BUILDING #7 OF THE CAMDEN CORNERS DEVELOPMENT CONSISTS OF 7 BRAND-NEW THREE BEDROOM/THREE BATHROOM CONDOMINIUMS LOCATED IN THE HEART OF TALLAHASSEE, FL! THIS BRAND NEW DEVELOPMENT IS THE PERFECT INVESTMENT OPPORTUNITY FOR A BUYER LOOKING TO ACQUIRE A 7-UNIT BUILDING IN THE STATE CAPITAL THAT WILL STAY RENTED ALL YEAR LONG! THIS SALE INCLUDES 6 UNITS IN BUILDING #7 AND 1 UNIT IN BUILDING #2 INSIDE THE CAMDEN CORNERS DEVELOPMENT! THE BUILDING RESIDES IN THE HEART OF CAMDEN CORNERS, A BRAND-NEW DEVELOPMENT, BUILT PROGRESSIVELY THROUGHOUT THE PAST 24 MONTHS. EACH UNIT HAS BEEN CAREFULLY CRAFTED TO INCLUDE THE FINEST FINISHES AND TOP NOTCH AMENITIES! THE BUILDING IS CURRENTLY 100% OCCUPIED WITH BELOW MARKET RENTAL RATES, GIVING THE BUYER MASSIVE UPSIDE TO RAISE THE RENTAL RATES AS SOON AS 2021! THIS AMAZING OPPORTUNITY ALSO PROVIDES RETURNS THAT MATCH IT'S ELABORATE INTERIORS! BUILDING #7 AT CAMDEN CORNERS BOASTS AN IN-PLACE CAP RATE OF APPROXIMATELY 8% AND A CASH-ON-CASH RETURN OF OVER 12%. IT IS ALMOST IMPOSSIBLE TO FIND NEW CONSTRUCTION MULTIFAMILY BUILDINGS WITH A CAP RATE OF 8% ANYWHERE IN FLORIDA RIGHT NOW! THIS AMAZING ASSET CAN BE EASILY MANAGED FROM OUT OF STATE OR BY A LOCAL INVESTOR! CURRENTLY, A 3-BEDROOM/3-BATHROOM CONDO IS ALMOST IMPOSSIBLE TO FIND ANYWHERE IN DOWNTOWN TALLAHASSEE, INCREASING THE DEMAND FOR THIS TYPE OF PROPERTY. BUILDING 7 PRESENTS A UNIQUE VALUE-ADD OPPORTUNITY FOR A BUYER, AS ALMOST ALL OF THE CURRENT TENANTS ARE PAYING RENTAL RATES BELOW THE MARKET AVERAGE. THIS IS MOSTLY DUE TO MANY OF THE LEASES BEING SIGNED IN THE BEGINING OF THE YEAR, WHEN MOST OF THE COUNTRY WAS SHUT DOWN, DURING THE HEIGHT OF THE PANDEMIC. WITH BUSINESSES NOW OPEN ACROSS FLORIDA, A BUYER CAN EXPECT TO SEE RENTAL RATES INCREASE MOVING FOWARD! THE BEST PART ABOUT THIS AMAZING INVESTMENT OPPORTUNITY IS THAT ALL OF THE UNITS ARE PART OF A HOMEOWNER'S ASSOCIATION. THE HOA HAS A SET MONTHLY COST OF $115 PER UNIT, OR $9,660 TOTAL, FOR THE ENTIRE BUILDING ANNUALLY. IN EXCHANGE FOR THE MONTHLY FEE, THE HOA COVERS ALL REPAIRS TO THE EXTERIOR OF THE BUILDING, INCLUDING BUT NOT LIMITED TO, GARBAGE, LAWN, LANDSCAPING, PLUMBING, INSURANCE, CAM CHARGES, ALL EXTERIOR BUILDING MAINTENANCE, ROOF REPAIRS, AND ALL HVAC UNITS AT THE PROPERTY. PAYING A SET MONTHLY HOA FEE OF $115 PER MONTH WILL LIMIT FUTURE EXPENSES AS ALMOST ALL THE REPAIR AND MAINTENANCE EXPENSE WILL COME FROM THIS MONTHLY FEE. THIS CAN HELP THE BUYER LIMIT THE AMOUNT OF POTENTIAL FUTURE REPAIRS INCLUDING MAJOR REPAIRS ON THE ROOF AND HVAC SYSTEMS! BUILDING AMENITIES INCLUDE BUT ARE NOT LIMITED TOO; FULL KITCHEN APPLIANCE PACKAGE, LAWN SERVICE INCLUDED (HOA), FULLY OPERATING HOA ON-SITE, PETS ALLOWED, SECURITY SYSTEM, BRAND NEW HVAC SYSTEM, NEW ROOF, WASHER/DRYER IN EACH UNIT. THE INTERIOR OF THESE UNITS CONSISTS OF 1 MASTER BATHROOM, AN ISLAND KITCHEN, LIVING AREA, 2 UPSTAIRS BEDROOMS, 3 TOTAL BATHROOMS, DESIGNER FINISHES, AND WOOD-LAMINATE FLOORING THROUGHOUT! THIS IS A UNIQUE OPPORTUNITY TO OWN A BRAND NEW INVESTMENT PROPERTY WITH LIMITED CAPEX MOVING FORWARD AND STRONG RETURNS. THIS WILL NOT BE AVAILABLE FOR MUCH LONGER. PLEASE CONTACT US IMMEDIATELY IF YOU ARE INTERESTED!
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