8660 Irlo Bronson Memorial HwyKissimmee, FL 34747

Property Details for 8660 Irlo Bronson Memorial Hwy

Year built

1984

Lot size

0.01 AC

Property size (Sq ft)

320 SF

Property type

Hotels

Property subtype

Motels

APN

52528333600012217

APU

52528333600012217

Description

This 352-unit apartment complex in Kissimmee, Florida, presents a compelling investment opportunity. The property, encompassing 212,935 square feet across 11 buildings on a 20.27-acre lot, underwent renovations in 2020. Boasting 466 parking spaces, including ADA-accessible spots, the complex features amenities such as three swimming pools and a jacuzzi. The unit mix includes 96 one-bedroom/one-bathroom units (approximately 720 square feet each) and 256 studio units (approximately 360 square feet each). Its convenient location near Disney World, other attractions, major highways (I-4 and the Florida Turnpike), and Orlando International Airport ensures strong occupancy. The property benefits from its location in a strong Metropolitan Statistical Area (MSA) with above-average employment and below-average unemployment. The Commercial Tourist (CT) zoning allows for up to 80 units per acre, presenting potential redevelopment opportunities. Existing features include a fire sprinkler system and smoke alarms. This distressed sale offers a unique chance to acquire a well-established multifamily property with a strong rental base and professional management. The property is currently operating as a converted hotel to multifamily.

• CAP approach

  CAP return

  Valuation

  6%

  $106,229

  6.5%

  $98,057

  7%

  $91,053

• Comparable approach

  Method

  Valuation

  Relative Method

  $154,162

  Geo Method

  $118,087

• Alternative Use

  Use

  Valuation

  Residential

  $107,050

  Hospitality

  $98,057

  Educational

  $81,582

  Medical

  $84,388

  Retail

  $126,906

Location Insight

City

Kissimmee

County

Osceola

State

Florida

Latitude

28.335

Longitude

-81.5254

CBSA code

36740

CBSA name

ORLANDO-KISSIMMEE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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