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115 Emma St
Lakeland, FL 33815

115 Emma St
Listing Number:  t2881705
List Price:  $105,900
Listing Status:  Active
Property Type:  Multi Family
Address:  115 Emma St
City:  Lakeland
County:  Polk
State:  FL
Country:  US
Area Name:  Lakeland
Investors. Here is a super rare opportunity to own a large triplex that is made up of a 3 bdrm 1 bath, a 4 (or 5) bdrm 1 bath, and a 1/1 single family house. The single family home could use a little love, but is rented for $500 per month to a long time tenant who would be happy to stay. The duplex: 1st level: 3 bdrms 1 bath but could be modified to be a 4/1 or 4/2. Currently has 3 good sized bedrooms, a large living room, and formal dining room (that could be turned into a 4th bdrm). Also has a large laundry room that could be easily made into 2nd bath. Upstairs unit is currently setup as a 5/1 and was most recently rented by the room for maximum cash flow. With no modification besides taking the door off the hinges, the 5th bdrm can be made into a living room. Super low taxes of only $634 per year. Cash flow analysis 1/1 SFR already rented for $500 . 3/1 1st level of duplex $800 market rent (or turn into 4 bdrm and rent each room for $350 per month = $1400 . 4/1 2nd level of duplex $900 market rent (or rent 5 bdrms for $350 per month = $1750 monthly rental income $2,200 or as high as $3,650 by renting rooms. We can finance this property with $38k down. Here's what the numbers would look like: $2200 market rent with 3 leases (aka not renting by the room) -53 monthly portion of property taxes -70 monthly portion of property insurance -525 monthly mortgage (80% LTV)= $1,552 net positive cash flow $18,624 annual net positive cash flow.
Directions:  from memorial blvd. turn south on N. Florida then turn right onto Emma St.
Year Built:  1900
Construction:  Stucco, Wood Frame
Acres:  0.10
Lot Dimension:  62x73
Lot Size:  4552
Zoning:  RA-4
Finished sq ft:  2696
Sq Ft Source:  Public Records
Stories:  2 Levels
Heating:  Central
Cooling:  Central
Exterior:  Balcony/Sun Deck, Patio/Porch/Deck Covered, Patio/Porch/Deck Open
Style:  Triplex
Subdivision:  Patterson & Cox Sub
Legal:  PATTERSON & COX SUB PB 1 PG 60 BLK 8 LOT 7 E1/2
Utilities:  Public Utilities
Taxes Annual:  690
Tax Year:  2016
Contact Info
Tracey Crews
Ph: 863-853-2770
F: 863-815-2458

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Listing courtesy of Pineywoods Realty LLC

Last updated on November 18, 2017 at 5:08 AM
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Superior Property Management & Sales, LLC 5354 US Highway 98N   Lakeland, FL  33809 863-853-2770