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    3783 Olive Rd

    Pensacola, FL 32514
    • $900,000
    • STATUS: Active
    • ON SITE: 133 days
    • MLS #: 572535
    UPDATED: 71 min ago
    $900,000
    • 0
      BEDS
    • N/A
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 7,800
      SQFT
    • $115
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1982
    County:
    Area:

    School Information

    Elementary School:
    Middle School:
    High School:

    Description

    Eight-unit apartment building purchased a year ago by the seller. The building was distressed with units in poor condition and rents significantly below market by about 30%. The seller has improved the building raising the rents from an average of $750 to an average of $925. The fully rehabbed units are fetching at least $1K, with the newest rehabbed unit listed for rent at $1200. Some strategies used to maximize rents were the institution of all breeds of dogs being allowed. The larger breeds bring an additional $50 per dog per month in rent. We also instituted a "no security deposit" program by using insurance bonds in lieu of deposits. These products allow the tenant the option to pay a small monthly insurance premium to the insurer in lieu of a lump-sum full security deposit payment at move-in. In addition to increasing rental incomes, these products give the landlord at least double the amount of security vs a security deposit. If all units were rehabbed, the upside potential of $1200/rent per unit is feasible.

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    © 2020 by the Multiple Listing Service of the Pensacola Association of REALTORS®. This information is believed to be accurate but is not guaranteed. Subject to verification by all parties. This data is copyrighted and may not be transmitted, retransmitted, copied, framed, repurposed, or altered in any way for any other site, individual and/or purpose without the express written permission of the Multiple Listing Service of the Pensacola Association of REALTORS®. Florida recognizes single and transaction agency relationships. Information Deemed Reliable But Not Guaranteed. Any use of search facilities of data on this site, other than by a consumer looking to purchase real estate, is prohibited. Data last updated: 2020-09-30T22:42:06.877.
    www.levinrinkerealty.com/homes/106043514
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    3783 Olive Rd Pensacola, FL 32514

    • Price: $900,000
    • Status: Active
    • Updated: 71 min ago
    • MLS #: 572535
    0
    Beds
    0
    Baths
    0
    ½ Baths
    N/A
    Acres
    7,800
    SQFT
    $115
    $/SQFT
    1982
    Built
    Neighborhood:
    Tippin
    County:
    Escambia
    Area:
    Pensacola
    Elementary School:
    Scenic Heights
    Middle School:
    Ferry Pass
    High School:
    Washington
    Property Description
    Eight-unit apartment building purchased a year ago by the seller. The building was distressed with units in poor condition and rents significantly below market by about 30%. The seller has improved the building raising the rents from an average of $750 to an average of $925. The fully rehabbed units are fetching at least $1K, with the newest rehabbed unit listed for rent at $1200. Some strategies used to maximize rents were the institution of all breeds of dogs being allowed. The larger breeds bring an additional $50 per dog per month in rent. We also instituted a "no security deposit" program by using insurance bonds in lieu of deposits. These products allow the tenant the option to pay a small monthly insurance premium to the insurer in lieu of a lump-sum full security deposit payment at move-in. In addition to increasing rental incomes, these products give the landlord at least double the amount of security vs a security deposit. If all units were rehabbed, the upside potential of $1200/rent per unit is feasible.
    Exterior Features

    Construction Frame Design 2 STORY Exterior Features Balcony Lot Description Central Access Parking Parking Lot Roof Composite Shingle

    Interior Features

    Beds Unit2 2 Cooling Central Electric Floors TileW/W Carpet Full Baths Unit2 2 Heating Central Electric Interior Features Ceiling FansWalk-In Closet

    Property Features

    Condo Name None Construction Status Resale Electrical Circuit Breaker Multifamily Type Apartments Pets Allowed Yes Rent Unit2 925 Special Sale Type N/A Units Unit2 8 Water Sewer Public SewerPublic Water

    Listing provided courtesy of Team Sandy Blanton Realty, Inc.


    © 2020 by the Multiple Listing Service of the Pensacola Association of REALTORS®. This information is believed to be accurate but is not guaranteed. Subject to verification by all parties. This data is copyrighted and may not be transmitted, retransmitted, copied, framed, repurposed, or altered in any way for any other site, individual and/or purpose without the express written permission of the Multiple Listing Service of the Pensacola Association of REALTORS®. Florida recognizes single and transaction agency relationships. Information Deemed Reliable But Not Guaranteed. Any use of search facilities of data on this site, other than by a consumer looking to purchase real estate, is prohibited. Data last updated: 2020-09-30T22:42:06.877.
     
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    Levin Rinke Realty
    10 Portofino Drive
    Pensacola Beach FL, 32561