417, and 528, as well as proximity to Orlando International Airport, Lake Nona Medical City, UCF, Lockheed Martin, Valencia Community College, Siemens, and Downtown Orlando. The community features recently replaced tile roofs. Individual HOA fees are $275 per month per unit. Annual real estate taxes vary slightly per unit, totaling approximately $6,465 annually for the entire portfolio. This is a fee-simple ownership opportunity with significant upside potential for rental income increases. The current lease terms present an immediate opportunity for a new owner to increase rental rates.

Location Insight

City

Orlando

County

Orange

State

Florida

Latitude

28.524

Longitude

-81.2991

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