HIGHLY DESIRABLE LOCATION & EXCELLENT INVESTMENT OPPORTUNITY! SANRI APARTMENTS was originally built in 1957 with much of the original character. These beautiful apartments are not on the soft story list; they are sitting on a large piece of land on four parcels with three concrete block dwellings. Total of 12 units consisting of 2bed/1bath, kitchen, laundry room, comfortable enclosed porch and nice size backyard. 2 assigned parking stall per unit and assigned guest parking as well. Conveniently located off Bayshore Drive, only 3 minutes from downtown Naples and 5 minutes driving distance to the beach. This property has a true value right now and is priced to sell at a very high 8% cap rate. These apartments are a money-making machine, zero vacancy rate for the last 5 years, low expenses and excellent income opportunity. There is $142,620 annual gross rental income right now, 9 out of the 12 units are rented to a private organization for the last 9 years.The apartment community has tenancies, which upon turnover, may be rented at full market rents with cosmetic improvements to maximize rental return. Also, as the tenancies turn over, the increased return will also be substantial
Listing courtesy of Xclusive Homes LLC.
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