FLORIDA 2 Story Duplex Income Property
FOR SALE BY OWNER
CRESCENT CITY FLORIDA
2 Vacant Adjoining Lots for Sale w.Owner Financing
Call : 386-437-2840 / Leave Message

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Crescent City Properties in Putnam County, Florida

This Crescent City property has beautiful tree lined streets with enormous old oak trees providing that stately look you only see in older established neighborhoods. It is an as yet undiscovered peice of Florida paradise. Crescent Lake has intracoastal access via Dunns Creek which 60' yachts come down from the St.Johns river. There is a large public boat ramp, dock and waterfront restaurant within walking distance of this property as well as private marinas nearby. Many of the older homes have already been bought up by enterprising individuals seeing the enormous potential this town has to offer. They have restored these old houses to their original glory making this historical neighborhood come alive once again. It is a quiet place to relax with breathtaking views of Crescent Lake as you drive along Lake Street. Video tour of Crescent City

This 2 Story Duplex Rental Income Property is for sale for $128,900 (duplex) Plus 2 Adjoining Vacant Lots if bought at the same time as the house are now for sale for $43,000 located at:

116 Eucalyptus Ave., Crescent City, FL 32112

(The Mortgage Company recently sent the owner an appraisal saying the house property is valued at $137,000)
Reason for Selling: Owner has owned it 16 years and is 75 yr.sold so feels it is time to sell

House Lot: 75 X 110 = 8,250 sq.ft. facing Eucalyptus - $128,900 / Property taxes $2,228.20 per yr.
Lot #1: 75 X 110 = 8,250 sq.ft. on the corner of Eucalyptus and Park St. - $24,000 / Property taxes $327 per yr.
Lot #2: 75 X 150 = 11,250 sq.ft. fronting on Park St. - $26,000 /Property taxes $373 per yr.
Total land square footage: 27,750 sq.ft. all 3 lots together (that is .63 acres)

No owner financing on house, you must get your own mortgage on this house. It does not qualify for FHA or VA Financing because it is an investment income property. Only single family homesteads qualify for that type of financing. You must get a Conventional loan and before we will show the inside you must show Proof of being Pre-Qualified for a Conventional Loan. You are welcome to drive by and look at the outside of the house while waiting to be Pre-Qualified.

Each floor rents for $800 per month w.utilities included of electric, water, sewer, trash. After paying the utilities and your property taxes and insurance you clear about $1000 per month in income which more than covers your mortgage.
Below see Mortgage Math.

Mortgage Math: 128,900 X 20% down = $25,000 Standard Investment Property Down Payment
Leaving a mortgage Balance of $100,000 for 30 years at 6% = $600 per month for principal and interest.
You can Amortize any mortgage yourself by going here:
Amortization Calculator
You may get a better interest rate depending on your credit these calculations are just an example

However Owner Financing is available for the 2 lots whether bought with the house or without.

The house and 2 adjoining lots are all deeded separately.

Owner Financing is available for these lots and they are discounted if bought together.
PROPERTY
PRICE
DOWN PAYMENT
INTEREST
YEARS
PAYMENT
Lot #1 Fronting on Eucalyptus Ave
$24k
$7k down
11%
6 yrs
.
Lot #2 Fronting on Park St.
$26K
$7k down
11%
6 yrs
.
Buying both lots, the same buyer
$48K
$13k down
10%
8 yrs
$531.10
- Monthly payment on 35K balance is $531.10
for Principal and Interest
Plus Property Taxes of $700 per yr./12 = $59 per month.
Amortization Calculator
There is no pre-payment penalty for paying the note off early.The buyer must maintain the lots. Meaning they must be mowed and edged regularly. They are in an already established subdivision w. City Codes and cannot be left to grow wild or the Owner could be fined.

In all options the BUYER shall pay all costs associated with the local title company preparing all the paperwork for an Owner Financing Contract

More Information About the 2 Vacant Lots

SR-1 Zoning Requirements
Minimum lot size: 7200 square feet.
b. Minimum lot width at building line: 60 feet
c. Minimum building setbacks:
Front yard: 25 feet
Side yard: 7.5 feet
Rear yard: 20 feet
d. Maximum building height: 35 feet
e. Maximum lot coverage: 40%
Minimum building size allowed in that area per lot is 800 sq ft.
Mobile homes and modular homes are not allowed
- only site built.

Click Here for All information about zoning - pdf document

Crescent City Florida Zoning Maps

If you are interested in building a home on these lots in Crescent City Florida you may want to contact a local home builder such as: http://www.northflhomebuilders.com

FL LICENSE No. CRC 1329331 Richard Ketcham, President (386) 559-7972

Here are the parcel numbers of the 2 lots they may need so they can give you some answers as to the water and sewer hookup costs and other costs associated with building a home there.

30-12-28-0050-0000-0010
HEITSCHMIDT EDWIN O (Owner)

30-12-28-0050-0000-0020
HEITSCHMIDT EDWIN O (Owner)

Both Lots are already cleared. Lot #1 and the Lot the house is sitting one are both within 1 block of Crescent LakeCrescent Lake. You can see the lake from the sidewalk in front of the side that fronts on Eucalyptus street and from the balcony. There are well maintained tangerine and orange trees growing on the lot as well as big stately oak trees.

