623 Lake Dora Drive, Tavares, FL 32778

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. Public water and sewer, three water meters, and three electric meters add to the property's appeal. Known foundation settlement. Foundation repair proposals and a prior neutral evaluation are available for review. The 2014 evaluation concluded no active sinkhole activity. Buyers should review the complete report and obtain an independent assessment of current conditions and necessary repairs. Bring your contractor, explore the land, and experience the location in person. Request the available reports and repair proposals, schedule your tour, and bring your offer!