Multi-Family•Low-Rise/Garden•For Sale

SUNSET PARK BEACH APARTMENTS FOR SALE! SELLER FINANCING AVAILABLE!

618 73rd Ave, Saint Petersburg, Florida 33706

Sale Price $1,199,000
Zoning MF
Bldg Type Multi-Tenant
Year Built 1950
Year Renovated 2019
Stories 1
Vacancy 100%
Gross Bldg 4,300 SqFt
RBA 4,600 SqFt
Land Area .25 Acres
Project Size 10
Improvements THE SUNSET PARK BEACH APARTMENTS IS A 10-UNIT APARTMENT COMPLEX LOCATED STEPS FROM THE WATER IN ST. PETE BEACH, FL! THE PROPERTY IS IN FANTASTIC CONDITION AND IS 100% OCCUPIED!
Market ST. PETE BEACH
Sub-Market ST. PETERSBURG
THE SUNSET PARK BEACH APARTMENTS IS A 10-UNIT APARTMENT COMPLEX LOCATED IN BEAUTIFUL ST. PETE BEACH, FL! THE PROPERTY CONSISTS OF 8-STUDIO APARTMENTS AND TWO 2-BEDROOM UNITS. THESE UNITS ARE IN EXCELLENT CONDITION AND LOCATED ONLY STEPS FROM THE WATER! THIS IS THE PERFECT VALUE-ADD INVESTMENT AS THE CURRENT RENTS ARE SEVERLY BELOW THE MARKET AVERAGE IN ST. PETE BEACH! ALL TENANTS ARE ON MONTH-TO-MONTH LEASES, BUT THEY PAY THE OWNER WEEKLY, CREATING CONSISTENT CASH FLOW FOR THE OWNER. THE SUNSET PARK BEACH APARTMENTS ARE CURRENTLY 100% OCCUPIED AND BOAST A CASH-ON-CASH RETURN OF OVER 14%. WHILE THIS IS A FANTASTIC RETURN, TO BEGIN WITH, IT ONLY GETS BETTER AS THE BUYER CAN INCREASE THESE RATES IMMEDIATELY. FURTHERMORE, BY USING THE SELLER FINANCING TERMS DESCRIBED BELOW, THE BUYER CAN EASILY OBTAIN A CASH-ON-CASH RETURN OF OVER 19% AND A CAP RATE OF OVER 10% BY THE END OF 2019! ONE OF THE STRONGEST FEATURES OF THE PROPERTY IS THE LARGE NUMBER OF LONG-TERM TENANTS WHO HAVE LIVED ON-SITE FOR AN AVERAGE OF OVER 5 YEARS. BECAUSE THE OWNER HAS TAKEN CARE OF THESE TENANTS AND ENJOYS THE STATUS QUO, THEIR RENTAL RATES ARE EXTREMELY LOW. THIS GIVES THE BUYER MASSIVE UPSIDE AS THEY WILL HAVE THE ABILITY TO INCREASE THE RENTAL RATES IMMEDIATELY UPON TAKING OVER THE PROPERTY. WITH ALL OF THE CURRENT TENANTS ON MONTH-TO-MONTH LEASES, A BUYER CAN IMMEDIATELY INCREASE THE RENTAL RATES TO AT LEAST THE MARKET RATE. CURRENTLY, THE MONTH-TO-MONTH TENANTS PAY APPROXIMATELY $150 PER WEEK BELOW THE AVERAGE MARKET RATE! THIS IS A MASSIVE JUMP IN THE POTENTIAL NOI THAT IS EASILY OBTAINABLE WITH THE CURRENT RENTS BEING SO UNDERVALUED DUE TO THE PROPERTIES FANTASTIC CONDITION, LOCATION, AND DEMAND! THE PROPERTY CURRENTLY HAS A WAITING LIST OF POTENTIAL TENANTS THAT WANT TO MOVE IN IF A UNIT WERE TO BECOME AVAILABLE. THIS CLEARLY SHOWS THE AMOUNT OF DEMAND THIS PROPERTY POSSESSES. IT IS OBVIOUS THAT A BUYER CAN EASILY FIND TENANTS WILLING TO PAY AT LEAST THE CURRENT MARKET RATE, $100-$50 MORE PER WEEK, WITHOUT SPENDING MUCH MONEY, IF ANY, ON IMPROVING THE UNITS! WITH THE ABILITY TO EASILY OBTAIN A WEEKLY INCREASE OF $150 PER UNIT, THE PROPERTY POSSESSES MASSIVE UPSIDE. WHICH IS VIRTUALLY IMPOSSIBLE TO FIND ANYWHERE AT THE MOMENT, LET ALONE STEPS FROM THE