1960 W US 90, Madison, FL 32340
$499,000
Property Type:
Residential
Bedrooms:
20
Baths:
14
Square Footage:
9,564
Lot Size (sq. ft.):
223,898
Status:
Active
Current Price:
$499,000
List Date:
3/12/2024
Last Modified:
4/23/2024
Description
Calling all INVESTORS!!! These two turnkey INCOME-PRODUCING properties are just what you've been looking for to add to your portfolio! 1960 US 90 on 5 acres is home to THREE 2001 MFHs (3 units ea. = 9) and 1 large 1995 DSF LARGE ex-daycare building with 1 unit currently; however, this building can easily be split to have 3 units (has 3 bathrooms). 127 Meeting St. has a 1940 2-story home, with a first floor unit and a second floor unit. All together, there are 12 rented units with a total of 20 bedrooms (don't forget the potential of 2 additional units and more bedrooms) and 14 bathrooms. Some units have central heating and air and most have window units. While the seller does not have written agreements with tenants, with practically 100% occupancy rate, ALL units stay leased. When a unit becomes available, the seller is contacted immediately by potential tenants, and this is due to word of mouth. Tenants provide all their own appliances, greatly reducing seller's repair and maintenance costs. Seller/landlord has kept rental rates reasonable, which may contribute to lower maintenance costs. After operating expenses, seller nets about $4,450 per month. (Estimate of monthly expenses: $795 ins., $225 garbage, $30 well power, $100 yard maintenance, $500 CONSERVATIVE maintenance repair expenses, $500 taxes, for an approx. total of $2150. Monthly rental income is currently $6,600 with a potential to be $7,900 with 2 additional units. SELLER DOES NOT WISH TENANTS TO KNOW HE IS SELLING! Therefore, showings require an appointment, and this will be after you are under contract, have provided POF, and made a substantial deposit. Buyer chooses and pays for title. All information provided by seller.
More Information MLS# 754118
Contract Info
Status: Active
List Date: 2024-03-07
List Price: $499,000
List Price/SqFt: 52.17
Current Price: $499,000
Location
Area: 11 - Other Counties
Street #: 1960
Street Direction: W
Street Name: US 90
State: FL
Zip Code: 32340
County: Madison
Sub Area: 1101 - Other
Subdivision: [No Recorded Subdiv]
Community/Resort: None
Waterfront: No
Parcel ID: 17-1N-09-3571-002-001
Elementary School: Other
Middle School: Other
High School: Other
Directions: From I-10, take Exit 251, Route 14 in Madison for about 1/2 mile. Next go N on Route 360A (aka Martin Luther King Dr.) for approx. 4 mi. Go W on SR 90 for about 2 mi. Property is on the north side of SR 90, near Mystic Lake. Directions from this to the 2nd property: Go E on SR 90 (aka called Base St.) for about 2.5 miles. Turn R on S. Meeting St. Property is on the east side of Meeting St.
Legal Description: BEG AT SE COR OF NE4 OF SW4 RUN E 709' S 511' W 436' TO POB THEN RUN S 995' W 226' N 974' E 225' TO POB OR 599 PG 325 OR 827 PG 285 OR 1189 PG 163 OR 1292 PG 8 and
BEG AT SW COR OF BLK 58 RUN N 70' TO POB THEN CONT N 45'E 31' S 45' W 36' TO POB OR 708/107 OR 1298/55
General Property Info
Sub-Type: Multi Family
Design: N/A
Apx SqFt(Htd/Cooled): 9564
SqFt Source: Prop App Site
Bedrooms: 20
Full Baths: 14
Total Baths: 14
Year Built: 2001
Construction Status: Construction Complete
Garage Y/N: No
Lot Dimensions: irregular
Acreage: 5.14
Lot Size (SqFt): 223898
Listing Info, Tax and Legal
HOA Fee: No
Is Subject Leased: Yes
Rent/Mo: 6600
New Buyer Fee: No
Brokerage Interest: No Interest
Remarks & Misc
Remarks: Calling all INVESTORS!!! These two turnkey INCOME-PRODUCING properties are just what you've been looking for to add to your portfolio! 1960 US 90 on 5 acres is home to THREE 2001 MFHs (3 units ea. = 9) and 1 large 1995 DSF LARGE ex-daycare building with 1 unit currently; however, this building can easily be split to have 3 units (has 3 bathrooms). 127 Meeting St. has a 1940 2-story home, with a first floor unit and a second floor unit. All together, there are 12 rented units with a total of 20 bedrooms (don't forget the potential of 2 additional units and more bedrooms) and 14 bathrooms. Some units have central heating and air and most have window units. While the seller does not have written agreements with tenants, with practically 100% occupancy rate, ALL units stay leased. When a unit becomes available, the seller is contacted immediately by potential tenants, and this is due to word of mouth. Tenants provide all their own appliances, greatly reducing seller's repair and maintenance costs. Seller/landlord has kept rental rates reasonable, which may contribute to lower maintenance costs. After operating expenses, seller nets about $4,450 per month. (Estimate of monthly expenses: $795 ins., $225 garbage, $30 well power, $100 yard maintenance, $500 CONSERVATIVE maintenance repair expenses, $500 taxes, for an approx. total of $2150. Monthly rental income is currently $6,600 with a potential to be $7,900 with 2 additional units. SELLER DOES NOT WISH TENANTS TO KNOW HE IS SELLING! Therefore, showings require an appointment, and this will be after you are under contract, have provided POF, and made a substantial deposit. Buyer chooses and pays for title. All information provided by seller.