Public Boat Ramp within walking distance, you can park a boat in your yard.
Crescent Lake has access to the St. Johns River thru Dunns Creek. The St. Johns River goes north into the Intracoastal Waterway and ocean via St.Augustine and Jacksonville Inlets.
Crescent Lake is a 15,960-acre freshwater lake located in Putnam and Flagler counties in North Central Florida. The lake is approximately 13 miles in length and 2 miles wide. I have seen Boats up to 40' on that lake and sailboats.

Photos are shown below of different views looking out from the lots as well as photos of houses in the area so you can get an idea of what the neighborhood is like.

There is a brand new Winn Dixie and Middle/High School 3 miles up the road from here, there are also waterfront restaurants - 3 Bananas and few smaller ones at nearby fish camps. Crescent City has banks, insurance companies, dollar store, fast food places, assorted restaurants and small businesses. There are boat races on Crescent Lake and Crescent City is famous for it's Catfish Festival and Christmas Parade. Builders/Contractors have already purchased properties along certain sections of Crescent Lake across from the Winn Dixie to build Condominiums in the near future.

Map of Crescent City Florida
Click Here for Larger Map


SURVEY


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Slideshow of House
Front of House in Crescent City
House
Front of House
Porch
Porch
Porch
Historical Home Built in the 1900's.
Door on Right to shared
Laundry Room
Kitchen
Kitchen
Kitchen
Kitchen
Kitchen
Kitchen
No disposal or dishwasher
Cabinets are painted wood and countertops are formica
Livingroom
Livingroom
Livingroom
Livingroom
Den
Den Office
All new paint inside on both floors
New carpets and ceiling fans w.lights
Den
Den Office
Den
Den Office
Den
Den Office
Would make a nice office for the remote worker
Has wood folding doors for privacy
New Carpets in LR and BR
Bedroom
Bedroom
Bedroom
Bedroom
Bedroom
Bedroom
Downstairs is now rented.

New Ceiling Fans w.lights in BR, LR, Office
bath
Bath
bath
Bathroom Sink
bath
Bathroom Toilet
bath
Bathtub
Metal bathtub
as you can see all the walls are tiled as well as the floor.
Kitchen
Upstairs Kitchen
Kitchen
Upstairs Kitchen
Livingroom
Upstairs Livingroom
Livingroom
UpstairsLivingroom
1st Bedroom
Upstairs 1st Bedroom
1st Bedroom
Upstairs 1st Bedroom
Balcony
Upstairs Balcony View East
Upstairs Bath
Upstairs Bath
Upstairs Bath
Upstairs Bath
Upstairs Bath
Upstairs Bath
2nd Bedroom
Upstairs 2nd Bedroom
2nd Bedroom
Upstairs 2nd Bedroom
2nd Bedroom
Upstairs 2nd Bedroom
Since both floors are now rented
the insides of the apartments
will only be shown to
Pre-Qualified Buyers.
Balcony View
Balcony View
Balcony View
Balcony View
Balcony View
Balcony View
Balcony
Balcony View West
Balcony View
Balcony View

More pictures of the upstairs rental can be seen on the zillow listing by clicking here. The bottom floor was just rented on a 1 year lease starting November 1st, 2020. Upstairs new 1 yr. lease started December 1st, 2020
Both apartments have been leased for $800 per month w.utilities included of electric, water, sewer, trash pickup. This gives you approx. $1000 per month in income after paying utilities, property taxes and insurance.
Florida law requires the new buyer to honor the leases or provide alternative rental arrangements for tenants.


Some of these are large panoramic images that you can click on to make larger.

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Looking at back Lot
Orange/Tangerine Trees
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Standing on lot looking
south down Park St.
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View from lot
looking south
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Looking at lot north
up Park St.
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Looking at lot from
corner across the street

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House across street
on corner
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House across st.
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Looking down Eucalyptus
towards Lake
florida waterfront property
Crescent Lake
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House in neighborhood
crescent city
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House in neighborhood
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3 Bananas

Plants that grow well on your property here are:
Flowers: Roses, antique roses, climbing roses, gardenias, begonias, camellias, amaryllis, azaleas, ,honeysuckle, larkspur, achimenes, tiger lilies, day lilies, canna lillies, easter lilies, mistletoe, crepe myrtles, oleander, poinsetta, shrimp plants, red dragons.
Scrubs & Grasses: St. Augustine grass, Saw Palmetto, wiregrass, pampas grass, sawgrass, short pines for landscaping
Trees: Olive, Hickory, Maple, Oak, Long leaf pine, Pecan, Cedar, Magnolia, Weeping Willow
Fruit: Orange, Grapefruit, Lemon, Lime, Banana, Starfruit, Georgia Peaches, Grapes
Palms: Canary palms, Princess palms, Medjool date palms, Windmill palms, Spanish Fan palm, Sago palm.
Exotic: Orchids, White birds of paradise, Travelers Palm, Elephant Ears, wild taro, Assorted Ferns such as Leatherleaf, Pomegranite, Indian bean trees, Orchid trees.
Veggies for your garden:
Sweet, bell and hot peppers, yellow squash, zuchini, tomatoes, eggplant, sweet potatoes, cabbage, green beans.


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