20 Home SFR Investment Portfolio Green Cove Springs FL
20 Home SFR Investment Portfolio, Green Cove Springs, Florida 32043
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This 20 home SFR investment portfolio opportunity located in Green Cove Springs, Florida offers an investor immediate cash flow in this growing market. The median home value in Green Cove Springs is $201,300 which is quite a bit higher than this current portfolio’s average home price of $87,500, offering an excellent value for an investor. This portfolio is fully occupied making it instant cash flow for an investor. Green Cove Springs home values have gone up 8.2% over the past year and are predicted to rise by 10.7% within the next year. The median list price per square foot in Green Cove Springs is $122, which is 46% higher than the $79 price per square foot of this portfolio.
The average vintage of homes in this portfolio is 1978, offering an average square footage of 1,108 per home. This portfolio consists of 7 - 2 bed / 1-1.5 bath homes and 13 - 3 bed / 1 & 2 bath homes. These floor plans range from 784-1,456 livable square feet, averaging 1,108 square feet in total. Rental rates throughout the portfolio are 10% below area market rents and 41% below neighborhood average rents, which are continuing to climb in this submarket and will continue bringing increased cash flow to investors bottom line over the next few years. The average rent in this portfolio is only $859 which is 41% below the median rent price in Green Cove Springs of $1,465, which is higher than the Jacksonville Metro median of $1,350. Rents here are currently lower in price than 93.2% of Florida neighborhoods.
NeighborhoodScout.com's analysis found that the combination of excellent quality public schools, above-average safety from crime, and a high rate of home ownership in predominantly single-family homes, help make this neighborhood among the top 14.4% of family-friendly neighborhoods across the state of Florida. In addition, there are a high proportion of other families with school-aged children living here, making it easy for parents and their children to socialize and develop a sense of community support. In addition, families here highly value education, as is reflected by the strength of the local schools, in part due to the educational attainment of the parents here, who vote in support of the public schools.
The state's proximity to the ocean influences many aspects of Florida culture and daily life. The portfolio resides within Green Cove Springs, Florida. This city is a business metro, just a couple of miles from Jacksonville. Jacksonville is the largest metro area by landmass in the US, harboring a significantly large regional business center, as well as museums and diverse cultural offerings. Recently, the Mayo Clinic and Mayo Hospital completed a $125 million expansion for a new center that will primarily focus on specialized care. In addition, Amazon has opened two new distribution facilities in Duval County, providing a total of 2,500 new jobs.
Tourism is one of the largest sectors of the state economy, pulling in nearly 1.4 million employees in 2016. Tourism, manufacturing, construction, international banking, biomedical and life sciences, healthcare research, simulation training, aerospace and defense, and commercial space travel have contributed to the state’s economic development. Florida’s GDP in 2016 was $216 billion- making it the fourth largest economy in the United States.
Green Cove Springs is home to a number of people employed in the armed forces. When you visit or walk around Green Cove Springs, some of the people you will bump into will be military people In and out of uniform, jogging, shopping and generally out and about town.The education level of Green Cove Springs citizens is higher than the average for US cities and towns: 22.56% of adults in Green Cove Springs have at least a bachelor's degree.The annual income of a family four averages to $90,784.
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- Strong 8.63% Projected Cap Rate.
- Current Gross Yield of 12.39% and Leveraged Cash on Cash 14.59%.
- Rental rates throughout the portfolio are roughly 10% below current market rates per home.
- Rental rates throughout the portfolio are roughly 41% below neighborhood average rents.
- Price per sqft for this portfolio is $79 compared to the area median price of $122 sqft.
- Green Cove Springs home prices are up a little over 8.2% and expected to rise 10.7% over the next year, and the supply is still slightly up over 2017.
12/27/2018 5:39:32 PM
1/14/2019 8:44:38 PM