Washington Avenue Apartments 282 Washington Ave

The Hull Multifamily Advisors (HMA) are pleased to present the exclusive offering of the Washington Avenue Apartments in Valparaiso, FL. Gut Renovated in 2020, this 18-unit, two story asset consists of (12) 350 SF One Bed One Baths, (2) 600 SF 2 Bed 1 Bath , and (4) 450 SF 1 Bed 1 Bath. The Washington Avenue Apartments boasts several amenities such as individual entrances, on-site secure mailboxes, and ample parking just to name a few. Additionally, current ownership is paying for water and electric for the one bed units, while tenants are responsible for paying for the two bed units.
The Washington Avenue Apartments are being offered to the market as a stabilized cash flowing asset, however, several value-add opportunities present themselves. Most notable, this asset significantly below market rents. After doing an in-depth rent comparable study, it is believed that all one bedroom units are on average $100-$200 below similar competing properties and all two bedroom units are on average $150-$250 below similar competing properties. This leaves investors with an opportunity to increase rents and further additional income on this already cash flowing asset. In addition, this asset is near 100% occupancy with units renting at an average of $1,103.33 per unit.  Due to the attractive location and historic impressive cash flow, this opportunity offers the marketplace a newly constructed cash flowing asset.  Please contact HMA for more information before this opportunity is gone.