1502 High Street, Leesburg, FL 34748
- $389,000
- 10,883
- SqFt
- List Price
- $389,000
- Status
- Active
- Days on Market
- 0
- MLS#
- A4706558
- Property Style
- Multi-Family 5+
- Year Built
- 1910
- Living Area
- 10,883
- Lot Size
- 28,606
- Acres
- 0.66
- Total Acreage
- 1/2 to less than 1
- Legal Subdivision Name
- Leesburg Archbell Sub
- MLS Area Major
- Leesburg
Property Description
Exceptional value-add opportunity in Leesburg with the potential to transform this nine-unit property into a fully renovated 10-unit multifamily community. Located in a growing Central Florida market with continued demand for rental housing, this property offers significant upside for an experienced investor, developer, or nonprofit organization looking to create quality, affordable housing. The property will require a substantial renovation to reach its full potential. Based on a recent estimate obtained from one of the seller’s contractors, approximately $600,000 in repairs and improvements should be anticipated. Renovations may include roofing, building systems, general repairs and maintenance, interior and exterior improvements, updated floor plans, and modernization of the individual units. Once renovated and stabilized, the property has an estimated After-Repair Value (ARV) of approximately $1.8 million, creating a compelling opportunity for an investor willing to complete the necessary improvements. This property may also be particularly attractive to a nonprofit or affordable-housing organization seeking an opportunity to provide safe, comfortable, and reasonably priced housing for up to 10 families. With the right renovation plan and ownership structure, the property could serve both an important community need and a long-term investment objective. For buyers looking for a project with substantial value-add potential, multiple units, and a clear repositioning strategy, this Leesburg property deserves serious consideration.
Additional Information
- Taxes
- $5304
- Community Features
- No Deed Restriction
- Zoning
- R-2
- Floor
- Other
- Utilities
- Public
- Heating
- None
- Air Conditioning
- None
- Exterior Construction
- Frame, Wood Siding
- Foundation
- Crawlspace
- Pool
- No Pool
- Flood Zone Code
- X
- Parcel ID
- 27-19-24-0200-002-01100
- Legal Description
- LEESBURG ARCHBELL SUB LOT 11 BLK 2 PB 10 PG 5 ORB 6312 PG 209
Listing courtesy of WAGNER REALTY. 941-727-2800
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