West Ianthe

West Ianthe is a fourteen-unit garden apartment community in Tavares, Florida, 37-miles northwest of Orlando and part of Lake County. Tavares has an extremely central location in the state of Florida, granting easy access to all the top demand drivers in the area. Residents enjoy the convenience of proximity to a wealth of employment opportunities, and entertainment throughout Tavares and all the Orlando MSA thanks to U.S. Highway 441 and U.S. Highway 19 running through Tavares and having Florida’s Turnpike only a few miles south. West Ianthe’s minuet distance from parks, Harris Chain of Lakes, restaurants, professional sports team and much more makes it an incredibly convenient and desirable place to live. Advent Health Waterman Hospital, UF Health Leesburg Hospital, burgeoning Downtown Tavares and Lake Harris are a few of the main demand drivers a short distance from the property. West Ianthe sits on a 0.45-acre parcel in a quiet neighborhood, only a short walk from Downtown, nearby parks and recreation.

The community comprises two residential buildings constructed of wood frame with metal roofs and houses three studios, nine one-bedroom/one-bathroom and two two-bedroom/one-bathroom units, averaging 390, 430 and 585 square feet, respectively. Originally built in 1926, the asset has recently undergone significant renovations with thirteen of the units having interior renovations, all new windows, restriped parking lot and exterior lighting. This leaves an incoming owner with an attractive opportunity to immediately increase the rents $104 per unit per month on average and achieve a 7%+ cash-on-cash return within twelve months of ownership without having to allocate substantial dollars to capital expenditures.