1501 Montana AveSt. Cloud, FL 34769

Property Details for 1501 Montana Ave

Year built

1984

Lot size

0.34 AC

Property size (Sq ft)

4,326 SF

Property type

Apartment buildings

Description

This fee-simple owned, 3-unit apartment building in St. Cloud, Florida presents a compelling investment opportunity. Located at 1501 Montana Ave, this 2-story, 1984-built Class C property boasts a total of 4,326 square feet, with 3,338 square feet of net rentable space. The property sits on a 0.34-acre lot and features three units: two with three bedrooms and one bathroom, and one with three bedrooms and two bathrooms. Each unit is separately metered for utilities. Currently operating at 100% occupancy (as of May 1, 2024), the property generates a Net Operating Income (NOI) of $41,692, with a projected NOI of $56,400. The asking price is $799,000, representing a current cap rate of 5.22% and a pro-forma cap rate of 7.06%. The price per unit is $266,333.33, and the price per square foot is $191.86. The property is subject to a ground lease and offers two parking spaces per unit. Zoned SR3, this centrally located triplex benefits from its desirable location and features a professionally managed structure with all leases currently one-year terms. Two of the three tenants are long-term residents. All information is based on provided data

Location Insight

City

St. Cloud

County

Osceola

State

Florida

Latitude

28.2441

Longitude

-81.3001

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