3100 Areca Ave, Naples, FL 34112

This is a fixer upper money cow, excellent ROI, TLC need it "This property is being offer "as is" right to inspect max 7 days-Cash Only-Bring your offer-Seller motivated. HIGHLY DESIRABLE LOCATION & EXCELLENT INVESTMENT OPPORTUNITY! SANRI APARTMENTS was originally built in 1957 with much of the original character. These beautiful apartments are not on the soft story list; they are sitting on a large piece of land on four parcels with 3 concrete block dwellings. Total of 12 units consisting of 2bed/1bath, kitchen, laundry room, comfortable enclosed porch and nice size backyard. 2 assigned parking stall p/unit and assigned guest parking as well. Conveniently located off Bayshore Drive, only 3 minutes from downtown Naples and 5 minutes driving distance to the beach. This property has a true value right now and is priced to sell at a very high 8% cap rate. These apartments are a money-making machine, 0 vacancy rate for the last 5 years, low expenses and excellent income opportunity. There is $142,620 annual gross rental income right now, 9 out of the 12 units are rented to a private organization for the last 9 years. The apartment community has tenancies.