600 W OAK TERRACE DRIVE at

600 W OAK TERRACE DRIVE

For sale Days on market 114

$6,500,000

$164/sq ft

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Overview

Year Built

1980

Sqft

39524

Property Description

Under contract-accepting backup offers. This 48-unit apartment complex offers a turn-key solution for investors seeking a stable income stream with a single tenant that ensures minimal management effort. The entire property is leased by an accredited private 4-year college founded in 1989. With students from across the country and internationally, the college's continued growth and established reputation ensures a strong and reliable tenant, making this a truly hands-off investment. Residents enjoy modern living spaces with updated vinyl flooring and recently updated kitchens and bathrooms in most units. One of the standout features of this property is its stunning Outdoor Oasis courtyard. This inviting outdoor space includes brick walkways, spacious patios, two huge gazebos, and a charming brick fireplace, perfect for gatherings or relaxation. Beautiful stone flower beds, new palm trees, and fresh sod create a serene environment, all maintained by an efficient irrigation system. Other Amenities included an on-site laundry facility and management office, electronic locks on all apartments, and plenty of parking. Other recent major updates include roof replacement on all the building in 2020, robust gutter and drainage system, exterior lighting, security cameras and gates, and the majority of the HVAC systems have been replaced within the last five years. The property location is a significant asset, benefiting from its proximity to historic downtown Leesburg where residents can enjoy local restaurants, shops, and Ski Beach/Venetian Park on Lake Harris. It's also conveniently situated approximately 56 miles from Orlando International Airport and within a two-hour drive of stunning beaches on both the Atlantic and Gulf coasts. Leesburg, FL, has seen significant growth in recent years, with several large employers near this property increasing the demand for affordable housing in the area. AN ADDITIONAL 2.68-ACRE ADJACENT PARCEL that offers the opportunity to possibly build up to an additional 48 units is also available. (MLS # G5099161) This is an opportunity not to be missed—call today for more information!

Property Details

MLS#

G5099082

Address

600 OAK TERRACE W

City

LEESBURG

State/county

Zip/Postal Code

34748

Area

Leesburg N C Lee Estate

Country

United States

HOA

Assoc Fee

$--

Assoc Fee Pd

Tax Amount

$7,979

Maint Fee

$--

Tax Year

2024

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