509 Cypress AvenueVenice, FL 34285Price: $799,000

  • Price: $799,000
  • 180 Days on Market
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Federal 30-year interest rate: 6.57% last updated on May 25, 2023
* All Figures are estimates. Check with your bank or proposed mortgage company for actual interest rates.
This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.
  • $799,000List Price
  • 0.29Acreage
  • 8,684Square Feet

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No Hurricane damage. Rare find and excellent location just 1 block from Venice Ave. Front 3 bays and offices are now rented as of May 1st for $3200 per month or $16 per sq ft to a long time auto service repair shop. The Surfers warehouse and the trailer repair to the left with the spray booth is leased back by seller at $12 per sq ft or $2,000 per month. The separate 3 rear bays consists of 3600 sq ft and has a nonconforming apartment, or use as office space, has a bathroom and loft, loft is not included in sq ft, it is being left vacant for an end user but had several wanting to rent it for at least $12 per sq ft or $3600 per month. Current income is $5,200 per month however, If new owners rent the 3600 vacant portion the total income before property tax and insurance would be $8800+ per month. Prior owners used this for decades as an automotive repair and body shop and it has a certified paint booth with auto fire suppression. Use for income while running a business not to mention the street to street convenience. There's a front lobby, break room with kitchen, 2+ offices, 3 bathrooms and 6 stalls, one stall is higher for trucks and can fit 2 cars in just that one stall. There is also the self contained building with central air that houses the 2nd of 3 businesses which is shown in the center of the main picture called Surfers Warehouse. The 3rd business shown on the left is Weeks Trailers which has the carport and spray booth that was used to repair and construct new trailers, now leased back by seller. New owner can occupy the rear 3600 sq ft immediately as it is now vacant. The businesses are not included, this is the real estate only. Sold as is, seller will not make any improvements and is priced based on need of updates and old roof, roof has been recently sealed. The front office and owners apartment with private bath, shower & separate entry have window air conditioning and can be used as offices or simply remove for additional warehouse space. As part of the SBI zoning district the city is encouraging retail with 2nd floor residential, restaurants and so much more. Municipal parking will be added and parking requirements will be removed. Looking to become more like the downtown shopping area with parks etc. If your looking for a cash cow with huge future growth potential, you just found it.

Property Details of 509 Cypress Avenue

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Listed by SETTLES REAL ESTATE LLC

Based on information submitted to StellarMLS as of May 27, 2023 . All data is obtained from various sources and has not been, and will not be, verified by broker or StellarMLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

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