Report Listing

Home For Sale

Picture of Home For Sale in Palatka, Florida, United States

$1,100,000

3833-3835 Reid St
Palatka, Florida, United States

Listed By: Homes & Land Magazine

Listed On: 10/15/2024

Listing ID: GL11964490 View More Details

Description

Introducing A Unique Investment Opportunity In The Rapidly Expanding Commercial Corridor Near State Road 100 And State Road 19 ndash; A Prime 3.42-acre Property That Offers A Blend Of Multifamily Residential Income And Commercial Development Potential. Key Highlights: Current Use amp; Income: This Property Includes 3 Single-family Homes And 4 Duplexes,Generating $113,000 In Gross Rental Income From 11 Fully-occupied Units. Rents Are Set To Increase On November 1,Boosting The Cap Rate To 8.5%. Zoning Flexibility: Zoned Commercial (c2),This Property Is Ideal For A Wide Range Of Business Uses,Including A Medical Facility,Hotel,Or Other High-demand Commercial Ventures. Benefit From Existing Rental Income While Planning For Future Development.,Development Potential: With 20,000 Cars Passing The Property Daily And Direct Left-hand Turning Access,This Location Offers Outstanding Exposure For Commercial Enterprises. The Nearby Intersection Is Already Home To Major Retailers And Restaurants Like Lowersquo;s,Home Depot,Holiday Inn Express,Zaxbyrsquo;s,And The Brand New Wawa And Longhorn Steakhouse. Financing Options: The Seller Is Offering Flexible Owner Financing With Just 50% Down And A 7% Interest Rate,Making It Easier To Seize This Lucrative Opportunity. Buyer Is Only Required To Obtain Liability Insurance,Not Property Insurance ndash; A Significant Cost Savings. Solid Construction: All Structures Are Built With Durable Block Construction. Whether You#039;re Looking To Develop A Commercial Property,Petition For A Zoning Change To Add Additional Units,Or Simply Collect Rent While Finalizing Your Plans,This Property Offers Unlimited Potential In A Highly Desirable And Fast-growing Area. Donrsquo;t Miss Out On This Rare Chance To Invest In A Property With Income Generation,Future Development Potential,And A Prime Location! Sale Includes Both Parcels: 02-10-26-0000-0430-0000 And 02-10-26-0000-0390-0000
Source: The World Property Journal

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