698 Union Street is a multifamily investment opportunity located in Dunedin, Florida in Pinellas County. The property is a one building community situated on 0.2 Acres. The two story building was constructed in 1960 with concrete block framing, stucco exterior wall. The property features highly desirable pitched roofs, with composition shingle covering. The unit mix consists of 6-Studio apartments at approximately 430 square feet. The property represents a distressed property with high investment upside potential.
698 Union St is located in Dunedin, Florida which is in Pinellas County. Dunedin is a city of just over 35,000 people that is situated along the Gulf Coast in the northern part of Pinellas County. Dunedin is home to several beaches, including the renowned Honeymoon Island, as well as being the spring training home of Major League Baseball's Toronto Blue Jays. As part of the Greater Tampa/St. Petersburg/Clearwater MSA, Dunedin residents have easy accessibility to a vast variety of shopping, dining, arts & entertainment, and recreational options. Less than 2 miles from The Subject is Westfield Countryside Mall. Countryside Mall draws a lot of traffic to the immediate area and is home to national retailers such as American Eagle, Dillard's, Foot Locker, Gap, JCPenney, Macy's, Sears and many others. Additionally, the world famous, white sandy beaches of Clearwater and St. Petersburg are only a short drive from the subject.
Value Add Investment Opportunity via Stabilization | All Units Turned & Significantly Improved in 2013 | Exterior Upgrades Including New Paint & Landscaping | Excellent Unit Mix of 25% One Bedroom Floor Plans and 75% Two Bedroom Floorplans
Tampa Pines is a 32-unit apartment community located in Tampa, Florida. The property was built in 1960 & 1963 and consists of 11 buildings, including a laundry room, situated across approximately 2 acres. There are 4 single story duplexes that consist of the 8 one bedroom - one bathroom units. All one bedroom units have wall air conditioning units. The remaining 6 buildings are concrete block on the first floor and wood frame on the second floor. All of the two bedroom units have central air conditioning. There is also a laundry room on-site. All units have been turned and improved this year which includes new vinyl-wood flooring, new cabinets, and new appliances. Additionally, the property has received exterior improvements consisting of landscaping upgrades, window & door repairs, roof repairs, and stairwell renovation. Tampa Pines is a unique opportunity to invest in a property that has been significantly upgraded in the past 8- 12 months and is ready to provide healthy cash flow. The property is approximately 66% occupied currently which provides an experienced owner/operator the opportunity to fill the vacant units with his/her desired tenants at the target rental rates. This property has great potential to provide excellent short term returns and appreciate in value in the long term with continued improvements to the community.
Norstar Riverdale is a 122 unit community that was built in 1978 on 12.7 acres and consists of 18-two story buildings. Norstar Riverdale is made up of spacious 2 and 3 bedroom townhomes and within walking distance to 2 brand new schools.
Norstar Riverdale is a gated community made up of 122 large townhome units that are less than 15 minutes from Norstar Wingate. A majority of the units have recently been renovated, however, there remain 32 down units which will require some capital infusion. The Norstar Riverdale is a unique investment opportunity to acquire a 122 units below market value while seeing a double digit return through improving operations and bringing up down units.
Value Add Investment Opportunity via Community & Operational Improvements | Located in the Densely Populated University Area Submarket | New Landscaping, Exterior Painting, Roof & Gutter Repairs, and Interior Upgrades Recently Completed
The Lexington Court Apartments is located in Tampa, Florida in the North East Submarket. The property consists of 21 concrete block duplexes, situated on 2.46 acres +/- of land. There are 29 one bedroom one bathroom units at 525 square feet, 12 two bedroom one bathroom units at 750 square feet and 1 two bedroom one and half bathrooms at 770 square feet. Some of the buildings have flat roofs and some have pitched roofs and A/C is provided by wall units. There is a laundry facility on-site. The property has received substantial renovations in 2012 & 2013 including new landscaping, exterior painting, roof & gutter repairs, and interior upgrades including new appliances and equipment. Lexington Court is an opportunity to invest in an asset with true value-add potential located in the University area submarket of North Tampa. The property is stable but we believe there is significant upside via operational improvements. In addition to operational improvements, a new investor would have the opportunity to continue to improve the overall quality of the community through interior and exterior renovations. Operational and community improvements will lead to greater short term cash flow & returns while the community appreciates in value over the long term.
