Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Bayside Condos, a 12-unit apartment property located in Eustis, FL, according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $965,000.
Ryan Wooden, Casey Babb, CCIM, Luis Baez, CCIM and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.
“Eustis is one of the fastest-growing towns in the “Golden Triangle” of Lake County. Our marketing campaign capitalized on the market’s sustained growth and the property’s proximity to AdventHealth Waterman Hospital, the region’s largest employment center, to secure a record-setting price per unit for the Seller,” Wooden says.
Bayside Condos is located at 900 North Bay Street in Eustis, Fla. Eustis, Florida is in Lake County, 40 minutes to both Orlando or Ocala and a few blocks from Downtown Eustis. The offering conveyed a 100 percent interest in the condominium, creating the opportunity for the owner to run a traditional apartment community or to sell the individual units as an exit strategy.
Originally built in 1982, Bayside Condos was well-maintained under the previous 7-year ownership. This 12-unit, two-story building with a pitched shingle roof and two firewalls, sits on acre site which features an off-street private parking lot. Mature trees line the perimeter of the property, providing shade for the front and privacy for the back patios/balconies. Units are all two-bedroom, one-bathroom, 750 square feet apartments. Each unit is equipped with central air/heat, refrigerator, stove, dishwasher, and stackable washer/dryer, individual meters for electricity and water. Upstairs units have balconies on their front and rear, while downstairs have patios.
Bayside Condos enjoys an excellent location in the city of Eustis with a beautiful view of Lake Eustis. The property also boasts a five-minute walk to Downtown Eustis, a rapidly developing area in the residential and retail sectors.
Northwest Orlando’s multifamily market is performing notably well with low vacancies and an annual rent growth near the best they’ve been in over a decade. The submarket has historically been a largely rural area dominated by agriculture, but development has picked up in recent years, especially in the residential and retail sectors. The submarket encompasses the northwest corner of Orange County and the entirety of Lake County.