527 E LEMON AVE Eustis, FL 32726
5,415 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi-Family 5+
Listing Status Active
Purchase Type For Sale
Square Footage 5,415 sqft
Price per Sqft $116
Subdivision Eustis
MLS Listing ID G5113226
HOA Y/N No
Year Built 1919
Annual Tax Amount $7,283
Lot Size 0.570 Acres
Acres 0.57
Lot Dimensions 138x180
Property Sub-Type Multi-Family 5+
Source Stellar MLS
Property Description
Great opportunity to acquire a 6-unit multifamily property located just minutes from historic downtown Eustis, waterfront parks, shopping, dining, and entertainment. Originally built in 1919, this income-producing property offers historic character combined with significant upside potential. The property consists of six residential units with four units currently occupied and two vacant units currently available for lease, providing an immediate opportunity to increase cash flow. Unit mix includes one 3-bedroom/2-bath unit, one 2-bedroom/1-bath unit, and four 1-bedroom/1-bath units.
Several tenants have established rental histories, with a combination of long-term occupants and month-to-month tenancy providing flexibility for future management strategies. The current owner has invested considerable effort into improving the property's marketability and ownership position, including successfully completing a quiet title action resulting in clear title, resolving prior open permit issues, and addressing foundation-related concerns. Conveniently located within close proximity to downtown Eustis and major transportation corridors, the property is well-positioned to benefit from continued growth throughout Lake County.
With two vacant units ready for lease-up and several existing rents offering potential for future adjustment, investors have the opportunity to increase income and maximize returns. This property presents an excellent opportunity for investors seeking a value-add multifamily asset with much of the heavy lifting already completed. Rent roll, lease information, and operating expense summary available upon request. Buyer to verify all measurements, zoning, future use, financial projections, and all information deemed important to the buyer. Do not disturb tenants. Showings by appointment only.
Location
State FL
County Lake
Community Eustis
Area 32726 - Eustis
Zoning SR
Interior
Heating Natural Gas
Cooling Wall/Window Unit(s)
Exterior
Community Features Sidewalks
Utilities Available Electricity Available, Natural Gas Available
Roof Type Metal,Shingle
Building
Lot Description Corner Lot, Sidewalk
Story 2
Entry Level Two
Foundation Crawlspace
Lot Size Range 1/2 to less than 1
Sewer Public Sewer
Water Public
Structure Type Frame
New Construction false
Others
Ownership Fee Simple
Acceptable Financing Cash
Listing Terms Cash
Special Listing Condition None
Virtual Tour https://www.propertypanorama.com/instaview/stellar/G5113226
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