201 Withheld Address Leesburg, FL 34748

Property Details for 201 Withheld Address

Property size

3,465 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a 19-unit room and boarding house in Leesburg, Florida, currently listed at $670,000. The 3,465 square foot property boasts a remarkable pro-forma cap rate of 26.84% and a pro-forma NOI of $179,808. Recently renovated in 2023, the single-story building features 11 actual bedrooms and is fully furnished, including fire sprinklers, a fire alarm, an automatic generator, a renovated kitchen, some new flooring, a new water heater, and a new HVAC system. The property is partially approved for a room and boarding house accommodating up to 19 residents (including a manager). To meet city requirements, the addition of six parking spaces (estimated cost: $5,900) is needed. The City of Leesburg has confirmed the property's suitability for various congregate living uses, including foster homes, daycares, halfway houses, independent living facilities, assisted living facilities (ALFs), memory care facilities, and adult personal care (APD) group homes. However, prospective buyers must independently verify the suitability of their intended use with the city before submitting an offer. The property's occupancy date is September 4, 2024. All due diligence, including verification of permits, market rents, approvals, regulations, parking capacity, allowed use, zoning, financials, proformas, and add-backs, is the responsibility of the buyer. This presents a unique value-add opportunity with significant potential for return on investment. The price per unit is $35,263.16.