50 Cubbedge Road

Description

This unparalleled and rarely available multifamily property sits directly on Crescent Beach within the heart of Saint Augustine, FL. This 7-unit building offers investors a unique value-add opportunity while providing reliable cash flows from the existing 100% occupancy. The property is properly zoned and perfectly suited for a short-term vacation rental or a repositioned annual lease model. Renovated units provide nearly a 75% increase in rents. Short-term vacation rentals have proven to generate almost 300% of current monthly revenues. No matter use, residents enjoy breathtaking vistas of the Atlantic with private beach access to renowned Crescent Beach. Some of the most stunning ocean views are the focal of this investment property. Current NOI is $121K. Bring All Offers.* 0.60 Acres of Oceanfront Property with Direct Beach Access; * Rare Multifamily / Short Term Zoning Allows Endless Possibilities; * 100% Occupancy provides over $120k in Current NOI; * Crescent Beach is One of the Fastest Growing Areas in Saint Augustine; * 6.0% Population Growth 2015 to 2020, with 7.7% Growth Expected in Next Five Years; * Flexible Ownership