The main house is divided into three (3) apartments. The downstairs apartment UNIT A has 830 interior square feet with two bedrooms and one bath and a 168 square foot lanai and rents for $2550 per month plus $260 maintenance fee (MF) to offset property expenses. Lease expires July 31, 2025. UNIT B is a downstairs one bedroom one bath apartment with 654 square feet with a 420 sf lanai and rents for $2,350 SF plus $260 maintenance fee to offset property expenses. Lease is through September 30, 2025. UNIT C is a 624 SF upstairs apartment with a 240 SF lanai and rents for $2350 per month plus $260 maintenance fee to offset property expenses. Leased through October 31, 2025. UNIT D is the free standing one bedroom one bath 500 SF cottage with a 240 SF lanai and rents for $2,350 per month plus $120 maintenance fee. The electric is in the tenant's name. Lease is through November 30, 2025. TOTAL GROSS INCOME BEFORE EXPENSES: $126,000 $2,350 + $260 MF $2,350 +$260 MF $2,550 +$260 MF $2,350 +$120 MF TOTAL RENTS = $9600 PER MONTH or $115,200.00 per year. Plus $900 a month MF = $10,800 per year to offset expenses. EXPENSES: Landscape: $300 a month for two times. $3600 per year ELECTRIC: April 2023 through April 2024. $7644. Rounded off WATER: October 2023 through September 2024. $2550 Rounded off. REFUSE REMOVAL: $408 per year billed every six months. INSURANCE: $1,866.00 per year REAL PROPERTY TAX: Year ending 2023. $5954 MISCELLANEOUS: Pest Control quarterly: $800 Tree trimming 2-4 times a year. $750 TOTAL EXPENSES: $23,572.00 * *If you have a mortgage the lender will require hurricane insurance and quite possibly flood insurance as this property is just two blocks from the ocean. These costs are not factored into this income and expense statement. GROSS INCOME: $126,000 INCLUDING maintenance fees. GROSS EXPENSES $23,572.00 NET INCOME AFTER EXPENSES: $102,428.00 annually or $8535 per month. The Rate of Capitalization is 6.94%. In plain English, if you invested $1,475,000 cash into this property and received $102,428.00 in Net Operating Income (NOI) from the rents, the return on that investment (ROI) is 6.94% which is the "CAP RATE" or "rate of capitalization. If you don't want renters then keep it as a 4 bedroom 3 bath single family dwelling. Remove two of the kitchens and convert to family rooms. Schedule a Private Showing

Listing courtesy of RAM_MLS / eXp Realty

Last checked: Checking… • Last updated Jan 14, 2025 • Source: RAM_MLS

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