371 Broad St Brooksville, FL 34604-7310
- Apartment buildings
- 1,292 SF
- 0.70 lot acres
Feb 15, 2023
Current Use by Public Records
- Cedar Cove Efficiencies / Apartment Complex
Property Details for 371 Broad St
- Year built
- 1947
- Lot size
- 0.70 lot acres
- Property size
- 1,292 SF
- Zone code
- C-1
- Property type
- Apartment buildings
- APN
- R36-223-18-2690-0200-0060
- APU
- R3622318269002000060
Description
This exceptional 16-unit apartment building in Brooksville, Florida, presents a compelling investment opportunity. Located in the Masaryktown community, this property boasts three buildings constructed in 1947 and 1981, totaling 5,568 square feet of net rentable space. The property features recently renovated units with new vinyl plank flooring, countertops, and appliances, reflecting over $100,000 in recent capital improvements. Concrete block construction ensures durability. Currently generating a NOI of $84,469 and a 6.76% cap rate, a pro-forma NOI of $110,391 and an 8.35% pro-forma cap rate are projected, representing a significant increase in effective gross income. The property enjoys a highly visible location on US-41, a major thoroughfare with high daily traffic volume. Its proximity to amenities such as restaurants, Dollar General, and Publix, along with its convenient location near Downtown Brooksville and Tampa, enhances its appeal. The average household income within a two-mile radius is $103,299, indicating a strong tenant base. This turnkey investment offers a rare opportunity to acquire a well-maintained multifamily property in a growing market, with a price per unit of $78,125 and an asking price of $1,250,000. The property's APN is R36-223-18-2690-0200-0060.
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
- Brooksville
- County
- Hernando
- State
- Florida
- Longitude
- -82.4583
- Latitude
- 28.4411
- CBSA code
- 45300
- CBSA name
- TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA
