If you’re in the market for an investment property in Florida, the multi-family villa located at 960 6th St, Vero Beach, FL 32962 is an opportunity you should not miss. Priced at $685,000, this fantastic investment offers not just a home, but a chance to tap into the thriving real estate market in Indian River County, Florida. Whether you’re a seasoned investor looking for a stable rental income or a first-time buyer looking for potential, this villa provides a great mix of location, rental history, and recent updates.
Let’s dive deeper into what makes this property stand out, with a detailed exploration of its features, investment potential, and the surrounding area.
Property Overview: A Profitable Investment Opportunity
This multi-family property consists of two duplexes sold together, offering four separate units that present a strong rental income opportunity. Here are the key details that make this villa an appealing investment:
| Property Details | Details |
|---|---|
| Price | $685,000 |
| Lot Size | 0.54 acres (Approx. 23,522 sq. ft.) |
| Property Type | Multi-Family (Quadruplex) |
| Year Built | 1988 |
| Total Units | 4 |
| Rental History | Strong, with consistent tenants |
| Current Rental Rates | $1,100 to $1,450 per unit |
| Property Taxes (2023) | $6,860 |
| Maintenance Expenses | $1,000 per month |
Property Photos: Best Luxury Villa In Florida
Property Features: What Sets It Apart?
The villa offers four individual units that are ready for tenants or can be a flexible space for potential homeowners. It’s located in Colonial Heights, a well-established neighborhood in Vero Beach. The lot is large enough to offer privacy and ample space for tenants.
1. Recent Updates
- 2024 A/C in Unit 964: The cooling system was recently updated to ensure that tenants enjoy a comfortable environment throughout the year.
- 2024 Drain Field: A new drain field was installed, preventing costly repairs and ensuring that the property is up to code.
- Tile Floors Throughout: All units feature durable and easy-to-maintain tile flooring, a practical feature that appeals to both tenants and buyers.
2. Interior Features
- Flooring: The units are equipped with tile flooring, making them durable and easy to clean.
- Pantry: Each unit features a pantry for additional storage, which adds convenience for tenants.
- Window Features: The windows are single-hung, offering a simple yet effective design for natural light and ventilation.
- Appliances: All units come with appliances, including laundry facilities in-unit, which adds significant convenience for tenants.
- Heating and Cooling: All units are equipped with central heating and cooling systems, ensuring year-round comfort for tenants.
3. Property Layout and Parking
- The units are split into four separate living spaces, each with its own entrance. This setup is perfect for tenants seeking privacy and autonomy.
- Parking: There is off-street parking for up to 8 cars, which is a significant perk in a community where parking can be limited.
4. Long-Term Rental History
- Unit 960: Currently renting at $1,100 per month on a month-to-month lease.
- Unit 962: Leased at $1,450 per month until Sept 2025.
- Unit 964: Leased at $1,200 per month until March 2025.
- Unit 966: Leased at $1,450 per month until August 2025.
This strong rental history makes it an ideal option for investors looking for steady income.
Investment Potential
With gross income from rent totaling $62,400 annually, this villa offers a Net Operating Income (NOI) of $45,092, after operating expenses of $17,308. For potential investors, this property promises a reliable return on investment, with a monthly mortgage payment of approximately $4,383 (based on a 30-year fixed loan at 6.692%).
The overall maintenance expense is $1,000 per month, which includes grounds care and common area maintenance, while the owner is responsible for taxes, insurance, and common area expenses.
Local Area: Colonial Heights, Vero Beach, FL
Vero Beach is one of Florida’s most desirable locations, offering a mix of small-town charm and upscale living. Situated in Indian River County, this region is known for its beautiful beaches, natural parks, and excellent schools. Here are a few reasons why this area stands out:
1. Great Location
- Proximity to the Coast: Vero Beach is famous for its pristine coastline, just a short drive away from this villa. The area offers access to several beaches, parks, and natural reserves, making it a perfect place for outdoor activities.
- Accessibility: The property is located just off US 1, offering easy access to local businesses, restaurants, and shops. The area is also well-connected to major highways and roads, making commuting straightforward.
2. High Demand for Rentals
- The demand for rental properties in Vero Beach is consistently high, given the area’s appeal to both locals and seasonal visitors. This makes the villa a smart investment for anyone looking to capitalize on this steady demand.
3. Low HOA Fees
- The property is not part of a homeowners association (HOA), which means no additional monthly HOA fees. This can be an attractive feature for both potential investors and buyers, as they can save on additional costs.
Financial Breakdown: Understanding Your Investment
Here’s a quick look at the financial aspects of owning this property:
| Expense | Amount |
|---|---|
| List Price | $685,000 |
| Down Payment (20%) | $137,000 |
| Estimated Closing Costs (4%) | $27,400 |
| Monthly Mortgage Payment | $4,383 |
| Annual Taxes (2023) | $6,860 |
| Monthly Maintenance Expense | $1,000 |
| Gross Income (Annual) | $62,400 |
| Net Operating Income (NOI) | $45,092 |
With an annual gross income of $62,400 and a net operating income of $45,092, this property offers a stable and profitable investment, especially given the relatively low maintenance costs and high rental demand in the area.
Conclusion: Why You Shouldn’t Miss This One
In conclusion, the multi-family villa at 960 6th St, Vero Beach, FL offers an exceptional opportunity for anyone looking to invest in Florida real estate. Whether you’re drawn by the strong rental income potential, the recent updates, or the fantastic location in Colonial Heights, this property is worth considering.
With a price of $685,000, a solid rental history, and excellent features like in-unit laundry, updated A/C, and a large lot size, this villa is perfect for anyone looking to make a smart investment in Florida’s thriving real estate market. Don’t miss out—contact the listing agent today to schedule a private showing!
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