Elwood and Evergreen is a pair of multifamily properties located in Tampa, Florida in Hillsborough County. The property consists of eight-two story buildings on two parcels totaling 1.74 acres. The buildings were constructed between 1982 with highly desirable concrete block framing on the first floor, and wood framing on the second. The property also features pitched roofs. The unit mix consists of 32-2Bdr/1Bath apartments sized between 910 and 918 square feet. There are 16 units on each parcel, which are located across the street from each other. Residents at the property enjoy centralized heating and air and washer and dryer connections in every unit. Currently, the owners are enjoying high occupancy and the current rents are below market average; indicating significant upside potential
Elwood and Evergreen are two multifamily communities located across the street from each other in Tampa, Florida. The properties are located in Hillsborough County, and are within 2 miles of the University of South Florida; a major employment hub and one of the largest schools in the country. Other major employment centers within close proximity include 3 hospitals, The Veterans, Florida Hospital, and the Lee Moffitt Cancer Center. The property is located just off of Interstate 275, which provides immediate access to downtown Tampa and St Petersburg. The immediate sub-market consists of numerous retail, multifamily, and single family housing and has historically maintained stable occupancies and affordable housing. Local attractions include Busch Gardens, Adventure Island, and the Lowry Park Zoo.
Franklin Street Real Estate Services is pleased to present this rare Dunkin Donuts corporate ground lease in Charlotte, NC. Charlotte is the largest city in the state and the 17th largest in the United States. The city is a major US financial center, the second largest behind New York City. Charlotte is home to 10 Fortune 500 companies headquarters including: Bank of America, Lowe's, Duke Energy, Sonic Automatic, Family Dollar, amongst others.
The Dunkin Donuts is located in the downtown area of Charlotte, across from one of the largest hospitals in the state. The surrounding area makes it very difficult for developers to have drive-thru's and this is one of the very few locations in the surrounding area that has a drive-thru. The location is on Kings Dr which leads to Charlotte's largest office district.
Dunkin Donuts signed a 20 Yr NNN ground lease that commenced in May 2004. Dunkin Donuts is be responsible for all maintenance, repairs, taxes and insurance for the premises. This investment provides an investor the opportunity to acquire a truly passive investment.
- Water/Sewer is Individually Metered - New Roofs and Paint within last 10 Months - Located in the Most Densely Populated County in Florida - Current Market Rents are near the bottom of the market
Spanish Gardens is a 16 unit property located in Clearwater, Florida. The property consists of one 2-story building that was built in 1970 and sits on approximately .44 acres. The building is concrete block with a masonry stucco exterior wall and has a flat roof. The unit mix at Spanish Gardens consists of 8 one bedroom-one bathroom floor plans, 6 two bedroom-one and a half bathroom floor plans, and 2 three bedroom-one and a half bathroom floor plans. The property has received a new roof and paint within the last 6 months. The property is also individually metered for water/sewer. Spanish Gardens offers and investor a great opportunity to acquire a value-add investment in the most densely populated county in the state of Florida. The property is located in Clearwater which is a highly desirable submarket in Pinellas County. The current asking rents are near the bottom of the market. As the overall market occupancy is 90%+, there is an opportunity to increase rents which will ultimately increase Net Operating Income in the short-run and asset appreciation in the long run.
Class A Student Housing Site Across from University of South Florida. Recently Zoned for 182 Buildable Units. Original 100 Unit Student Complex Built in 1965 to be Demolished. 5.16 Recently Zoned for 182 Buildable Units.
The subject property is located across from The University of South Florida on Bruce B Downs Blvd and borders the south side of the VA Hospital. The subject property is rectangular in shape and contains a total of 224,850 +/- square feet of land, or 5.16 +/- acres. The site has two access points on the West side of Bruce B Downs Blvd. The site has approximately 332 linear feet of frontage on Bruce B Downs Blvd, which is a two-lane roadway. The depth of the parcel is approximately 682 linear feet. Landscaping is average with small trees spread about the property and minimal shrubbery located along the building perimeters. The subject site is bound on the north and west by The VA Hospital, to the south by a health center, and to the east by Bruce B Downs Blvd. Overall, the subject site appears to contain no adverse easements or encroachments that affect its utility and/or marketability. Most importantly, the land has been recently rezoned to "Regional Mixed Use-35" (RMU-35) which equates to 182 possible units and up to 728 beds.