278 Trinity Pl Lake City, FL 32055

Property Details for 278 Trinity Pl

Year built

1945

Lot size

0.72 lot acres

Property size

6,880 SF

Property type

Residential income homes

Description

This exceptional investment opportunity presents an 11-unit single-family rental portfolio in Lake City, Florida. The property, known as Trinity Villas, boasts 6,880 square feet across seven 1-story buildings situated on a 0.723-acre lot. Built in 1945 with significant renovations between 2000 and 2023, the property features 11 units, each with 2 parking spaces, and is currently operating at 90% occupancy, generating a strong NOI of $134,757 and a 9.63% cap rate. The property includes a ready-to-build slab for an additional unit, increasing potential revenue. Extensive recent capital improvements include new roofs, plumbing, electrical upgrades, updated kitchens and bathrooms, new appliances, exterior repainting, and the addition of five laundry facilities. All units underwent certified 4-point mechanical and roof inspections in August 2024, with all identified issues addressed. The property benefits from its location in an Opportunity Zone, offering potential tax advantages. Individual water and electric meters are installed for each unit. Security features include solar-powered security cameras and solar floodlights. The property is zoned for multi-family use and offers significant potential for value-add improvements, including completing the build-out of the existing vacant unit and constructing a new unit on the existing slab. This well-maintained property presents a compelling investment opportunity with a high potential for return. The asking price is $1,400,000.