2609 Landover BlvdSpring Hill, FL 34608

Property Details for 2609 Landover Blvd

Year built

2021

Lot size

0.50 AC

Property size (Sq ft)

8,620 SF

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

R32-323-17-5170-1148-0070

APU

R3232317517011480070

Description

This exceptional 12-unit apartment building, constructed in 2021, presents a rare turnkey investment opportunity in Spring Hill, Florida. The property boasts 8,620 square feet of net rentable space across a 0.54-acre lot, featuring 18 parking spaces. All 12 units are two-bedroom apartments, each equipped with stainless steel appliances and in-unit washer/dryers. Tenants pay all utilities, significantly enhancing cash flow. Built to the latest Florida building codes (6th Edition), the property includes an automatic sprinkler system and a deep well for irrigation. The building enjoys a 100% occupancy rate as of March 21, 2024, and benefits from exceptionally low insurance premiums of $6,275 annually (February 2024 policy), inclusive of windstorm/hurricane coverage. Its prime location is less than a mile from a Publix supermarket and within minutes of major retailers like Walmart, Target, and Home Depot. Proximity to schools, including Explorer K-8 and Frank W. Springstead High School, and HCA Florida Oak Hill Hospital, further enhances its appeal. The asking price is $2,350,000, representing a price per unit of $195,833, with a current cap rate of 6.34% and a pro-forma cap rate of 6.75%. This Class A property offers a compelling value-add investment opportunity with significant potential for long-term growth and strong returns. The fee-simple ownership provides complete control and flexibility. The building consists of one, two-story structure with 9,676 total square feet.

• CAP approach

  CAP return

  Valuation

  6%

  $1,971,614

  6.5%

  $1,819,951

  7%

  $1,689,954

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,440,120

  Geo Method

  $2,440,120

• Alternative Use

  Use

  Valuation

  Residential

  $1,819,951

  Hospitality

  $1,667,065

  Educational

  $1,386,979

  Medical

  $1,434,679

  Retail

  $2,157,522

Location Insight

City

Spring Hill

County

Hernando

State

Florida

Latitude

28.4937

Longitude

-82.5506

CBSA code

45300

CBSA name

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

Property Tax & Assessments

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