$250,000
$250,000
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2,664 SqFt
SOLD DATE : 09/04/2019
Key Details
Sold Price $250,000
Property Type Commercial
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
Square Footage 2,664 sqft
Price per Sqft $93
MLS Listing ID O5764407
Sold Date 09/04/19
Construction Status No Contingency
HOA Y/N No
Year Built 1981
Annual Tax Amount $4,920
Lot Size 0.610 Acres
Acres 0.61
Property Description
This property has a HUGE VALUE ADD OPPORTUNITY due to mismanagement!
Retail units are producing a $1950 a month income and are being rented way under market rents!
This building and land are located right in the center of Wauchula's Business District and has 2 way Highway Frontage on Hwy 17! Due to the seller's health it has been mismanaged and has the potential to increase the NOI by at least $2000 a month! The 0.579 acres of land & 4,908 sq ft. building already in place is being offered for $250K but "ALL OFFERS WILL BE CONSIDERED"!!
The current property has an 40% value add with All store fronts leased way under current area rents and 6 storage units being used for personal storage by the owner. If rents are raised to $1,000 a month for each retail space and storage units are rented for $60 monthly, this property could produce an additional $1400 monthly! This would give this property a 13.4% cap rate if purchased for $250k and current cap rate is 7.8% at current rents! Also it's located in an opportunity zone so no Capital gains tax!
Location
State FL
County Hardee
Interior
Cooling Central Air
Exterior
Utilities Available Public
Building
Lot Description Central Business District
Lot Size Range 1/2 Acre to 1 Acre
Sewer Public Sewer
Structure Type Block
New Construction false
Construction Status No Contingency
Others
Ownership Sole Proprietor
Special Listing Condition None
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Bought with COLDWELL BANKER RESIDENTIAL RE
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