821 Pennsylvania Avenue

St. Cloud FL 34769

2762 sq. ft.

7492 sq. ft.

Multi-Family

Currently for sale - view listing

Overview

Plaid Properties, as Exclusive Advisor, is pleased to present the Saint Cloud Cottages, which features 5 units on 1 parcel in Downtown Saint Cloud, FL, in Osceola County. The property sits on .17 acres and consists of 4 buildings, (1 duplex and 2 cottages built in 1920, and 1 tiny home built in 2020.) All buildings have newer metal roofs or have been coated recently. All older buildings have been renovated under current ownership. ? All units are leased annually with a 95% occupancy rate. The property consists of three 1 bedroom / 1 bath units, one 2 bedroom / 1 bath unit and one 3 bedroom / 1 bath unit. Landlord is responsible for all utilities and utilizes a RUBS system that reimburses nearly all of the utility expense. 4 of the 5 units have washer / dryer hookups and the units are all on city water / sewer and electric. Although the property currently consists of 100% annual leases, new ownership can substantially increase NOI when converting some or all units to short term rentals. ? The property is Centrally located in the heart of Downtown Saint Cloud. Walkable to a variety of dining and entertainment options, the property is also walkable to East Lake Tohopekaliga and the lakefront park, pier and restaurants there. The City of Saint Cloud will soon finish an extensive revitalization plan along Florida Avenue that will have a direct positive impact on the property, modernizing and beautifying the entertainment corridor. ? Saint Cloud is booming with new residential and commercial developments. The abundance of land, proximity to jobs, Metro Orlando and Theme parks has the city poised for massive growth. The property is a 30 minute drive to Walt Disney world and 35 minutes to Downtown Orlando. The City expects at least 60,000 new residents in the next 20 years.