770 Main St Brooksville, FL 34601-3761

Property Details for 770 Main St

Year built

1984

Lot size

3.90 lot acres

Property size

5,072 SF

Property type

Apartment buildings

APN

R27-222-19-1580-0050-0010

APU

R2722219158000500010

Description

This exceptional multifamily investment opportunity presents a 78-unit apartment complex in Brooksville, Florida, boasting a 97% occupancy rate and a substantial net operating income (NOI) of $556,876. The property, comprised of 21 buildings on 8.74 acres, features a mix of unit types, including the only three-bedroom units in the immediate market. Recently renovated in 2023, the buildings consist of one-story structures, with concrete-block and wood-frame construction. The property benefits from individually metered utilities (water, sewer, and trash), reducing operating expenses and offering potential for future condo conversion. A current Fannie Mae mortgage with a principal balance of approximately $4,800,000 at 3.525% interest is assumable, offering significant financing advantages. However, a 1% prepayment penalty applies to offers not assuming the existing financing. The property's strong performance, coupled with the potential for further rent increases, makes it an attractive investment with a current cap rate of 6% and a pro-forma cap rate of 7%. The asking price is $9,281,283, translating to $118,990.81 per unit. The property is located near the city center of Brooksville, in Hernando County, a rapidly growing area within the Greater Tampa MSA. The property does not require flood insurance. This is a stabilized investment with significant upside potential.

Location Insight

City

Brooksville

County

Hernando

State

Florida

Longitude

-82.3887

Latitude

28.5479

CBSA code

45300

CBSA name

TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments