The Villas at High Springs 20420 NW 243rd Dr 28 Unité Immeuble d’appartements 3 720 150 $ CAD (132 862 $ CAD/Unité) 7,17% Taux de capitalisation High Springs, FL 32643

This is 10 minutes north of Gainesville, FL in High Springs, which was named the “Friendliest Small Town” by Florida Magazine and has a $94,421 median household income. In addition to the 28 units, which are on one parcel, the same owner is selling 2 quadplex buildings about 2 miles away.
• 28 units at 20420 NW 243rd Drive, High Springs, FL (Villas at High Springs)
o 7 - one bedrooms at 674 SF
o 17 - two bedrooms at 764 SF
o 4 - three bedrooms at 967 SF
o 21,385 Total SF
• Average in place rent is $960/month
• 100% leased and they ran 98% financial occupancy in the trailing 12 months
• 1 of 5 buildings had roof replaced in 2025 at $30K. The other 4 roofs are 2003
• I got a loan quote from a bank at (see the marketing package):
o 70% LTV, 6.25% rate, 30 year amo, 5 year term + 5 year option, 1 year of interest only
• Price is $2,650,000 (only $95k/unit)
o NOI is $1907k (true 7.06% cap rate)
• All single story buildings, park right up front
• Built 1983
• Currently self-managed but I have good local management recommendations.
• Reason for Selling: Owned by a larger investment firm out of NY that bought this in 2019. Their investment criteria has now grown to only 100+ unit assets so this asset is being sold.
• The 6 acre property is zoned for up to 72 units