5520 3RD STREET SE at

5520 3RD STREET SE

For sale Days on market 206

$589,500

$328/sq ft

$68,000
Price Decreased

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Overview

Bedroom

Year Built

2005

Sqft

1800

Property Type

Multi Family

Property Description

Great Investment Opportunity with stable income stream in Lakeland/Highland City, Florida! Located in a prime area just off the high-traffic State Road 98, a walk distance to restaurants and shopping plaza. This well-maintained mobile home park offers a fantastic opportunity for both new investors or those looking to expand their portfolio. Key Features:(1) 8 total spaces include 2 rent-to-own homes—will be fully tenant-owned by 2026—and 5 tenant-owned homes with lot rent only) 1 vacant space with significant potential (2) Well-run park with strong tenant retention and consistent revenue streams. (3) Tenants are separately metered for water and electric City water with 3 septic tanks. Financials:*Gross Revenue: $54,428 *Estimated Expenses: $12,122 * NOI $42,305 and CAP Rate 7.18% *Potential for an additional $15,000+ in revenue by increasing lot rents and implementing trash charge-backs *Filling the vacant space could bring an additional $14,400-$16,800 annually. Investor Opportunity: Your proforma Cap Rate 9.48% with minimal effort. This property is ready for immediate returns with plenty of room for growth. Don’t miss out on this exceptional opportunity to secure a solid, income-generating asset in a rapidly growing market!

Property Details

MLS#

TB8344133

Address

5520 3RD

City

Lakeland

State/county

Zip/Postal Code

33812

Area

Haskell

Country

United States

HOA

Assoc Fee

$--

Assoc Fee Pd

Tax Amount

$3,730

Maint Fee

$--

Tax Year

2024

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