Property Features
Appliances: None
Bedroom: First
Cooling: Central Air; Electric; Window Unit(s)
Existing Leases: Month To Month; Other - See Remarks
Financing: Cash; Conventional
Furnished: Unfurnished
Rooms: Bedroom
Sale Type: As Is
Utilities: All Utilities; Private Well; Septic Tank
Present Zoning: Resid Multi-Family
Room Information
Bedroom
Level: First
Dimensions: 1 x 1
Length: 1.00
Width: 1.00
Dimensions: 1 x 1
Remarks: Varies slightly by unit
Bedroom
Level: First
Dimensions: 1 x 1
Length: 1.00
Width: 1.00
Dimensions: 1 x 1
Remarks: Varies slightly by unit
Bedroom
Level: First
Dimensions: 1 x 1
Length: 1.00
Width: 1.00
Dimensions: 1 x 1
Remarks: Varies slightly by unit
Bedroom
Level: First
Dimensions: 1 x 1
Length: 1.00
Width: 1.00
Dimensions: 1 x 1
Remarks: Varies slightly by unit
Bedroom
Level: First
Dimensions: 1 x 1
Length: 1.00
Width: 1.00
Dimensions: 1 x 1
Remarks: Varies slightly by unit
Bedroom
Level: First
Dimensions: 1 x 1
Length: 1.00
Width: 1.00
Dimensions: 1 x 1
Remarks: Varies slightly by unit
Bedroom
Level: First
Dimensions: 1 x 1
Length: 1.00
Width: 1.00
Dimensions: 1 x 1
Remarks: Varies slightly by unit
Bedroom
Level: First
Dimensions: 1 x 1
Length: 1.00
Width: 1.00
Dimensions: 1 x 1
Remarks: Varies slightly by unit
Bedroom
Level: First
Dimensions: 1 x 1
Length: 1.00
Width: 1.00
Dimensions: 1 x 1
Remarks: Varies slightly by unit
Bedroom
Level: First
Dimensions: 1 x 1
Length: 1.00
Width: 1.00
Dimensions: 1 x 1
Remarks: Varies slightly by unit
Bedroom
Level: First
Dimensions: 1 x 1
Length: 1.00
Width: 1.00
Dimensions: 1 x 1
Remarks: Varies slightly by unit
Bedroom
Level: First
Dimensions: 1 x 1
Length: 1.00
Width: 1.00
Dimensions: 1 x 1
Remarks: Varies slightly by unit
Bedroom
Level: First
Dimensions: 1 x 1
Length: 1.00
Width: 1.00
Dimensions: 1 x 1
Remarks: Varies slightly by unit
Bedroom
Level: First
Dimensions: 1 x 1
Length: 1.00
Width: 1.00
Dimensions: 1 x 1
Remarks: Varies slightly by unit
Bedroom
Level: First
Dimensions: 1 x 1
Length: 1.00
Width: 1.00
Dimensions: 1 x 1
Remarks: Varies slightly by unit
Bedroom
Level: First
Dimensions: 1 x 1
Length: 1.00
Width: 1.00
Dimensions: 1 x 1
Remarks: Varies slightly by unit
Bedroom
Level: First
Dimensions: 1 x 1
Length: 1.00
Width: 1.00
Dimensions: 1 x 1
Remarks: Varies slightly by unit
Bedroom
Level: First
Dimensions: 1 x 1
Length: 1.00
Width: 1.00
Dimensions: 1 x 1
Remarks: Varies slightly by unit
Bedroom
Level: First
Dimensions: 1 x 1
Length: 1.00
Width: 1.00
Dimensions: 1 x 1
Remarks: Varies slightly by unit
Bedroom
Level: First
Dimensions: 1 x 1
Length: 1.00
Width: 1.00
Dimensions: 1 x 1
Remarks: Varies slightly by unit
Listing Office: RIGHT NOW! Real Estate
Last Updated: April - 23 - 2024
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
Information deemed reliable but not guaranteed.