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3378 Lodging Cir
Pace, FL 32571

Residential Multi Family (Apartment)

N/A Acres
6144 Sqft Living Area

16 Bedrooms

8 Bathrooms (8 Full, 0 Half)

Year Built: 1984

$1,100,000

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Property Description

8 quality units in the heart of Pace and located just a half mile north of the popular and growing 5 points intersection where you'll find the new Starbucks and Publix! All units are 2 bedroom / 1 bath and have: central heat & air, open living room and kitchen layout with washer dryer connections in the unit and a private patio plus a dedicated storage room outside the unit. The current gross rent is $8400 per month but with the 3 most recent vacant units renting for $1250 per month there is room to increase revenue. 4 Units have been totally remodeled and rent has been increased but the other 4 units offer opportunities to increase your return through value add improvements and higher rent. Conveniently, all leases under $1150 are month to month and all leases at $1150 and up are locked into a lease up to 1 year. The property has been well kept and the current owners have made over $75k in capital improvements(Interior renovation, fences, paved parking area, new windows in 2 units) in the last few years. Each unit is separately metered and the tenants pay their own utilities. The owner pays the electric bill for the lift station and splits the bill for the dumpster with the neighboring property. Lodging Cir is a small private circle drive community made up of 4 quadplexes with trees surrounding the neighborhood and a large area of green grass in the center. The current offering of 3378 & 3386 Lodging Cir sit next door to each other. Both buildings received a new roof in 2021. This is the ideal rental, it makes good money today but still offers lots of upside for the new owner!

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Contact Details

Name: Matthew Jones

Email: matthewajones@kw.com

MLS Listing Id: 649500

Agent Phone: (850) 490-1290

List Agent License:

Office Name: KELLER WILLIAMS REALTY GULF COAST

Office Phone: (850) 471-5000

Office MLS Id: KWR001

Listing Status: Active

Listing URL: https://listings.listhub.net/pages/PARFL/649500/?channel=openhousinc

Copyright © 2024 Pensacola Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.