41 on 441

Lake City, FL

41

UNITS

1956

YEAR BUILT

7.90

ACRES

17,100

SQUARE FEET

PURCHASE PRICE

Investment Overview

41 on 441 is a 41-unit, garden style apartment community, located in Lake City, FL. This quiet community sits on a spacious 7.9 acres and is comprised of three single story, concrete block buildings with metal roofs, consisting of 34 studio units and 7 one-bedroom/one-bathroom units, averaging 400 square feet and 500 square feet respectively. The property was originally constructed in 1956 but has seen major capital improvements in the past two years including new windows, new air conditioning units, and interior upgrades such as luxurious vinyl plank flooring, new cabinetry, and new appliances.

41 on 441 is located in North Central Florida’s Columbia County, an emerging submarket 60 miles west of Jacksonville and 45 miles north of Gainesville. Otherwise known as “Florida’s Gateway City,” Lake City is ideally located at the intersection of Interstates 10 and 75 – two of the three interstates coming into the state – making the area Florida’s Gateway for travelers entering the state. Often known for the area’s world class system of freshwater springs and outdoor recreational opportunities, Lake City is now garnering national attention because of the unparalleled network of federal and interstate highways and railroads which has poised the market to be a major logistics hub to Florida and the Southeast United States. Lake City offers convenient access by road and rail to almost 20 million consumers in Florida alone and a total of sixty million within a one-day truck drive. Adding proof to this is the development of the North Florida Mega Industrial Park (NFMIP), a project in partnership with CSX, currently under development. The NFMIP is located on US-90 adjacent the Lake City Gateway Airport, consisting of 2,622 acres and approved for up to eight million square feet of industrial use and 100,000 square feet of commercial and retail.

Investment Highlights

  • Value-Add Opportunity
  • High Demand Workforce Housing with Limited Supply in the Market
  • Metal Roofs
  • New Energy Efficient Windows and AC Units
  • Concrete Block Construction

Location Highlights

  • Lake City – Florida’s Gateway City
  • Within Minutes of Two Major Interstates Giving Residents Easy Access Throughout the Region – 1 Hour West of Jacksonville and 45 Minutes North of Gainesville
  • Less than 4 Miles to Downtown Lake City, Lake Shore Medical Center, Lake City VA Medical Center, and US-90 Retail Corridor Consisting of Major Retailers such as Publix, Walmart, Lowes, Home Depot, Starbucks, and more.

Contact

Brad McCollum
Senior Associate
+1 904 521 6959
brad.mccollum@colliers.com

Miles Tombrink
Director
+1 813 716 2781
miles.tombrink@colliers.com

CONFIDENTIALITY AGREEMENT

THIS CONFIDENTIALITY AGREEMENT (“Agreement”) is made and agreed to by Colliers Florida Multifamily (“Broker”), exclusive listing broker for the Property, and the undersigned Purchaser (“Purchaser”) regarding the Property herein (“Property”). The obligation of confidentiality undertaken pursuant to this Agreement shall survive the terms of the Broker’s listing agreement with the Owner(s). PURCHASER HAS REQUESTED information from Broker for the purpose of evaluating a possible acquisition of the Property. The Owner of the Property has instructed Broker to deliver information concerning the Property, much of which is highly confidential, only to those potential purchasers who sign this Agreement. THE PARTIES AGREE, in consideration of the covenants and agreements contained herein, as follows: 1. Purchaser will not disclose, permit the disclosure of, release, disseminate or transfer; any information obtained hereunder (“Information”) to any other person or entity. 2. If Purchaser is a corporation, partnership, limited liability company or other non-natural legal entity, the person(s) signing this Agreement on its behalf will take all appropriate precautions to limit the dissemination of the Information only to those persons within the entity who have need to know of the information, and who are specifically aware of the Agreement and agree to honor it. 3. This Agreement applies to all Information received from Broker, now or in the future, which is not readily available to the general public. Purchaser understands that all information shall be deemed confidential, valuable and proprietary such that its unauthorized disclosure, even without intent to harm, could cause substantial and irreparable harm to Owner and Broker. 4. All information shall be used for the sole purpose of evaluating the potential acquisition of the Property, and it shall not at any time, or in any manner, be used for any other purpose. 5. Purchaser shall not contact directly any persons concerning the Property, other than Broker, without Broker’s or Owner’s written permission. Such persons include, without limitation, Owner’s employees, suppliers and tenants. 6. Purchaser acknowledges that it is a principal and not an agent on behalf of any other party in conjunction with the purchase of the Property (except Advisors working on behalf of their pension fund clients). Purchaser acknowledges that it is not working with any other broker or agent other than The Babb Group in connection with this transaction. 7. Neither Broker nor Owner makes any representations or warranty, express or implied, as to the accuracy or completeness of any information provided by them. Purchaser assumes full and complete responsibility for reconfirmation and verification of all Information received and expressly waives all rights of recourse against Owner and Broker with respect to the same. 8. The Persons signing on behalf of Purchaser and Broker represent that they have the authority to bind the party for whom they sign. 9. This Agreement shall be governed and construed in accordance with the laws of the State of Florida. 10. No outside broker represents Purchaser. Purchaser is working with Colliers Florida Multifamily, specifically The Babb Group. Furthermore, Purchaser indemnifies Broker and owner against any commission claims by brokers on this listing or any listing by the Babb Group for the six months following the date of this agreement.