Marcus & Millichap, as exclusive advisor, is pleased to present the Tavadora Short Term Apartments; a 24-unit, single story apartment community located near downtown Tavares, Florida which is part of the greater Orlando MSA. Tavares, “America’s Seaplane City”, is part of the Golden Triangle and is the county seat of  Lake County.  The Golden Triangle is a cluster of cities including Tavares, Mount Dora, Eustis and Leesburg and has a population of just over 78,000.  This fast-growing Central Florida community is located just south of The Villages and is a 45-minute commute to downtown Orlando.   One of Lake County’s largest hospitals, Advent Health Waterman, is only two miles northwest of the property and there are numerous restaurants and pubs within walking distance.

Tavadora was built over a 20-year span from 1959 – 1980 on a 1.27-acre site and has been completely repositioned by the current ownership who has infused nearly $150,000 of fresh capital into the asset over the past 18 months.  Units are a mix of studios, one and two bedrooms which average 734 square feet. Eighty percent of the property has been rehabbed with new flooring, kitchens, baths and fixtures throughout.  The asset is being offered at a 7.34% (Takeover) cap rate and a double-digit cash-on-cash return with additional upside potential through a strategic plan of improving the exterior curb appeal through landscaping upgrades and cosmetic common area amenities improvements.   Zoning allows for up to seven additional units to the property; so, the possibility for future additional development does exist. The property is eligible for up to $10,000  from the city’s capital fund for beautification of the property. The new highway addition connecting Orange and Lake Counties, Mount Dora and Tavares are quickly becoming bedroom communities for Orlando.

  • Class B Property which has Received Nearly $150,000 Worth of Improvements in 2018-2019
  • Additional Upside thru Curb Appeal Enhancements
  • Strong Rental Market for Short Term Rentals
  • Newly Rehabbed Units, On-Site Management, Swimming Pool
  • Lake County is the 19th Largest in Florida with a Population of Roughly 346,000
  • Bedroom Community of Orlando; Florida’s Fastest Growing MSA
  • Located Less Than Two Miles from Advent Health Waterman Hospital; the Region’s Largest Employment Center
  • Sits Between Tavares and Mount Dora

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