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Listed by EXP Realty LLC
$10,000,000
Est. payment /mo
126 Baths
231,332 SqFt
New
700 Harlem Tenants CIR Clewiston, FL 33440
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Key Details
Property Type Commercial
Sub Type MultiFamily (5+ Units)
Listing Status Active
Purchase Type For Sale
Square Footage 231,332 sqft
Price per Sqft $43
MLS Listing ID RX-11127667
Construction Status Resale
Year Built 1978
Tax Year 2024
Lot Size 18.100 Acres
Property Sub-Type MultiFamily (5+ Units)
Property Description
Harlem Garden Apartments is a 126-unit, fully HAP-assisted property sitting on 18 acres in Clewiston with no property taxes. Occupancy is 97%+, rents are backed by HUD, and the asset is fully staffed and in compliance.2024 was distorted by one-time costs (insurance spike, HUD repayment, extraordinary repairs). When we normalize, NOI comes in around ~$525k. With the next HUD rent adjustment and expense optimizations, we project $650k NOI in 2026, which supports our $10MM asking price at a 6.5% cap.
Location
State FL
County Hendry
Area 5940
Zoning RG4
Interior
Heating Central
Cooling Central
Flooring Vinyl Floor
Fireplaces Type Smoke Detector
Exterior
Utilities Available Cable, Electric, Public Water
Waterfront Description None
Roof Type Other
Building
Story 100.00
Foundation CBS
Construction Status Resale
Others
Miscellaneous Landscaped
Security Features Security Patrol,TV Camera
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Cash,Conventional
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