426 Citrus Ave Eustis, FL 32726

Property Details for 426 Citrus Ave

Property size

5,797 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents two renovated quadplex buildings totaling eight apartment units and four additional storage units, situated on a sizable .62-acre lot (115' x 232') in Eustis, Florida. Boasting 100% occupancy with annual tenants, this property generates a substantial annual cash flow exceeding $95,000, yielding an attractive 8% cap rate. The combined heated square footage is 5,203 square feet, with a total building area of 5,797 square feet. Both buildings benefit from city water and sewer services and are conveniently located just three blocks from downtown Eustis, offering easy access to local amenities, including Lake Eustis, restaurants, shops, and parks. The Lake County Mall, Target, and Walmart are also within a five-minute drive. Building 422 features three one-bedroom, one-bathroom units and one two-bedroom, one-bathroom unit, fully remodeled in 2018. Building 426 comprises four two-bedroom, one-bathroom units, remodeled in 2019, along with the four rentable storage units. Each apartment unit includes two dedicated parking spaces. The property is offered fee simple, with seller financing potentially available for a qualified buyer (approximately 25% of the purchase price). Detailed financial information, including unit profiles, income history, expense breakdowns, and rental market analysis, is available to qualified buyers upon request and execution of a non-disclosure agreement. The asking price is $1,150,000, representing $146,875 per unit and $198.38 per square foot of net rentable space. The property is zoned residential.