MLS # 754200 | $499,000
Madison Real Estate
Overview
- Bedrooms: 0
- Full Baths:
- Half Baths: 0
- Square Footage: 0
- Built: 2001
- Acreage: 5.14
Location
-
1960 W US 90
Madison, FL 32340
See On Map - County: Madison
- Area: 11 - Other Counties
- Sub Area: 1101 - Other
- Subdivision: Other
HIGHLIGHTS
Property Type, MultiFamily
High School, Other
Middle School, Other
DESCRIPTION
Calling all INVESTORS!!! These two turnkey INCOME-PRODUCING properties are just what you've been looking for to add to your portfolio! 1960 US 90 on 5 acres is home to THREE 2001 MFHs (3 units ea. = 9) and 1 large 1995 DSF LARGE ex-daycare building with 1 unit currently; however, this building can easily be split to have 3 units (has 3 bathrooms). 127 Meeting St. has a 1940 2-story home, with a first floor unit and a second floor unit. All together, there are 12 rented units with a total of 20 bedrooms (don't forget the potential of 2 additional units and more bedrooms) and 14 bathrooms. Some units have central heating and air and most have window units. While the seller does not have written agreements with tenants, with practically 100% occupancy rate, ALL units stay leased. When a unit becomes available, the seller is contacted immediately by potential tenants, and this is due to word of mouth. Tenants provide all their own appliances, greatly reducing seller's repair and maintenance costs. Seller/landlord has kept rental rates reasonable, which may contribute to lower maintenance costs. After operating expenses, seller nets about $4,450 per month. (Estimate of monthly expenses: $795 ins., $225 garbage, $30 well power, $100 yard maintenance, $500 CONSERVATIVE maintenance repair expenses, $500 taxes, for an approx. total of $2150. Monthly rental income is currently $6,600 with a potential to be $7,900 with 2 additional units. SELLER DOES NOT WISH TENANTS TO KNOW HE IS SELLING! Therefore, showings require an appointment, and this will be after you are under contract, have provided POF, and made a substantial deposit. Buyer chooses and pays for title. All information provided by seller.MAP & DIRECTIONS
Driving Directions: From I-10, take Exit 251, Route 14 in Madison for about 1/2 mile. Next go N on Route 360A (aka Martin Luther King Dr.) for approx. 4 mi. Go W on SR 90 for about 2 mi. Property is on the north side of SR 90, near Mystic Lake. Directions from this to the 2n
Listed by RIGHT NOW! Real Estate | Updated 04/23/2024 17:30:09
Information deemed reliable but not guaranteed. The information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Information deemed reliable but not guaranteed. The information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.