109 Dixie Ave Leesburg, FL 34748

Property Details for 109 Dixie Ave

Year built

1956

Lot size

3.64 lot acres

Property size

5,317 SF

Property type

Retail properties & Spaces

Property subtype

Restaurants

Description

This exceptional mixed-use property in Leesburg, Florida, presents a compelling investment opportunity. The property encompasses a thriving restaurant with 5,317 square feet of space, comfortably seating 110 patrons, and boasting an impressive outdoor dining area overlooking a lake. Thirteen fully occupied apartment units (8 in one building, 2 in another, and 1 three-bedroom unit) generate substantial rental income. Currently, 36 boat slips are leased, with permits secured for an additional 36, creating a significant revenue stream from the marina. The property sits on a 3.64-acre lot and includes four buildings, totaling 12,485 net rentable square feet, across two stories. Built in 1956 or later, the property features 32 parking spaces and is zoned CG. The property's strong financial performance is evident in its 9.80% cap rate and a 2022 NOI of $578,465, representing a significant increase from the previous year. Additional assets include two boat houses and three utility sheds. The asking price is $5,900,000, with a price per square foot of $1,109.65 and a price per unit of $453,846.15. Seller financing is available with a 30% down payment, a 20-year amortization schedule, and a 6% interest rate, including a 5-7 year balloon payment. The property's location offers proximity to a well-known historic site, further enhancing its appeal and potential for increased revenue. This turnkey operation requires no significant capital expenditures, making it an attractive investment with high potential for future growth. The property's established reputation and consistent occupancy rates ensure a stable and profitable investment.

Location Insight

City

Leesburg

County

Lake

State

Florida

Longitude

-81.8745

Latitude

28.8064