Multifamily
Gardens on Griffin Apartments
39 Herald Dr, Leesburg, FL 34748
Listing Price: $13,000,000
Cap Rate
6.75%
Number of Units
78
GRM
9.76
Price/Unit
$166,667
Investment Overview
A 78-unit, “B” class multifamily property located in the fast growing sub-market of Leesburg, FL with an attractive assumable loan.
Gardens on Griffin Apartments
Investment Highlights
- A 78-unit, "B" class multifamily property located in the fast growing sub-market of Leesburg, FL
- Attractive Loan Assumption: Freddie Mac loan with 5.5 years remaining at a 5.4% rate, full term IO, 30 year amortization at roughly 70% LTV at our list price
- Above Market Returns: With a loan assumption, over a 9.89% cash-on-cash return for buyer day-1 which includes the tax-reassessment in the calculation
- Incredibly well maintained and operated property with over $1.2 million of capital improvements spent since 2021 and operating at 97% economic occupancy on Seller's T-12
- All roofs replaced in 2021
- Attractive unit mix of 75% two-bedroom units which include garden style and townhomes, with average square footage of nearly 1,000 square feet
- Lack of Direct Competition: With almost no competition of comparable B class, market rate properties in the submarket, tenant demand and rent growth has stayed consistently strong at the property
- Competitive Amenity Set: With washer/dryer connections in select two-bedroom units, on-site laundry facilities, leasing office/business center, and picnic area, Gardens on Griffin has an amenity package on par with newer communities
Exclusively Listed By
Listing Price: $13,000,000
Cap Rate
6.75%
Number of Units
78
GRM
9.76
Price/Unit
$166,667
Investment Highlights
- A 78-unit, "B" class multifamily property located in the fast growing sub-market of Leesburg, FL
- Attractive Loan Assumption: Freddie Mac loan with 5.5 years remaining at a 5.4% rate, full term IO, 30 year amortization at roughly 70% LTV at our list price
- Above Market Returns: With a loan assumption, over a 9.89% cash-on-cash return for buyer day-1 which includes the tax-reassessment in the calculation
- Incredibly well maintained and operated property with over $1.2 million of capital improvements spent since 2021 and operating at 97% economic occupancy on Seller's T-12
- All roofs replaced in 2021
- Attractive unit mix of 75% two-bedroom units which include garden style and townhomes, with average square footage of nearly 1,000 square feet
- Lack of Direct Competition: With almost no competition of comparable B class, market rate properties in the submarket, tenant demand and rent growth has stayed consistently strong at the property
- Competitive Amenity Set: With washer/dryer connections in select two-bedroom units, on-site laundry facilities, leasing office/business center, and picnic area, Gardens on Griffin has an amenity package on par with newer communities
Investment Overview
A 78-unit, “B” class multifamily property located in the fast growing sub-market of Leesburg, FL with an attractive assumable loan.
Exclusively Listed By
To view property details and documents, sign up for a free MyMMI account.
Explore exclusive listings, access research insights, and set up automated alerts for a personalized experience. Sign up now to elevate your property search.
