461 BENTWOOD Lane, Orange Park, FL 32073 (MLS# 1084452)

Overview

Description

Great opportunity to own rental property in a high demand area. Fully occupied. Current comps show rents are up to 950- 1050/m in this community HUD FAIR MARKET RENT IS $1,120.00 PER MONTH Plenty value add, . With property management in place this is a potential 34.03% IRR and 30.27% CASH offered at 8% Cap Rate 10 year hold SEE PROFORMA. This property has been well maintained. All annual lease. See attached Proforma. Hud Fair Market Rents for 2021 for zip code 32073 is $1120 for 2 bed room. Plenty of upside! Public records show property as having only one bath but there is a half bath in each unit connected to the master bedroom. Tenant Pays Water and Electric all units are metered individually. NEW FLOORING RECENTLY INSTALLED IN 95% OF THE UNITS See attached Docs

Supplements: This is being offer as a portfolio of 6 quadraplexes in the same neighbor hood. 469,464,461 Bentwood and 471,468,454 Crabapple court will be listed separately also . Owner Prefers to sell as a package deal but will sperate for strong offer

General Property Information

Number Of Units Total: 24
Bedrooms Total: 8
Bathrooms Total: 48
Bathrooms Full: 24
Bathrooms Half: 24
Living Area: 22116
Living Area Source: Public Records
Year Built: 1982
Garage Spaces: 48
Pool Private YN: No
Water Body Access YN: No
Waterfront YN: No
Stories Total: 2
Stories: 2
Directions: 295 - At exit 12, take ramp right for SR-21 toward Orange Park Mall Turn left onto SR-21 S / Blanding Blvd Turn right onto Wells Rd Turn left onto Cedar Bend
Public Remarks: Great opportunity to own rental property in a high demand area. Fully occupied. Current comps show rents are up to 950- 1050/m in this community HUD FAIR MARKET RENT IS $1,120.00 PER MONTH Plenty value add, . With property management in place this is a potential 34.03% IRR and 30.27% CASH offered at 8% Cap Rate 10 year hold SEE PROFORMA. This property has been well maintained. All annual lease. See attached Proforma. Hud Fair Market Rents for 2021 for zip code 32073 is $1120 for 2 bed room. Plenty of upside! Public records show property as having only one bath but there is a half bath in each unit connected to the master bedroom. Tenant Pays Water and Electric all units are metered individually. NEW FLOORING RECENTLY INSTALLED IN 95% OF THE UNITS See attached Docs
List Price/SqFt: 98.25
Sold Price/SqFt: 16.05

Property Features

Appliances: Dishwasher; Disposal; Electric Oven; Electric Range; Electric Water Heater; Refrigerator Construction Materials: Frame; Shell Dash Cooling: Central Air Flooring: Tile; Vinyl Heating: Central Listing Terms: Cash; Conventional; FHA; VA Loan Owner Pays: Grounds Care; Insurance; Management; Other Tax; Pest Control; Trash Collection Pool Features: None Possession: Negotiable; Other Road Surface Type: Asphalt Roof: Shingle Sewer: Public Sewer Water Source: Public

Contract Information

Listing Contract Date: 2020-11-25
Property Sub Type: Quadruplex

Location Tax and Legal

Street Number: 461
Street Name: BENTWOOD
Street Suffix: Lane
County: Clay
State: FL
Postal Code: 32073
Subdivision Name: Cedar Bend
MLS Area Major: 131-Meadowbrook/Loch Rane

Status Change Information

Major Change Timestamp: 2021-03-09T17:21:55Z
Major Change Type: Status Change
Purchase Contract Date: 2020-12-30
Close Date: 2021-01-29
Close Price: 355000

Income and Expenses

Gross Income: 259200
Gross Scheduled Income: 28800
Operating Expense: 9600

More Information

Historical Information

Public Historical Remarks 1: Occupancy Rate: 92, Annual Property Tax: 20526, Annual Fees and Income-Annual Mgmt Fee: 18483, Annual Fees and Income-Annual Insurance Exp: 5163, Lot Location-Suburban: Y, Possible Financing-1031 Exchange: Y, Approx Lease SqFt: 22116.00, Present Common Exp: Water, Number of Buildings: 4+ Buildings, Present Rental Terms: Month to Month,Year,6 + Month, Two Bedroom Rentals: $801 to $1000/Month,$1001 to $1500/Month
Public Historical Remarks 2: Annual Rent: 257000.00, Number of Units-21 - 25 Units: Y, # 2 Bedroom Units: 24, Annual Utilities: 9600, Present Tenant Exp: All Electric,Water

Location, Tax, and Legal

Country: US
Parcel Number: 06042601068710400

Appliances

Dishwasher: Yes
Disposal: Yes
Electric Oven: Yes
Electric Range: Yes
Electric Water Heater: Yes
Refrigerator: Yes

Construction Materials

Frame: Yes
Shell Dash: Yes

Cooling

Central Air: Yes

Flooring

Tile: Yes
Vinyl: Yes

Heating

Central: Yes

Listing Terms

Cash: Yes
Conventional: Yes
FHA: Yes
VA Loan: Yes

Owner Pays

Grounds Care: Yes
Insurance: Yes
Management: Yes
Other Tax: Yes
Pest Control: Yes
Trash Collection: Yes

Pool Features

None: Yes

Possession

Negotiable: Yes
Other: Yes

Road Surface Type

Asphalt: Yes

Roof

Shingle: Yes

Sewer

Public Sewer: Yes

Water Source

Public: Yes