This is a unique opportunity to purchase a 12 Unit, 100% leased lake front property along with additional acreage and underground infrastructure for 80+ additional units. This is a great opportunity to acquire an income producing property with tremendous Value Creation potential.

Highlights:
• - Gated lakefront development project with existing 12 MF/Condo units
• - Tremendous Value Add development opportunity with water, sewer, bulkhead, graded in place and ready for development
• - In Place NOI: $171,327
• - Permitted and underground infrastructure for 86 additional units
• - Lot Size: 4.29 acres
• - All existing units 2 BR/ 2 Bath
• - Approved for 9 additional buildings, 86 additional units (site plans available)
• - All utilities in place
• - Outside all flood zones
• - No MUD tax
• - Value Components:
• - 12 in-place units: $3,115,000 (based on current NOI and 5.5% Cap Rate)
• - 3 +/- acres of lakefront to be developed: $2,352,240 ($18.00/sf)
• - In place infrastructure for development acreage (water, sewer, pad sites, bulkhead): $1,575,000
• - Total value based on sum of component parts: $7,042,000