Crystal River Apartments and Storage 765 N Gardenview Ter 10 Unit Apartment Building For Sale Crystal River, FL 34429

The Hull Multifamily Advisors (HMA) are pleased to present the exclusive offering of Crystal River Apartments and Storage in Crystal River, FL. Built in 1984, this 50-unit, single-building, asset consists of (10) 900 SF Two Bed One Bath Apartments and (40) 10 X 30 Storage Units. In addition to this, current ownership is utilizing the additional on-site space for 20 outdoor uncovered storage spaces. Notable for investors, this asset has seen a significant amount of recent capital improvements with all apartment units being upgraded with updated flooring, countertops, cabinets, appliances, and light fixtures (select units). The Crystal River Apartments and Storage boasts several amenities such as individual entrances, ample parking, and washer/dryer hookups just to name a few. Additionally, current ownership is paying for trash and water, while tenants are responsible for paying electricity and individually metered electric A/C.

The Crystal River Apartments and Storage are being offered to the market as a stabilized cash flowing asset, however, several value-add opportunities present themselves. Most notable, this asset has significantly below market rents with occupancy levels historically averaging near 100%. After doing an in-depth rent comparable study (located in the OM), it has been determined that current average apartment rents and storage unit rents are $50-$100 below similar competing properties, while similar competed outdoor uncovered storage spaces are achieving $20-$40 higher rents. This leaves investors with an opportunity to increase rents to market and further increase not only cashflow, but also significantly increase value. Due to the attractive location and significant historic cashflow, this opportunity offers the marketplace a significant value add, cash flowing asset. Please contact HMA for more information before this opportunity is gone.