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GANN VILLAGE FOR SALE (MIXED-USE WATERFRONT PROPERTY LOCATED ON BEAUTIFUL LAKE PADGETT)
Listing was updated at: 11/27/2018
Property Overview
Price/Rent PSF $ 1,600,000.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 18,013
Date Available 11/27/2018
Additional URL Link
Parking 38
Floors 2
Additional parameters Show
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Description

Location
GANN VILLAGE (2916 LAND O LAKES BLVD) IS LOCATED ON BEAUTIFUL LAKE PADGETT IN LAND O' LAKES, FLORIDA. THE PROPERTY CONSISTS OF 4.16 TOTAL ACRES MIXED USE PARCEL WITH RETAIL IN THE FRONT AND MULTI-FAMILY IN THE REAR OF THE PROPERTY. LOCATED ON THE EAST SIDE OF LAND O LAKES BLVD WITH 154' OF FRONTAGE (US 41 HWY), IN A DENSELY RESIDENTIAL SUBDIVISION COMMUNITY IN ONE OF THE FASTEST GROWING CORRIDORS IN PASCO COUNTY, WITH GORGEOUS VIEWS OF LAKE PADGETT, YET PERFECTLY SUITED FOR A RETAIL BUSINESS, JUST NORTH OF STATE ROAD 54. LAND O’ LAKES BLVD (US 41 HWY) AND STATE ROAD 54 AVERAGE 55,500 AND 64,000 VEHICLES PER DAY, RESPECTIVELY.

Sale
GANN VILLAGE IS A ONE OF A KIND, MIXED USE PROPERTY LOCATED ON GORGEOUS LAKE PADGETT. THIS AMAZING WATERFRONT PROPERTY FEATURES 4-RETAIL UNITS AND 13-MULTIFAMILY APARTMENTS AND 4-STORAGE UNITS. THE VILLAGE IS CURRENTLY 100% OCCUPIED AS THE DEMAND HAS NEVER BEEN HIGHER FOR WATERFRONT PROPERTY IN THE LAND O’ LAKES AREA. WITH THE AMAZING WATERFRONT LOCATION, THIS PROPERTY WILL STAY RENTED ALL YEAR LONG AS THERE IS NO OTHER WATERFRONT PROPERTY LIKE IT IN THE AREA!

THE PROPERTY CONSISTS OF BOTH SHORT-TERM AND LONG-TERM TENANTS WITH EXTREMELY LOW RENTS, MAKING THIS PROPERTY A FANTASTIC INVESTMENT OPPORTUNITY. THE RENTAL RATES ARE SEVERELY UNDER MARKET FOR THE AREA AND PROVIDE THE BUYER WITH A FANTASTIC VALUE-ADD OPPORTUNITY. Furthermore, DUE TO THE FANTASTIC CONDITION OF THESE UNITS, THE BUYER WILL BE ABLE TO RAISE THE RENTS WITHOUT SPENDING MUCH, IF ANY, CAPEX ON THE PROPERTY. THIS IS THE BEST OF BOTH WORLDS FOR AN INVESTOR WHO IS LOOKING FOR THE PERFECT CASH FLOWING ASSET WITH IMMEDIATE UPSIDE AND LOW CAPEX.

THE RETAIL PORTION FEATURES EXTREMELY LONG IN-PLACE LEASES, GIVING THE BUYER SECURITY. THE MULTIFAMILY PORTION HAS MANY MONTH-TO-MONTH TENANTS WITH SEVERELY UNDER MARKET RENTAL RATES FOR THE AREA. A VAST MAJORITY OF THE MONTH-TO-MONTH TENANTS HAVE LIVED AT THE PROPERTY FOR MANY YEARS AND HAVE BEEN FANTASTIC TENANTS, WHICH IS WHY THE SELLER HAS NOT ATTEMPTED TO INCREASE THEIR RENTAL RATES!

BASED ON THE CURRENT RENTS IN PLACE, THE PROPERTY SITS AT AN IMPRESSIVE 8.2% CAP-RATE AND A CASH-ON-CASH RETURN OF APPROXIMATELY 14%  ON DAY ONE!

BUT WAIT, IT GETS BETTER! WITH THE ABILITY TO RAISE THE RESIDENTIAL RENTAL RATES IMMEDIATELY, THERE IS STRONG POTENTIAL FOR THE BUYER TO OBTAIN A CAP-RATE OF OVER 10% BY THE END OF 2018, AND A CASH-ON-CASH RETURN OF OVER 20%.

THIS IS THE PERFECT ASSET FOR A SEASONED INVESTOR LOOKING FOR A PERFECT MIX OF STABILITY AND UPSIDE. THE LOCATION ALONE WILL PROVIDE FANTASTIC RENTAL DEMAND. THE RESIDENTIAL UNITS ARE TUCKED BEHIND THE RETAIL PORTION, GIVING THE TENANTS A QUIET AND PRIVATE PLACE TO LIVE. ALL TENANTS HAVE ACCESS TO THE WATERFRONT AREA, WHICH INCLUDES A GRILL FOR OUTDOOR COOKING, WATERFRONT SEATING, A DOCK, ANY MANY OTHER FEATURES. THERE IS PARKING FOR ALL TENANTS AT THEIR RESPECTIVE BUILDINGS AND EXTRA PARKING IN THE BACK FOR GUESTS.
THE UNITS ARE ALL IN FANTASTIC CONDITION. THE OWNER HAS TAKEN GREAT PRIDE IN KEEPING THE VILLAGE IMMACULATE, AND THE UNITS UPDATED WHENEVER ANY WORK WAS NEEDED

Location

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