WATER IN BEAUTIFUL ST. PETE BEACH, FL! THE BEST PART OF THIS SALE IS THAT THE SELLER IS WILLING TO PROVIDE SELLER FINANCING AT AMAZING TERMS. CURRENTLY, THE SELLER IS OFFERING THE FOLLOWING SELLER FINANCING TERMS: 525K AS A DOWN PAYMENT, 4.5% FIXED INTEREST RATE WITH INTEREST ONLY PAYMENTS, AND A 5-YEAR BALLOON. USING THESE TERMS, A BUYER COULD OBTAIN A MONTHLY DEBT SERVICE FEE AS LOW AS $2,527 PER MONTH! THE BUYER’S POTENTIAL MONTHLY SAVINGS, BY USING THE INTEREST ONLY OPTION ARE IMMENSE AND ARE IMPOSSIBLE TO FIND ANYWHERE ELSE! THESE TERMS ALONG WITH THE RENTAL INCREASES AVAILABLE TO THE BUYER WILL EASILY PRODUCE A CASH-ON-CASH RETURN OF OVER 20% AND A CAP RATE OF OVER 11% BY THE START OF 2020! THESE TERMS ARE FAR BETTER THAN ANYTHING A BANK CAN CURRENTLY OFFER AS A PROPERTY OF THIS QUALITY WOULD LIKELY REQUIRE APPROXIMATELY 30% DOWN AND WOULD ONLY OFFER AN AMORTIZATION OF APPROXIMATELY 20-25 YEARS AT BEST. THE MONTHLY SAVINGS A BUYER WOULD ACCUMULATE BY USING THE SELLER FINANCING INSTEAD OF CONVENTIONAL FINANCING IS IMMENSE! THE PROPERTY FEATURES AMPLE PARKING FOR ALL TENANTS AND IS STEPS FROM THE WATER ON ST. PETE BEACH. TENANTS HAVE ACCESS TO AN ON-SITE LAUNDRY ROOM, WHICH PRODUCES EVEN MORE INCOME FOR THE OWNER. EACH UNIT HAS ITS OWN WINDOW AC SYSTEM, WHICH IS AN AMAZING FEATURE. THESE WINDOW UNITS ARE EXTREMELY CHEAP AND EASY TO REPLACE, WHICH WILL SAVE THE NEW OWNER A TON OF MONEY IN THE FUTURE WITHOUT HAVING TO REPLACE HVAC SYSTEMS. THE PROPERTY IS IN EXCELLENT CONDITION AND THE ROOF WAS REPLACED IN 2015! EACH UNIT CONSISTS OF UPDATED KITCHENS AND KITCHEN APPLIANCES, UPDATE BATHROOMS, NEW PAINT ON EXTERIOR OF THE BUILDING, TILE FLOORING, AND PAINT! THE OWNER PAYS FOR ALL WATER SEWER AND ELECTRIC UP TO A SPECIFIC AMOUNT EVERY MONTH. IF YOU ARE INTERESTED PLEASE CONTACT ME IMMEDIATELY AS THIS WILL NOT LAST LONG! THE SUNSET PARK BEACH APARTMENTS ARE LOCATED ON THE CORNER OF SUNSET WAY AND 73RD AVE. IN SAINT PETERSBURG BEACH, FL!
  • APPROXIMATE DEBT SERVICE AS LOW AS $2,527 PER MONTH, WHEN USING THE SELLER FINANCING CURRENTLY AVAILABLE!
  • 10-UNIT APARTMENT COMPLEX STEPS FROM THE WATER ON ST. PETE BEACH!
  • 100% OCCUPIED!
  • 19%+ CASH-ON-CASH RETURN!
  • 10%+ CAP RATE!
  • AMAZING SELLER FINANCING AVAILABLE!
  • APPROXIMATE TERMS:
  • 525K DOWN
  • 4.5%, INTEREST ONLY
  • 5-YEAR BALLOON
  • EXTREMELY LOW RENTAL RATES, GIVING THE BUYER MASSIVE UPSIDE!
  • ALL TENANTS ARE ON SHORT-TERM LEASES, ALLOWING A BUYER TO IMMEDIATELY RAISE THE RENTAL RATES TO INCREASE THEIR NOI INSTANTLY!
  • CURRENT RENTAL RATES ARE APPROXIMATELY $150 PER WEEK BELOW THE CURRENT MARKET RATE!
  • CONCRETE BLOCK CONSTRUCTION
  • NEW ROOF WHICH WAS REPLACED IN 2015!
8/2/2019 3:23:13 PM 8/15/2019 4:52:57 PM
David Rosenthal
Associate
Grimaldi Commercial Realty Corp

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