Commercial property in Tavares, Florida 3 bedrooms, 195.65 sq.m. № 2448763

Property description

Triplex with PRIME LOCATION, RENTAL UPSIDE & REDEVELOPMENT POTENTIAL! Across the street from Lake Dora and close to downtown Tavares, this triplex offers an opportunity to renovate for rental income or explore a new vision for approximately 0.69 acre near waterfront dining, shopping, Wooton Park, and the Tavares Seaplane Base & Marina. The Mixed Use future land use designation provides a potential maximum residential density of 25 units per acre, with potential for boutique hotel development under Mixed Use zoning. All proposed uses, allowable density, and development feasibility must be verified with City of Tavares Planning and Zoning and are subject to site conditions and required approvals. A 2022 environmental exhibit identifies approximately 0.55 acre of uplands and 0.14 acre of wetlands. The existing triplex has one unit currently rented at $950 per month and two vacant units requiring renovation and repairs, including foundation repairs, before leasing. Seller-estimated market rent after repairs is $1,150 per unit, offering potential stabilized gross rental income of $3,450 per month.