122 Plum St., Plant City, FL 33563
This is a 3Bed.1Bath house located in Plant City across the street from the Strawberry Festival grounds. It’s 1,527 sq/ft of living space and is on a 70′ x 115′ lot. This property is currently rented and has CA$H COW written ALL over it.
The property is currently leased at $750/mo and there is 4 months left on the current lease. The current rent is substantially less than market rent and will be increased when the lease-term expires. The current agreement was the previous owner with a friend of the family at a discount. Zillow has the average rent at $1,250/mo and rent-o-meter has the average for the area at $1,258/mo. Raising the rent to $1,000/mo when this lease expires should be a slam dunk.
The cherry-on-top for this property is the additional income it generates from Strawberry Festival parking. The previous owner says parking during the 11 days of the festival brings in $5-7k in additional income. The festival has been going on since 1930 and features exhibits, rides, food, games, well-known artists performing concerts, and so much more. Some of the recent artists that have performed here are Reba McIntire, Willie Nelson, Demi Lovato, The Oakridge Boys, John Legend, and Loretta Lynn. This year’s festival is scheduled for March 1-11th, 2018. The festival averages over 500,000 patrons each year.
There are multiple exit strategies with this property. Z has the value at $83k, so selling it retail is an option. The Strawberry Festival has also expressed interest in acquiring this property to expand their footprint. Keeping it long-term and hitting it for a 13%+ cap rate is also a great option! You really can’t go wrong with this one.
It’s being sold AS-IS, Where-is for CASH only!
|Address:||122 Plum St|
|Lot Square Feet:||8050|