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1699 US Highway 441, Leesburg, FL 34748
$1,389,375
1699 US Highway 441, Leesburg, FL 34748View this property at 1699 US Highway 441, Leesburg, FL 34748
1699 US Highway 441LeesburgFL34748
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Property Description
This owner operated portion of the property includes a Laundromat, Quadplex situated on one parcel located on the Northeast Corner of US Highway 441 (Main St.) and Michigan Avenue. The quadplex is fully leased and provides for a considerable amount of upside potential given that the current lease rates are slightly below market. The business operation of the Laundromat represents a very lucrative investment. The quadraplex & laundromat yields nearly $200k per year in gross revenues. These income producing assets generate a return over 9% based on the current list price of $1,650,000. It must be noted that this return also incorporates a labor expense of nearly $30k if a new owner prefers to hire an employee to manage the property. As such, if owner operated, the return on the investment would increase to nearly 11.0%. In addition to the substantial return this property will provide, the underlying land is also a major part of this investment that should not be overlooked. The adjacent property, 314 Michigan Ave, is also included with this sale. This property is a 2/2 and 1,141 sqft. This entire site at nearly 0.5 acres is located along one of the area's major commercial thoroughfares. As the growth from the Villages and those areas surrounding the downtown Leesburg market area continue to expand, this market is primed for a redevelopment with numerous national retailers and uses that will continue to drive up land values.
Full Property Details
Full Property Details for 1699 US Hwy 441
General
- Sold For: $1,389,375
- Taxes: $5,860 (2022)
- Status: Closed
- Type: Multi-Family
- MLS ID: O6118736
- Added to Site: 358 day(s) ago
Interior
- Interior Features: Solid Surface Counters
- Appliances: Microwave, Range, Refrigerator
- Flooring: Ceramic Tile
Exterior
- Exterior Features: Sidewalk
Parking
- Garage: Yes
- Attached garage: Yes
- Garage Spaces: 1
- Covered Spaces: 1
Location
- Area: 34748 - Leesburg
- County: Lake
- Development Name: 34748 - Leesburg
- Subdivision: MOUNT VERNON
- Driving Directions: Take Hwy 441/27 east property will be on the right next to the Hwy
Community
- Community Name: 34748 - Leesburg
- Community Features: Sidewalks
Heating & Cooling
- Cooling Type: Central Air, Wall/Window Unit(s)
- Heating Type: Central
Utilities
- Sewer: Public Sewer
- Water: Public
- Utility Description: Cable TV Available, Electricity Available, Water Available
Structural Information
- # Buildings: 3
- Exterior Const.: Block, Brick, Stucco
- Roof: Shingle
- Square Feet: 3,388
- Sq. Ft. Source: Public Records
- Living Area: 3,388 Sq. Ft.
- Year Built: 1980
Lot Features
- Lot Size (Acres): 0.49
- Lot Size (Sq. Ft.): 21,313
- Lot Size: 21313
- Lot Dimensions: x
- Frontage: Street Paved
- Street/Road Desc.: Paved
Financial Considerations
- Assoc Fee Desc.: None
- Tax Amount: $5,860.41
- Tax Year: 2022
Disclosures and Reports
- Buyer’s Brokerage Compensation: 2.5%
- Ownership: Fee Simple
- Special Conditions: None
- Legal Description: LEESBURG, MOUNT VERNON LOT 1, TRIANGULAR TRACT ADJOINING NE ANGLES TO THE CENTERLINE OF SR 500, S 51-10-16 W 103.02 FT TO BEGINNING OF A TANGENT CURVE CONCAVE NWLY & HAVING A RADIUS OF 5795.27 FT, THENCE SWLY 69.22 FT CONCENTRIC WITH SAID CENTERLINE & ALO
- Flood Zone Info: X
- APN: 301925050000D001
- Property ID: 301925050000D001
- Block/Lot/Section: 00D
Listed by Exp Realty Llc
Sold by Coldwell Realty Sold Guarantee
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Schools
Schools serving 1699 US Hwy 441
School District:Lake County School District
Rating | Name | Grades | Distance |
---|---|---|---|
1108 Griffin Rd, Leesburg, FL 34748 | PK-5 | 2.3 mi | |
2101 South St, Leesburg, FL 34748 | 6-8 | 3.1 mi | |
1401 Yellow Jacket Way, Leesburg, FL 34748 | 9-12 | 2.5 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 1699 US Hwy 441
Date
Details
Price
Change
Source
3/14/2024
Sold
$1,389,375
-7.38%
MLS
8/31/2023
Price Reduced
$1,500,000
-9.09%
MLS
6/20/2023
Listed
$1,650,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
1699 US Highway 441, Leesburg, FL 34748 (MLS# O6118736) is a Multi-Family property that was sold at $1,389,375 on March 14, 2024. Want to learn more about 1699 US Highway 441? Do you have questions about finding other Multi-Family real estate for sale in Leesburg? You can browse all Leesburg real estate or contact a Coldwell Banker agent to request more information.