Condo Conversion in the city of Kissimmee , FL
PROPERTY HIGHLIGHTS
FOR SALE BY DEVELOPER
Condo Conversion in the city of Kissimmee , FL
Built in 1988/89 Converted 2006/07
Total # Units 384 - Spread across 48 story buildings
ADD 3% FOR FEES
· Total Units in Development: 384
· Available for Purchase: 212 (55%)
· 1 and 2 bedrooms: See Unit Mix
· Avg SqFt: 715-960 SF See Unit Mix
· Asking Price: Open Bidding (Current debt $16MM - this will be a short sale with lender approval)
· Retail Value: $41,740,000 or $196,887 per unit
· Suggested Price: $10.5MM+ or $49,245+ per unit (8%+ Cap Rate based on current rents at 100% Occupancy)
· Rent: Available Inventory for sale is currently 65% Occupied renting at
$0.90 mo / $11 annually PSF. Annual income of $1,092,000. At 100% Occupied the property should revenue $1,510,000 a year with HOA $300,000 and Taxes $300,000 and a 5% Mgmt fee equating to $75,000 total expense should equal $675,00 bring NOI to $835,000
FEATURES AND AMENITIES
Description: | Condominium living right in the heart of Kissimmee . Minutes from world-class attractions, gorgeous beaches and rousing entertainment. The property is the center of it all. Nestled among 47 acres of swaying Pines and majestic Oaks. One and Two Bedroom Condominiums provide the comfort and privacy most people desire. Controlled-access entry community with extraordinary views, warm colors, well planned interiors and exceptional recreational amenities. Built to last with Concrete Block Stucco (CBS) construction. An abundance of amenities to include: pool, spa, fitness center, car care center, tot lot and tennis court.
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Appliances: | Central Air Conditioning |
| Dishwasher |
| Range |
| Refrigerator Washer and Dryer Hook Up |
UNIT MIX AVAILABLE FOR PURCHASE
Model | Unit Count | SF | Type | HOA | Rent | Mo. Potential |
Oak | 128 | 715 | 1/1 | $ 100 | $ 725 | $ 92,800 |
Maple | 84 | 960 | 2/2 | $ 140 | $ 850 | $ 71,400 |
Total | 212 | 172,160 |
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| $ 164,200 |
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