Multi-Family•Senior Living•For Sale

Edgewater Manor Assisted Living Facility

2057 Edgewater Drive, Clearwater, Florida 33755

Sale Price Market
Zoning MDR
Year Built 1960
Year Renovated 2017
Stories 2
Gross Bldg 8,676 SqFt
Land Area .75 Acres
Project Size 24
Market Tampa/St. Pete
Sub-Market Clearwater
Edgewater Manor Assisted Living Facility is a 29-bed operation located on Clearwater Bay in Clearwater, Florida. This facility offers studio apartments including many with private baths as well as companion suites. The home is outfitted with wireless central monitoring and a nursing call paging system for residents. A waterfront dining room, planned social activities, assistance with transportation and laundry services are all amenities that have attracted individuals from across the Tampa/St. Pete MSA to Edgewater Manor. The Subject Property has a zoning designation of Medium Density Residential(MDR) with an underlying zoning and future land use(FLU) of Residential Urban(RU). The maximum dwelling units allowed is 7.5 units per acre but the Subject Property is grandfathered in at 24 units. Improvements: Summer 2018 New exterior paint Installed two (2) new 5-ton AC compressors Replaced kitchen grill Installed two (2) commercial grade refrigerators Summer 2017 Completed cottage renovation Installed chairlift to 2nd floor Replaced entire fire suppression system and sprinklers Installed one (1) new 5-ton AC compressors Completed renovation of upstairs ocean-view rooms(units 21, 22, 23 & 24) Completed renovations of downstairs rooms(units 18, 19 & 20) Replaced flat roof Located on Edgewater Drive in Clearwater, Florida, the Subject Property offers beautiful views of Clearwater Bay and is ideally located north of Downtown Clearwater between two major hospitals in Clearwater and Dunedin. The Toronto Blue Jays Stadium, Edgewater Park, Clearwater Shuffleboard Club, Hale Senior Activity Center, Clearwater Lawn Bowling Club and Downtown Clearwater are all within close proximity offering residents plenty of activities and entertainment. Convenient access to US-19 and SR-60 makes for easy travel throughout the Tampa/St. Pete MSA. Clearwater has experienced a population growth greater than 6% since the year 2000 and is expected to experience even further explosive growth with current trends showing 1,000 people moving to Florida every day. Median household incomes are up over 15% while property values have increased nearly 115% since 2000. Clearwater is primed to see continued growth in all areas of the local economy which will certainly benefit the Subject Property.
  • Existing 29-bed Assisted Living Facility
  • Stunning waterfront location
  • Cash-flowing investment with plans to increase current income
  • Favorable market trends for population, income and property value growth
  • Significant recent property improvements
12/6/2019 5:41:11 PM 1/20/2020 7:57:05 PM

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