1154 1St St Crystal River, FL 34429
- Apartment buildings
- 3,552 SF
- 1.04 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 1154 1St St
- Year built
- 1971
- Lot size
- 1.04 lot acres
- Property size
- 3,552 SF
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents a fully tenanted, five-unit apartment building situated in Crystal River, Florida. The property consists of two one-story buildings, totaling 3,552 square feet on a 1.04-acre lot. Building one houses three units, while building two contains two units; all units are spacious two-bedroom, one-bathroom apartments. Currently, all five units are occupied, generating a strong and immediate cash flow. The property boasts a 6.41% cap rate and a net operating income (NOI) of $38,460, with a total annual expense of $18,894 (including management fees). The asking price is $600,000, or $120,000 per unit, representing a price per square foot of $168.92. The property is zoned R1 and R2, offering potential for expansion and increased income generation through the addition of up to three more units. Built in 1971, this Class C multifamily property presents a compelling owner-user investment opportunity in a desirable Florida location. The property's strong occupancy rate and potential for future growth make it an attractive addition to any investment portfolio. This is a rare opportunity to acquire a stable, income-producing asset in a growing market.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Crystal River
- County
- Citrus
- State
- Florida
- Longitude
- -82.5723
- Latitude
- 28.8958
