4697 Rose Coral Dr Pine Hills, FL 32808

Property Details for 4697 Rose Coral Dr

Year built

1988

Property size

92,554 SF

Property type

Commercial real estate

APN

17-22-29-8075-00-011; 17-22-29-8075-00-012

Description

This exceptional 165-unit apartment building, situated on a ±9-acre lot in Orlando's Pine Hills neighborhood (4697 Rose Coral Dr, Orlando, FL 32808), presents a compelling investment opportunity. The property, comprised of 23 one-story buildings constructed in 1988 and renovated in 1995, boasts a desirable unit mix including studios, one-bedroom, and two-bedroom apartments. The spacious units feature modern amenities such as new kitchen appliances, vinyl plank flooring (in select units), plush carpeting (in select units), ample cabinet and counter space, and private patios. Current rents are below market, offering significant potential for rental increases of up to 15%. The property benefits from its convenient location, offering easy access to major highways (Interstates 4, 75, and 275, and Routes 41 and 92), Downtown Orlando, and major employers including Walt Disney World Resort, Orlando International Airport, University of Central Florida, and Orlando Regional Medical Center. Community amenities include a pool and sun deck, and additional storage. The property features a 6.53% pro-forma cap rate, and an assumable loan of $14,900,000 at 6.36% interest with five years remaining (interest-only payments). The loan has a maximum loan-to-value of 65% and a minimum debt yield of 9.00%. Detailed loan documents are available. This property offers a strong value-add opportunity with significant potential for increased returns. The asking price is $22,000,000, with a price per unit of $133,333.33 and a price per square foot of $237.70. The total square footage is 92,554, and the property is zoned R-3B/W.