Treasure Island, FL
• Diverse Unit Mix of Studio, One, and Two Bedroom Apartments
• Outstanding Location Within Walking Distance of Treasure Island Beach
• Numerous Restaurants and Entertainment Venues on Treasure Island and in St. Petersburg
• Value-Add Opportunity Through Property Rehabilitation Due to Strong Submarket Rents
Sunflower is a vacant, multifamily community located in Treasure Island, Florida. The single building, 10-unit property was constructed in 1959. It is a two story building built with concrete block, with stucco exterior walls, situating on .22 acres of land. The roof structure is flat and features composition shingle covering. The unit mix consists of 4-Efficiency apartments at 250 square feet, 4-1Bdr/1Bath apartments at 450 square feet, and 2-2Bdr/1Bath apartments at 650 square feet. Currently, the units are cooled with wall air conditioning units. The vacant condition of the property provides a value-add opportunity to investors through rehabilitation, in a highly desirable Gulf Coast location with strong submarket rents. The property is located within a quarter mile, or a 5 minute walk of the beautiful beaches of the Gulf of Mexico, as well as numerous beachside restaurants. Downtown St. Petersburg is also only a 9 mile drive to the east and features a number of major employers as well as a number of dining, entertainment, and nightlife destinations. St. Petersburg is also home to Major League Baseball's Tampa Bay Rays. The location in Pinellas County provides excellent demographics, since it is the most densely populated county in the state of Florida.
Winter Springs, FL
Space Available: 11,200 SF Free-Standing BuildingLocated along the main east/west corridor, E. SR 434, at the signalized intersection of CR 419 in Winter Springs, a bedroom community to Orlando.Area retailers include Publix, Subway, Tijuana Flats, Winn-Dixie, Save-a-Lot, Family Dollar, Big Lots, Amscot, and more.
Space Available: 11,200 SF Free-Standing Building
OFFERS DUE: THURSDAY MAY 1, 2014Two Lender Owned, 100% Vacant Properties Creating an Outstanding Value-Add OpportunityExcellent In-Fill Location Near Major Retailers, Employment Hubs, and Highly Rated Orange County SchoolsSubject Properties Located Less Than a Half Mile Away from Each Other Allowing for Management EfficiencyHighly Desirable Orlando Submarket Currently Experiencing Strong Rent Growth & Improving Operating ConditionsEasy Accessibility to Downtown Orlando Via Colonial Drive, a Major East-West Thoroughfare in OrlandoClose Proximity to Orlando International Airport, Walt Disney World, Universal Studios, Sea World, Wet 'n Wild Orlando, and Much More
The Abby Apartment Complex was built in 1972 and the second phase, known as the Old Cheney, was built two years later in 1974. Both complexes were built of solid concrete block construction with flat roofs. The roofs of the Abby were replaced in 2005, and nine of the roofs for the Old Cheney have recently been replaced. The two subject properties consist of thirteen buildings combined and a total of 70 apartment units. 24 of the units are one bedrooms at 600 square feet (in the Abby), 45 of the units are one bedrooms at 650 square feet (in the Old Cheney), and 1 of the units is a two bedroom at 900 square feet (in the Old Cheney). These two blue collar rental properties provide an excellent opportunity for an investor to acquire communities in prime in-fill locations. With the high density of business and retail in the area, these communities can attract a strong tenant base following a comprehensive renovation project. This will allow an owner/operator to achieve healthy rents as the market continues to move higher. Rising rents and recovering value will provide an investor with strong net operating income and significant capital appreciation over time.
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.