Brad McCollum

Associate

Email: Brad.McCollum@MarcusMillichap.com
Phone:
(904) 672-1402 – Direct
(904) 521-6959 – Mobile

Luis Baez, CCIM

First Vice President Investments

Email: Luis.BaezMarcusMillichap.com
Phone:
(813) 387-4849 – Direct
(813) 767-6275 – Mobile

Lake City Portfolio is a five-parcel, 79-unit portfolio, located in Lake City, FL. These properties have a strong rental history and are being offered at an 8.91% current cap rate, 15%+ cash-on-cash return on current income in place, and an annual cash-on-cash return averaging 25%+ over a ten-year hold. These boutique-sized communities consist of nine single story, concrete block buildings, one single-family home, and four mobile homes across a total of more than six acres.

The Lake City Portfolio located in North Central Florida’s Columbia County, an emerging submarket 60 miles west of Jacksonville and 45 miles north of Gainesville. Otherwise known as “Florida’s Gateway City,” Lake City is ideally located at the intersection of Interstate-10 and Interstate-75, making the area Florida’s Gateway for travelers entering the state. Often know for the area’s world class system of freshwater springs, Lake City is now garnering national attention because of the unparalleled network of federal and interstate highways and railroads, which have poised the market to be a major Logistics hub to Florida and the Southeast United States. Adding proof to this is the development of the North Florida Mega Industrial Park (NFMIP), a project in partnership with CSX, currently under development. The NFMIP is located off of US-90, adjacent to the Lake City Gateway Airport, consisting of 2,622 shovel-ready acres and zoned for up to eight million square feet of industrial, manufacturing, and logistics use.

This offering gives an investor the rare opportunity to acquire an asset below $40,000/unit with economies of scale across five different properties in a submarket primed for growth, with limited workforce housing. Four of the five properties are located within 0.6 miles of each other and sit on East Duval Street/US-90, a major east-west thoroughfare that runs through the heart of Lake City and connects all of north Florida. The fifth property, Pleasant Pointe, is only three miles +/- from the others in the portfolio. It is located off of US Highway 441, a major north-south thoroughfare connecting north and central Florida. Pleasant Pointe has a convenient location only two miles south of Intersate-10. Major points of interest in close proximity include
the North Florida Mega Industrial Park (3.5 miles), Lake City VA Medical Center (2 miles), Shands Lakeshore Regional Medical Center (2.1 miles), Columbia High School (4.9 miles), and Florida Gateway College (3.3 miles). Major cities of interest amongst residents include Jacksonville (60 miles) and Gainesville (45 miles).

• Concrete Block Construction
• Above Average Going-In Cap Rate
• High Demand Workforce Housing
• Limited Supply of Inventory in Submarket
• On-Site Leasing Office

• Lake City – Florida’s Gateway City
• Located on Major Thoroughfares, Minutes from both I-75 & I-10, Positioned to be
a Major Logistics Hub to Florida and the Southeastern United States
• 3.5 Miles to the North Florida Mega Industrial Park
• 2 Miles to Downtown Lake City

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