241 S Commerce Ave Unit 111, Sebring, FL 33870

This mixed-use commercial/residential building, located right off the Sebring Circle in the heart of downtown Sebring, FL, presents a prime investment opportunity. The property consists of six buildings built between 1949 and 1979, encompassing approximately 8,166 square feet. It includes a total of 19 units, with 15 residential apartments and four retail spaces, but the additional 2 spaces totaling 2,400 square feet give this property so much income potential! The apartments are divided into 13 one-bedroom/one-bath units and two two-bedroom/one-bath units. The retail spaces are currently leased to a tattoo parlor, a massage spa - two spaces totaling 2,400SF are vacant and could be converted into residential or commercial space for more income. The property has undergone significant recent upgrades, including new roofs on two of the buildings in 2020 and the replacement of several HVAC units. The private parking lot was resurfaced in August 2022. Each unit is separately metered for electric and water, and the property is connected to city sewer and water. Additionally, the buildings are arranged around a central courtyard featuring BBQ grills, patio tables, new outdoor umbrellas, and mature landscaping. There is also an onsite coin laundry facility with three washers and three dryers, although some repairs are needed. This property’s prime location offers close proximity to the Highlands County Courthouse, government center, shops, restaurants, and fairgrounds. The area benefits from a good mix of walking and car traffic, with several new businesses recently relocating to the area. Sebring is centrally located in Highlands County, with a population of nearly 11,000. It’s just 1.5 hours from Tampa and Orlando and approximately four hours from Miami. Financially, the property generates $184,200 ($15,350 monthly) in rents with annual operating expenses of $49,297, resulting in a net operating income (NOI) of $134,903. With a cap rate of 8.18% and a purchase price of $1,650,000, this well-maintained property offers a rare chance for an owner/investor to acquire a significant asset in a thriving downtown area. With slight rent increases to market rates and renting of the two vacant 2,400 sf of vacant space CAP rate will go up to 13.23%!