16 Units with Lake Views - $109k/unit 3 biens | Immeuble residentiel | À vendre | 1 524 792 € | Winter Haven, FL

Lucia Apartments is a unique historic 100 year old 16 unit apartment project with Lake Howard (624 acre lake) views near downtown Winter Haven, which is just east of Lakeland. The 16 units are across 3 parcels all next to each other plus an additional vacant parcel for extra parking. The 8 unit building was the original Winter Haven Hospital in 1925 and has since become studio/1bedroom apartments as well as the duplex next to it on the same parcel (10 units total on that parcel). Directly across the street on the 2nd parcel are two duplexes containing all 2 bedroom 1 bath units. Next to that is additional parking and common area recreation space, and the last parcel contains the final duplex of 1 bedrooms and additional parking for the 10 unit parcel.
Current ownership has been extensively remodeling since their purchase in 2019 from a couple that had owned it for 25 years prior. The capital expenditure list is long and documented herein. Over half of the HVACs replaced and most of the appliances and water heaters have been replaced. All roofs have been replaced since 2016 with the exception of one duplex with a 2004 roof. Nearly all of the electric panels have been upgraded. The real wood flooring is very charming and about half the units have had LVT flooring installed on top.
While 14 of the 16 units have had some degree of renovations to the interior, the average in place rents of $1,112 are almost $250/month below market average for renovated units. Tenants pay electric. Water, sewer, and trash is billed back to the tenant using a RUBs system. There are washer/dyer units owned by the seller on site. No connections exist in any units. Termite bonds in place on all buildings. While most units are self-managed (3 units managed by 3rd party group), professional management is available and on standby.
The ask price of $109k/unit acknowledges there is still value add to do in the units by the next caretaker. Most units may still contain cloth wiring even though the panels have been replaced and approximately 14 of the 16 units still have a combo of galvanized piping and cast iron sewer. The opportunity is location, lake views, rent growth, and local demand.