150 S Nekoma Avenue #A,B,C,D
Lake Alfred, FL 33850

This is a great redevelopment opportunity. Nestled in the heart of Lake Alfred, this property boasts a central location with easy access to essential amenities, schools, parks, and major transportation routes which is a perfect backdrop for investment vision.This quadplex is in need of TLC, making it an ideal project for those with a keen eye for renovation. With the right vision and expertise, you can transform it into an income property after renovations.If the existing building is demolished, theRN-2 zoning allows flexibility to build single-family homes attached or detached, and multifamily structures up to 9 units.As per verbal information gathered from Lake Alfred City authorities, the buyer can allocate up to 65% of the land for construction. The structure should be ideally placed within 10 to 20 feet from the front street lot line, with 5 feet of space on the sides and 15 feet from the rear lot line. The minimum residential unit requirement is 450 SF/Unit. The property can have a 36ft height to the peak of the roof, providing ample room for diverse architectural designs.For buyers looking to expand their options: the buyer can build their dream single-family home. The auxiliary unit/mother-in-aw suite can be built up to half the size of the primary home. The rents in the area range from anywhere from $1200 -$1400/unitand may vary depending on the size and the condition (repairs or renovations) of the unit.Priced well below the market value, this property represents an exceptional value-added opportunity.The canvas is all buyer's - build and design as desired.Please take your contractor to the property to estimate the cost of repairs/buildout. Buyer is to independently verify all permits, market rents, approvals, regulations, allowed use, zoning, property condition, and all other factors pertaining to using this parcel and building for the buyer's intended use. Rental rates may vary depending on the property's condition.