Attention multi-family investors! Here is a low-cost apartment building in the heart of Tallahassee. This 12 unit multi-family property is located seven minutes from Florida State University, near Railroad Square Art district, and even closer to Florida A&M University! With eight units currently occupied and two units becoming vacant shortly, this is prime for bringing the property to full potential. Each unit appears to be in good shape, and we recommend light updates as they become vacant.
The original seller is completing approximately $40,000 in upgrades before close. This opportunity provides a significant upside with minimal work required. Once rents are at $700 per month, we estimate a seven cap market value of $800,000.