Lucia Apartments

16 Unit Apartment Building | $1,850,000 ($115,625/Unit) | Winter Haven, FL 33881

Asking Price $1,850,000

Property Type: Multifamily
Square Feet: 10,620 SF

Listing Contacts

Mark Savarese

Verified Profile

Cary Brown

Verified Profile

Property Info

Property Overview

*** $100K PRICE REDUCTION ****
Lucia Apartments, a 16-unit multifamily apartment community is located in the heart of Winter Haven, Florida. Comprising 75% 1 Bed 1 Bath and 25% 2 Bed 1 Bath units, the property offers a diverse mix to accommodate various tenant needs. Investors have the opportunity to capitalize on the property's value-add potential, with a clear strategy to renovate and upgrade units, leading to an average monthly rental upside of $125 or more. The current average lease rent stands at $1,008, with a pro forma projection of $1,133, indicating substantial revenue growth potential.
Positioned less than a mile from Downtown Winter Haven and 15 miles from Downtown Lakeland, the property benefits from its proximity to major employers such as Coca-Cola, Legoland, Winter Haven Hospital, Polk State College, and more, ensuring steady tenant demand. Additionally, convenient access to shopping and retail destinations including Publix, Aldi, Chick-fil-A, and Walmart enhances the property's appeal to tenants.
Lucia Apartments is an exceptional opportunity to enter the dynamic Winter Haven real estate market and unlock the full potential of this multifamily property. With its strategic location, proven demand from major employers, and value-add potential through renovation, this investment promises not only immediate returns but also long-term growth and stability.

Property Details

Class: C
Year Built: 1925
Stories: 2
Lot Size (sq. ft): 31,799 SF
Units: 16

Highlights

16-Unit Multifamily Apartment Community Located in Winter Haven, FL Near Downtown Lakeland
Conveniently Situated Along Lake Howard with Quick Access to HWY 17 & Just a 9-Minute Walk to Downtown
Unit Mix Featuring 75% 1 Bed 1 Bath, and 25% 2 Bed 1 Bath
Value-Add Opportunity to Renovate Classic Units and Further Upgrade the Renovated Units to Achieve Premium Level Renovated Status
Value-Add Opportunity with $125+ in Average Monthly Rental Upside Through Renovations and Loss-to-Lease Recapture
Conveniently Located Near Shopping & Retail Including Publix (0.8 Mi), Aldi (1 Mi), Chick-fil-A (1.9 Mi), Wawa (1.3 Mi), and Walmart (2 Mi)

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