371 Broad StBrooksville, FL 34604

Property Details for 371 Broad St

Year built

1947

Lot size

0.70 AC

Property size (Sq ft)

1,292 SF

Zone code

C-1

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

R36-223-18-2690-0200-0060

APU

R3622318269002000060

Description

This exceptional 16-unit apartment building in Brooksville, Florida, presents a compelling investment opportunity. Located in the Masaryktown community, this property boasts three buildings constructed in 1947 and 1981, totaling 5,568 square feet of net rentable space. The property features recently renovated units with new vinyl plank flooring, countertops, and appliances, reflecting over $100,000 in recent capital improvements. Concrete block construction ensures durability. Currently generating a NOI of $84,469 and a 6.76% cap rate, a pro-forma NOI of $110,391 and an 8.35% pro-forma cap rate are projected, representing a significant increase in effective gross income. The property enjoys a highly visible location on US-41, a major thoroughfare with high daily traffic volume. Its proximity to amenities such as restaurants, Dollar General, and Publix, along with its convenient location near Downtown Brooksville and Tampa, enhances its appeal. The average household income within a two-mile radius is $103,299, indicating a strong tenant base. This turnkey investment offers a rare opportunity to acquire a well-maintained multifamily property in a growing market, with a price per unit of $78,125 and an asking price of $1,250,000. The property's APN is R36-223-18-2690-0200-0060.

• CAP approach

  CAP return

  Valuation

  6%

  $301,117

  6.5%

  $277,954

  7%

  $258,100

• Comparable approach

  Method

  Valuation

  Relative Method

  $365,735

  Geo Method

  $365,735

• Alternative Use

  Use

  Valuation

  Residential

  $277,954

  Hospitality

  $254,604

  Educational

  $211,828

  Medical

  $219,113

  Retail

  $329,510

Location Insight

City

Brooksville

County

Hernando

State

Florida

Latitude

28.4411

Longitude

-82.4583

CBSA code

45300

CBSA name

TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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