This Multi-Family/apartment is one of a kind permanent income retirement property with fabulous views of the ocean sunrises and the Intercoastal sunsets from the master bedroom window. You are walking distance of the beach, the inter-/-coastal waterway that is fantastic for
fishing, boating or just playing in the sun. The home is located within a few short blocks of Main Street where you or your tenants will get to
enjoy the following event: Bike Weeks, February/August Races at the Daytona International Nascar Speedway, Triathlon events, Holiday Parades,
Truck Events, New Year’s Events, and more. Nearby local restaurants, Bars/lounges, luxury theaters, fun attractions, and the Beach. You can
easily walk to the beach to swim and various locations that’s walking distance for a day of fishing. The property has two units downstairs which
includes 2 bedrooms and 1 bathroom. There is a large unit upstairs which includes a 3 Bedroom, 2 and a half bathrooms. The unit is a wonderful
two floor French Loft Mediterranean Style with 2100 Square Foot Living space that has views of the beach and you don’t even have to go outside
to see firework events, you can do that from the comfort of your own large bedroom. The large unit upstairs is separated by one single door that
could be easily converted for a 5th separate unit with a private entrance already in place and which is considered to be a mother-in-law area
with its own restroom and kitchenette. Upstairs also includes Unit #4 which is a 1 bedroom and 1 bathroom. Units has tenants that are paying
up to $2, 000 per month and the large unit upstairs is occupied by the seller which also leaves room for new owner to rent the large unit
exceeding the price of the smaller units or it could be converted/split into an extra unit as mentioned above to get additional income. The
basement has a restroom and shower installed that with space enough to also renovate to make a possible 6th unit. The home was remodeled
after hurricane Francis with new electric, and plumbing. The lower floor apartments were repaired with new drywall and mostly new plumbing,
and the upper floors were renovated completely at that time. The roof is newer, the home was recently painted, and it has a newer AC/heat
system with new air handlers inside and a new compressor outside. The apartments use window AC systems and backpack systems that are
easy to repair or replace. This is a rock solid home that has easily weathered numerous storms with no major issues. The house has a potential
of well over 12k income per month, or as currently run. There are several laundry units downstairs for tenants/owner to occupy. With all of the
above opportunities described, this home could turn into a great home/investment with endless opportunities.
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Our Executive Mortgage Banker:
Our Insurance Division:
$675,000
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
RVP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 917.838.7300
Melissa.Cohn@raveis.com
NMLS Mortgage Loan Originator ID 16953
5/6 (30 Yr) Adjustable Rate Conforming* |
30 Year Fixed-Rate Conforming |
15 Year Fixed-Rate Conforming |
|
---|---|---|---|
Loan Amount | $540,000 | $540,000 | $540,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 7.000% | 6.990% | 5.990% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.563% | 7.159% | 6.276% |
Monthly Tax Payment | $235 | $235 | $235 |
H/O Insurance Payment | $92 | $92 | $92 |
Initial Principal & Interest Pmt | $3,593 | $3,589 | $4,554 |
Total Monthly Payment | $3,920 | $3,916 | $4,881 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.