Orlando Terrace
165 Unit Apartment Building | $22,000,000 ($133,333/Unit) | 6.53% Cap Rate | Orlando, FL 32808
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $22,000,000
- Property Type
-
Multifamily
- Square Feet
- 92,832 SF
Listing Contacts
Kenneth Wellar
Verified Profile
Jesus 'Mando' de Armas
Verified Profile
Taylor Walsh
Verified Profile
Max Wallace
Verified Profile
- Property Info
Property Overview
Orlando Terrace Apartments is a 165-unit property situated in the Orlando Pine Hills section of Orlando, Florida. Built in 1988, Orlando Terrace is comprised of (23) one-story buildings set on a ±9-acre site. There is an excellent unit mix of (105) one-bedroom/one-bath units, (13) two-bedroom/two-bath units, (13) two-bedroom/one-bath units, and (34) studios. The modern units feature spacious floor plans, new kitchen appliances, vinyl plank flooring and plush carpeting (select units), ample cabinet and counter space, baths with tub/shower combo, spacious closets, vaulted ceilings in living rooms, fenced-in private patio, and semi-private entry.
Orlando Terrace presents a value-add opportunity for a new owner to increase rents by up to 15%. Currently, in-place rents are below market. The one-bedroom/one-bath units post an average rent of $1,168, the two-bedroom/one-bath units are at $1,423, the two-bedroom/two-bath units are at $1,393, and the studio units are at $1,041 allowing room for rental increases based on submarket trends. Additionally, a new owner can complete unit renovations and bring rents to market rates at lease renewal and turnover.
The property has an assumable loan of $14,900,000 at 6.36% with 5 years remaining. All monthly payments are interest only, and the loan has the following parameters: a maximum loan-to-value of 65% and a minimum debt yield of 9.00%. Loan docs are available upon request.
Orlando Terrace is located approximately 15 minutes from Downtown Orlando. Its proximity to Interstate 4 provides tenants convenient access to the major employment hubs in Orlando Walt Disney World Resort, Orlando International Airport, University of Central Florida, and Orlando Regional Medical Center.
The property offers potential for rental increases based on submarket trends, presenting an attractive opportunity for investors to get a great return on their capital.
***Tour Dates - August 21st; Offers Due by September 18, 2024
Orlando Terrace presents a value-add opportunity for a new owner to increase rents by up to 15%. Currently, in-place rents are below market. The one-bedroom/one-bath units post an average rent of $1,168, the two-bedroom/one-bath units are at $1,423, the two-bedroom/two-bath units are at $1,393, and the studio units are at $1,041 allowing room for rental increases based on submarket trends. Additionally, a new owner can complete unit renovations and bring rents to market rates at lease renewal and turnover.
The property has an assumable loan of $14,900,000 at 6.36% with 5 years remaining. All monthly payments are interest only, and the loan has the following parameters: a maximum loan-to-value of 65% and a minimum debt yield of 9.00%. Loan docs are available upon request.
Orlando Terrace is located approximately 15 minutes from Downtown Orlando. Its proximity to Interstate 4 provides tenants convenient access to the major employment hubs in Orlando Walt Disney World Resort, Orlando International Airport, University of Central Florida, and Orlando Regional Medical Center.
The property offers potential for rental increases based on submarket trends, presenting an attractive opportunity for investors to get a great return on their capital.
***Tour Dates - August 21st; Offers Due by September 18, 2024
Property Details
- Class
- C
- Year Built/Renovated
- 1988/1993
- Stories
- 1
- Lot Size (sq. ft)
- 404,237 SF
- Units
- 165
Highlights
- Highly Desirable Unit Mix: Studio, One-Bedroom and Two-Bedroom Units
- Excellent Location: Driving Distance to Downtown Orlando and Disney Theme Parks
- Abundant Community Amenities: Pool and Sun Deck, Additional Storage, Private Balcony/Patio
- Access to Major Highways: Convenient to Interstates 4, 75 and 275 and Routes 41 and 92
- Ease of Management: 165 Units in Single Community Allowing Ownership to Operate Efficiently without the Burden of Costly Personnel
- Strong Market Fundamentals: Excellent Market Conditions in Recent Years; Continues to Attract New Residents and Businesses
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