3100 Areca Ave, Naples, FL 34112

$1,299,999
24
BD
12
Full Baths
List Price
$1,299,999
Listing Price
$1,299,999
Days on Market
126
MLS#
218012570
Development
Sabal Shores
Building Design
Quadraplex
County
Collier
Region
NA09 - South Naples Area
Development
Sabal Shores
Subdivision
Sabal Shores
Year Built
1957
Lot Size
33,976

Property Description

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

Additional Information

Total Tax Bill
$2,978
Tax Year
2017
Units
12
Bathrooms
12
Monthly Gross Income
142620
Lot Description
Regular
Lot Size
0.78
Construction
Concrete Block
Amenities
None
Windows
Sliding
Exterior Features
Fence
Water
Central
Sewer
Central
Heat
Central Electric
Cooling
Central Electric
Irrigation
Central
Waterfront Description
None
Boat Access
None
Community Type
Non-Gated
Tenant Pays
See Remarks

Mortgage Calculator

Amount of Loan
Annual Interest Rate
%
Term of Loan
Years

Does not include any taxes or fees.
Please consult a financial professional.
Calculator source: Real Geeks

Listing courtesy of Xclusive Homes LLC.

The data relating to real estate for sale on this limited electronic display comes in part from the Southwest Florida MLS Listing Service. Properties listed with brokerage firms other than our company are marked with the BR Program Icon or the BR House Icon and detailed information about them includes the name of the Listing Brokers. The properties displayed may not be all the properties available through the BR Program. The source of this real property information is the copyrighted and proprietary database compilation of the participating Southwest Florida MLS organizations and is Copyright 2018 Southwest Florida MLS organizations. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. Some properties that appear for sale on this limited electronic display may no longer be available. Data last updated .