Leesburg, FL 34748,1699 US HIGHWAY 441
Leesburg, FL 34748,1699 US HIGHWAY 441
Leesburg, FL 34748,1699 US HIGHWAY 441
Leesburg, FL 34748,1699 US HIGHWAY 441
Leesburg, FL 34748,1699 US HIGHWAY 441
Leesburg, FL 34748,1699 US HIGHWAY 441
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$1,389,375

$1,500,000

7.4%
Est.Price: ?

For more information regarding the value of a property, please contact us for a free consultation.

Est. payment /mo

3,388 SqFt


SOLD DATE : 03/14/2024

Key Details

Sold Price $1,389,375

Property Type Multi-Family

Sub Type Quadruplex

Listing Status Sold

Purchase Type For Sale

Square Footage 3,388 sqft

Price per Sqft $410

Subdivision Mount Vernon

MLS Listing ID O6118736

Sold Date 03/14/24

Construction Status Financing,Inspections

HOA Y/N No

Originating Board Stellar MLS

Year Built 1980

Annual Tax Amount $5,860

Lot Size 0.490 Acres

Acres 0.49

Lot Dimensions x

Property Description

This owner operated portion of the property includes a Laundromat, Quadplex situated on one parcel located on the Northeast Corner of US Highway 441 (Main St.) and Michigan Avenue. The quadplex is fully leased and provides for a considerable amount of upside potential given that the current lease rates are slightly below market. The business operation of the Laundromat represents a very lucrative investment. The quadraplex & laundromat yields nearly $200k per year in gross revenues. These income producing assets generate a return over 9% based on the current list price of $1,650,000. It must be noted that this return also incorporates a labor expense of nearly $30k if a new owner prefers to hire an employee to manage the property. As such, if owner operated, the return on the investment would increase to nearly 11.0%. In addition to the substantial return this property will provide, the underlying land is also a major part of this investment that should not be overlooked. The adjacent property, 314 Michigan Ave, is also included with this sale. This property is a 2/2 and 1,141 sqft. This entire site at nearly 0.5 acres is located along one of the area’s major commercial thoroughfares. As the growth from the Villages and those areas surrounding the downtown Leesburg market area continue to expand, this market is primed for a redevelopment with numerous national retailers and uses that will continue to drive up land values.

Location

State FL

County Lake

Community Mount Vernon

Zoning C-2

Interior

Interior Features Solid Surface Counters

Heating Central

Cooling Central Air, Wall/Window Unit(s)

Flooring Ceramic Tile

Fireplace false

Appliance Microwave, Range, Refrigerator

Exterior

Exterior Feature Sidewalk

Garage Spaces 1.0

Community Features Sidewalks

Utilities Available Cable Available, Electricity Available, Water Available

Roof Type Shingle

Attached Garage true

Garage true

Private Pool No

Building

Lot Description City Limits, In County, Paved

Foundation Slab

Lot Size Range 1/4 to less than 1/2

Sewer Public Sewer

Water Public

Structure Type Block,Brick,Stucco

New Construction false

Construction Status Financing,Inspections

Others

Senior Community No

Ownership Fee Simple

Acceptable Financing Cash, Conventional, Private Financing Available

Membership Fee Required None

Listing Terms Cash, Conventional, Private Financing Available

Special Listing Condition None

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Stellar MLS
Listed by EXP REALTY LLC
Bought with COLDWELL REALTY SOLD GUARANTEE
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