438 SE ALLEN PL, Lake City, Florida 32025

$3,850,000

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List Price: $3,850,000
Status: ACTIVE
MLS#: 132049
Lot Size (Acres): 3.18
Year Built: 1968

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Property Description

This is the prime multifamily asset that you have been waiting for. 36 rental units on a 3.18 acre parcel with multiple value-add pathways on the excess land surrounding. Comprised of 3 different buildings that have 24 two bedroom 1.5 bath units and 12 one bedroom 1 bath units providing the ultimate flexibility to cater to a variety of tenants keeping vacancy rates low. With a majority of the units being updated in the past 2 years, current rents range from $785 to $1065 per unit leaving opportunity for escalation. Hillside apartments has a mix of long-term tenants and newer tenants that have moved to the area for job opportunities and proximity to county schools. This asset sits in one of Lake City's most stable rental corridors and is surrounded by the VA Hospital, Regional DOT offices, a recently remodeled Winn-Dixie, Florida Gateway College Campuses and a vibrant downtown. Known as the "Gateway to Florida," Columbia County's economy is driven by tourism, sports tournaments, and multiple national employers including New Millennium, HAECO, Target, United States Cold Storage and the up and coming Inland Port. Built-in operational efficiencies include a third-party operated community laundry area and a dedicated office space for on-site management. This asset presents an exceptional acquisition for investors seeking stable cash flow, improved cap-ex expenditures, and long-term appreciation in a growing North Florida market.

386-623-6401

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