$1,389,375
$1,500,000
7.4%For more information regarding the value of a property, please contact us for a free consultation.
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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