1324 County Rd 621st E Lake Placid, FL 33852-8610
- Warehouses
- 3,300 SF
- 0.26 lot acres
May 22, 2023
Current Use by Public Records
- Warehouses
Property Details for 1324 County Rd 621st E
- Year built
- 2001
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.26 lot acres
- Property size
- 3,300 SF
- Zone code
- B3CU
- Property type
- Warehouses
- Property subtype
- Self storage facilities
- APN
- C-20-36-30-040-0020-0020
- APU
- C20363004000200020
Description
This exceptional self-storage facility in Lake Placid, Florida presents a compelling value-add investment opportunity. Situated on six acres, the property comprises four buildings totaling 16,200 square feet of rentable space, housing 77 existing units. Built between 1988 and 2001, the property is zoned B3 and offers secured parking for boats, cars, and RVs. Currently generating $13,000 in monthly income, the property boasts a 4.81% cap rate at the asking price of $2,700,000 ($166.67/sq ft, $35,064.94/unit). A significant expansion plan is in place, adding approximately 180 units and 35 covered RV sites, projected to increase monthly income by $41,060 and the cap rate to 10.168% post-expansion (assuming a 20% expense rate and 10% vacancy rate). The expansion is estimated to cost $2 million. Owner financing options are available. This prime location in Central Florida offers substantial growth potential. The property's APN is C-20-36-30-040-0010-0070, C-20-36-30-040-0020-0010.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $2,055,000
- ML approach
- $2,030,000
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Location Insight
- Map
- Local Demand
- City
- Lake Placid
- County
- Highlands
- State
- Florida
- Longitude
- -81.3223
- Latitude
- 27.299
- CBSA code
- 42700
- CBSA name
- SEBRING, FL MICROPOLITAN STATISTICAL AREA
