Current Use by Public Records
- Mobile home & RV parks
Property Details for 1960 Us-90
- Year built
- 23
- Property type
- Mobile home & RV parks
- Property subtype
- Residential income homes
Description
This exceptional multifamily investment opportunity in Madison, Florida, presents a portfolio of 14 units across five buildings situated on two lots totaling 5.088 acres. The property boasts a current NOI of $48,346 and a pro-forma NOI of $61,746, translating to a 10.74% cap rate and a pro-forma cap rate of 13.72%, respectively. The 10,250 square foot property features 9,564 square feet of net rentable space, with an asking price of $450,000 ($43.90/sq ft and $32,142.86/unit). Currently at 100% occupancy, the property includes three manufactured triplexes, a concrete block building, and a separate two-story duplex. The R1 zoning allows for one home per acre with no maximum size restrictions, presenting significant development potential. Tenants pay all utilities, minimizing owner expenses. The property's location near the Suwannee Music Festival Campgrounds, Madison County Recreation Complex, schools, and major transportation routes adds to its appeal. The existing structures offer immediate cash flow, while the ample land provides a platform for future expansion and increased profitability. The property is currently generating a gross annual income exceeding $80,800. A 2700 sq ft concrete block building, previously used as a daycare, presents an opportunity for conversion into additional rental units, further enhancing the return on investment. This is a rare opportunity to acquire a stabilized, high-performing multifamily portfolio with substantial upside potential.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Madison
- County
- Madison
- State
- Florida
- Longitude
- -83.4429
- Latitude
- 30.4805
