3463 55Th Ave Silver Springs, FL 34488

Property Details for 3463 55Th Ave

Lot size

1.00 lot acres

Property size

4,200 SF

Property type

Residential income homes

Description

This exceptional eight-unit multifamily investment opportunity in Silver Springs, Florida, is offered at $1,100,000. The property consists of two quadplexes, each featuring four one-bedroom, one-bathroom units, totaling 4,200 square feet on a one-acre lot. Built in 2023, these units adhere to the Florida Vernacular Style as part of the Community Redevelopment Act. Currently boasting 100% occupancy with long-term leases at $1,149 per unit, the property generates a substantial net operating income (NOI) of $88,625 annually, representing an 8.06% cap rate. Superior construction materials, including concrete block, metal roofs, spray insulation, high-efficiency windows, and fire suppression sprinkler systems, contribute to low utility, maintenance, and insurance costs. Each unit is equipped with stainless steel appliances and individual washers and dryers, enhancing tenant desirability. The property is zoned R3 and is available for sale as a single eight-unit commercial property or as two separate quadplexes. Monthly expenses total $1,807, resulting in a monthly NOI of $7,385. This turnkey investment presents a rare opportunity to acquire a high-performing, well-maintained multifamily portfolio in a desirable location. The price per unit is $137,500.