The Babb Group of Marcus & Millichap is pleased to present the Old Dixie Portfolio mixed-use offering; a 30-unit rental townhome community (Christine’s Place) and 7,500 square foot (7 space) commercial building (Chelsea Plaza) in fast-growing Lady Lake, FL.  The offering allows an investor the rare opportunity to acquire a stabilized, deep value-add, mixed-use community with significant upside potential adjacent to The Villages; one of the fastest growing master-planned communities in the United States.

Christine’s Place Townhomes consists of seven, 2-story concrete block buildings with pitched shingle roofs and is situated on a gently-sloped 2.13-acre site with surface parking lots, abundant green-space and mature oak trees.  Built in 1997, the buildings house thirty (30) rental townhome units which are a mix of large 2 and 3 bedroom floorplans which average 1,192 square feet and feature front porches and back patios, fully-appointed kitchens and baths, in-unit stacked washer and dryers, ceiling fans, paneled doors throughout, hard-surface tile flooring in the living and wet areas and carpet in the upstairs bedrooms, large closets, digital thermostats, central HVAC and half baths downstairs off of the kitchen area.  Residents enjoy close proximity to shopping, dining, retail services and jobs in Leesburg, Lady Lake, Fruitland Park and The Villages.  The Villages alone supports an employment base of nearly 30,000 people and there are less than 500 conventional apartment units in the local area.

Chelsea Plaza is a 7,500 square foot, single-story, commercial strip plaza which is contiguous to the Christine’s Place townhomes on its eastern boundary.  This 7-space plaza was built in 1999 of concrete-block construction and pitched shingle roofs and is situated on a 1.43-acre parcel with a surface parking lot and mature landscaping.  Commercial tenants are mostly on personally-guaranteed, 1-year, modified-gross leases with multiple 1-year renewal options with 10% escalators and include a combination of medical, professional and technology type tenants catering to the abundant population in The Villages which is very close by and encroaching on 3 sides.

The current owner has held the building since the mid-2000’s and while it is stable, it provides an incredible opportunity for a new investor to add value by modernizing the residential units which are mostly original 20+ year old finishes and raising rents to market which will result in a $350 per unit per month increase to the current rental averages.  The result will be a revenue increase of nearly $163,000 +/- over the next 2-years and a 116% NOI growth rate over the same timeframe.

  • Late 1990’s Vintage, 30 Unit Rental Townhome Community Plus 7,500 SF (7 Space) Commercial Building
  • $162,887 of Net Rental Upside Potential in 2-Years
  • 116% NOI Growth Potential in 2-Years
  • Solid Concrete Block Construction
  • Large Townhome Style Units Averaging 1,169 SF
  • Close Proximity to The Villages; the Largest Active Adult Community in the United States
  • The Villages is the Fastest Growing Community in Florida
  • Only 378 Market Rate Apartments Service a 30,000 Employment Base Surrounding The Villages
  • Direct Proximity to Jobs, Shopping, Dining and Medical Services

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