709 17Th Ave Arcadia, FL 34266

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.