PRP is pleased to present a combined 32- unit bulk offering in the Space Coast! A total of 18-units (9 duplexes) are situated in the heart of Cocoa, and 14 apartment units (two 2-story buildings) are located in a pristine area of Titusville, FL. All units are 100% occupied with a waiting list for occupancy and the demand for individual owner occupant units are in high demand. The 9 duplexes located in Cocoa, FL were built in 1985 with an average square footage of 870, each unit is obtaining rents of $621 monthly. Two 2-story apartment buildings housing a total of 14 units are located in a Class A location of Titusville, situated between Royal Oaks Golf Course and La Cita Golf Course Communities. Site is less than one mile from the beach, and has little to no deferred maintenance. Built in 1985 average units are 818 square feet obtaining an average rent of $604 per month. 100% occupied with a 10.2% in-place cap. This is a unique opportunity for an investor to acquire two stable and cash flowing properties, a total of 32-units, at a blended cap rate of 10.4%!
The property consists of a total of 15 acres, and 10 of those acres are utilized as a mobile home/RV park. The contiguous 5 acres are zoned vacant residential land, single family. Could be used as a future community development. The park has a total of 109 lots: mixed M.H./RV and 1 rental house. All units are tenant owned. Public utilities with the exception of the water. All lots are separately metered. There's an office/clubhouse, and laundry room. All paved roads with plenty of street lights. Seasonal park with a tremendous cash flow. Rent increase of $30/per lot as of Jan.2015.
Investors take notice, this duplex is already fixed up and rented. Each tenant is Section 8, guaranteed income. Renovations already completed. Newer roof, Window World windows high energy windows installed, lifetime warranty. New refrigerators both units, newer a/c unit inside and out both units in last 3 years new cabinets in last 3 years on east unit.