100 Dewey St Eustis, FL 32726

Property Details for 100 Dewey St

Year built

2022

Lot size

0.47 lot acres

Property type

Commercial real estate

APN

11-19-26-0100-036-01301

Description

This exceptional Class A, 20-unit apartment building presents a compelling investment opportunity in the thriving city of Eustis, Florida. Completed in 2022, this fully stabilized asset boasts 19,940 square feet of net rentable space, with spacious units averaging just under 1,000 square feet each. The property features luxurious finishes including luxury vinyl plank flooring, quartz countertops, stainless steel appliances, and full-size washer/dryers. Upper units enjoy elevator access. One unit is fully furnished, currently commanding a rental premium of $357 above the average in-place rent of over $1,350 per unit. The current Net Operating Income (NOI) is $193,350, yielding a 5.45% cap rate. However, a significant increase in NOI to $280,008 (7.89% cap rate) is projected with minimal capital investment by bringing rents to pro-forma levels. Situated on a 0.47-acre lot in the CBD, this property enjoys a prime location within walking distance of historic Downtown Eustis, offering residents convenient access to shops, restaurants, arts, entertainment, and Lake Eustis. Eustis benefits from a robust economy, with an unemployment rate lower than the national average and projected significant job growth over the next decade. Recent and planned developments, including a new University of Florida Medical Facility, a state-of-the-art emergency room, and a UCF Business Incubator, further enhance the area's appeal and long-term growth potential. The asking price is $3,550,000, or $177,500 per unit. The property's APN is 11-19-26-0100-036-01301. This is a rare opportunity to acquire a high-performing multifamily asset in a rapidly growing market.