709 17Th Ave Arcadia, FL 34266

Property Details for 709 17Th Ave

Year built

1984

Lot size

3.13 lot acres

Property size

31,564 SF

Property type

Commercial real estate

APN

31-37-25-0016-8010-0020

Description

Arcadia Cove, a 51-unit apartment community in Arcadia, Florida, presents a compelling investment opportunity. This stabilized multifamily property boasts 31,564 square feet of net rentable space across eight single-story buildings situated on a 3.13-acre lot. Built in 1984 and extensively renovated within the last four years, the property features a mix of studio, one-bedroom, and two-bedroom units, averaging 250, 600, 716, and 850 square feet respectively. All interiors have been updated with consistent vinyl flooring, paint, countertops, appliances, and cabinets. Exterior improvements include new roofs, a recoated parking lot, and fresh exterior paint. The property currently enjoys a 97% occupancy rate, generating a Net Operating Income (NOI) of $333,239, with a pro-forma NOI of $392,926. The asking price is $5,000,000, representing a price per unit of $98,039.22 and a price per square foot of $158.41. The current cap rate is 6.66%, with a pro-forma cap rate of 7.86%. The property is zoned R-4 and benefits from its location near DeSoto Memorial Hospital, downtown Arcadia, and the Peace River, offering residents convenient access to employment, healthcare, and recreation. An assumable loan with a $2,475,000 balance and a 4.12% interest rate (amortized over 30 years with 6 years remaining) is available. The property's strong historical occupancy and the projected income growth within a 5-mile radius make it an attractive investment. The APN is 31-37-25-0016-8010-0020.