6220 SE 118TH PLACE
About This Property
Opportunity meets versatility in this beautifully remodeled 2-bedroom, 1-bath home with a bonus room on a spacious 0.31-acre lot, conveniently located just off US Highway 301 and directly behind the well-known Mossy Oaks Antique Mall.
What makes this property stand out is its B-2 (Community Business) zoning, opening the door to a variety of potential residential, commercial, and live/work uses, subject to Marion County approval. Whether you're an investor, entrepreneur, business owner, or owner-occupant, this property offers the flexibility to create a space that works for your goals.
Even better, a tenant is currently in place and willing to remain through December 2026, offering the potential for immediate rental income while you plan for the property's future.
The home has been fully remodeled and features a new metal roof and new A/C, providing peace of mind and low-maintenance ownership. The bonus room provides additional flexibility for an office, workspace, storage, or other needs.
Imagine the possibilities: maintain it as a rental, create a live/work environment, establish a professional office or service-based business, or explore future commercial or redevelopment opportunities. With its B-2 zoning, existing improvements, 0.31-acre lot, and strategic location just off US-301, this property offers flexibility that traditional residential properties simply don't.
Conveniently located near shopping, dining, major roadways, and other Belleview and Marion County amenities.
Zoning, permitted uses, business operations, and future development potential should be independently verified with Marion County.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
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About Marion
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017