3063 Floweva Street
$1,300,000
3063 Floweva Street, Lake Clarke, FL 33406
1956
Year Built
RM(cit
Zoning
Details:
Highlights:
- Building Area: 3940.0
Description:
Excellent opportunity to acquire a well-maintained 6-unit multifamily property in South Florida. The property consists of three separate buildings on one parcel: Front triplex with two 1 bed/1 bath units and one 3 bed/1 bath unit. Rear duplex with two 2 bed/1 bath units, and standalone 1 bed/1 bath cottage. Some units feature private fenced backyards, enhancing tenant appeal and retention. One of the 1 bed/1 bath units will be delivered vacant in June, allowing for immediate rental upside. Each unit has electric meter. Current gross rents $9,000/month or $108,000/year. Rents significantly below market, providing a strong value-add. Market rent estimates: 1 bed units $1,600-$1,750, 2 bed units $1,900-$2,000, and 3 bed units $2,400+. Pro forma gross income is approximately $133,200 annual Lease terms and current rents:
Unit A (1 bed/1 bath): $1,300/month - lease through 6/30/2025 (vacant in June)
Unit B (1 bed/1 bath cottage): $1,300/month - lease through 9/30/2025
Unit D (1 bed/1 bath): $1,350/month - lease through 6/30/2025
Unit 3075 (2 bed/1 bath): $1,750/month - lease through 6/30/2025
Unit 3077 (2 bed/1 bath): $1,800/month - lease through 2/28/2026
Unit C (3 bed/1 bath): $1,500/month - lease through 6/30/2025
All leases transitioning to month-to-month at expiration for added flexibility.
Two on-site laundry machines are available for tenant use, generating additional passive income via refillable laundry card systemsno coin collection required. Property is in overall good condition with no major deferred maintenance.
At the current income level, the property operates at a cap rate of approximately 5.3%. Based on market rents, the pro forma cap rate increases to approximately 6.9%+. This is an excellent opportunity to acquire a stabilized income-producing asset with immediate upside potential in a highly desirable rental market. Offered at $1,300,000 ($216,667 per unit).
Income statement and rent role attached in MLS.
Location
Gallery
