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For Sale: 12 Units - St Petersburg
| Price: | $795,000.00 |
| City: | St. Petersburg |
| State: | FL |
| Zip: | 33714 |
| No. of Units: | 12 |
| Cap Rate: | 10.11 |
| NOI: | 80393 |
| Unit Mix: | 12 1 Bedrooms |
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Property Info:
THIS PROPERTY IS A 10.11 CAP ON CURRENT AND ACTUAL NUMBERS INCLUDING
MANAGEMENT EXPENSE. Add to that a concrete block structure, excellent rental
income and renovated interiors and the project is a very attractive rental property.
The current owner has slowly renovated the property over the last 8 years and has
built it into a smoothly running cash flowing machine. Utilizing annual leases but
with weekly rent payments, the owner has increased the income to a level that
makes it the most attractive property in the area with flexibility of payment and
clean/renovated interiors. Inside nearly all of the units the current owner has tiled
the complete interior, renovated the kitchen with new appliances, cabinets and
countertops, and each unit has multiple A/C units to keep up with the Florida heat.
The roofs on the duplexes and home are in good condition and not in need of replacement.
The roofs on the cottages will need replaced within the next 5 years
and the owner has a current bid for replacement of $1,500 per roof. The property
is adjacent to a newer larger apartment complex which gives it overflow tenants
who want the ease of weekly payments, and contributes to a higher gross monthly
rent. A local lender has already looked at the property’s income and has preunderwritten
a loan based on the asking price, this pre-term letter is available for
an investor showing an excellent debt coverage ratio even using increased expenses
that a lender will impute. Don’t miss out on this opportunity, it will go fast!
Location Info:
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