3835 Reid St
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3835 Reid St
9 Unit Block of Flats £861,630 (£95,737/Unit) 8.53% Net Initial Yield Palatka, FL 32177
Executive Summary
This investment opportunity includes the existing property and improvements located 3833 and 3835 Reid Street in Palatka, Florida. This site is improved with 3 single family homes and 4 duplexes for a total of 11 income producing units situated on 3.42 acres of commercial land with direct left-hand turning access. This site is currently being used as an income producing multifamily development and is zoned for commercial (C2) use. The future commercial possibilities are endless for this prime piece of property located in the rapidly expanding commercial district near the signalized intersection of State Road 100 and State Road 19 (proposed site for the new WAWA store and Longhorn Steakhouse). This intersection currently has excellent exposure at 20,000 cars per day. Total gross rental income of $110K is being generated for all 11 units. All structures being sold "as-is" condition. Nearby businesses include Lowe's, Home Depot, Holiday Inn Express, Dollar General, Sonny's BBQ, and Zaxby's. Seller will consider financing with strong down payment and terms to be determined. This is a great opportunity to capitalize on interim income while you make plans and financing arrangements for a more profitable development in the future!
Property Facts
| Price | £861,630 | Building Class | C |
| Price Per Unit | £95,737 | Lot Size | 3.42 AC |
| Sale Type | Investment | Building Size | 14,790 SF |
| Net Initial Yield | 8.53% | Average Occupancy | 100% |
| No. Units | 9 | Number of Floors | 1 |
| Property Type | Residential | Year Built | 1954 |
| Property Subtype | Apartment | Parking Ratio | 0.81/1,000 SF |
| Apartment Style | Garden |
| Price | £861,630 |
| Price Per Unit | £95,737 |
| Sale Type | Investment |
| Net Initial Yield | 8.53% |
| No. Units | 9 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 3.42 AC |
| Building Size | 14,790 SF |
| Average Occupancy | 100% |
| Number of Floors | 1 |
| Year Built | 1954 |
| Parking Ratio | 0.81/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 2+1 | 9 | - | - |
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | £358,774 | |
| Land Assessment | £233,384 | Total Assessment | £592,158 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
£233,384
Improvements Assessment
£358,774
Total Assessment
£592,158
zoning
| Zoning Code | C-2 (Mixed-Use Commercial) |
| C-2 (Mixed-Use Commercial) |
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3835 Reid St
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