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(SELLER FINANCING AVAILABLE!) SARASOTA GARDENS FOR SALE - 10-UNITS! 1013551

Property Overview

Price/Rent PSF $ 1,700,000.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available Inquire
Date Available 05/12/2022
Additional URL Link
Parking 21
Floors 1
Building size 7313
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Description

Location
LOCATED IN BEAUTIFUL SARASOTA FL!

Sale
SARASOTA GARDENS IS A 10-UNIT APARTMENT COMPLEX LOCATED IN SARASOTA, FL. THE PROPERTY HAS 10 (ONE-BEDROOM/ONE-BATHROOM) UNITS WITH EXTREMELY UNDER-MARKET RENTAL RATES CURRENTLY IN PLACE. THE PROPERTY CONSISTS OF SPACIOUS APARTMENTS AND A LARGE PARKING LOT IN THE FRONT OF THE COMPLEX FOR TENANTS AND THEIR GUESTS. THE PROPERTY IS IN FANTASTIC CONDITION AND HAS BEEN RECENTLY RENOVATED IN THE PAST 5 YEARS. SUCH RENOVATIONS INCLUDE BUT ARE NOT LIMITED TO UNIT INTERIORS, WINDOWS, AND ROOFS! SARASOTA IS ONE OF THE MOST SOUGHT-AFTER MARKETS IN ALL OF FLORIDA WITH EXTREMELY LIMITED MULTIFAMILY PROPERTIES CURRENTLY ON THE MARKET. THIS IS AN INCREDIBLE OPPORTUNITY TO OWN 10 UNITS IN ONE OF THE MOST BEAUTIFUL AREAS IN THE COUNTRY! THE SELLER IS OFFERING AMAZING SELLER FINANCING TERMS MAKING THIS DEAL EVEN BETTER!



THE SARASOTA GARDENS ARE CURRENTLY 100% OCCUPIED AND HAVE EXTREMELY LOW RENTAL RATES, MAKING THIS AN IDEAL VALUE-ADD OPPORTUNITY FOR AN INVESTOR LOOKING FOR THE PERFECT CASH-FLOWING ASSET. THE PROPERTY CONSISTS OF APARTMENTS WITH SEVERELY BELOW-MARKET RENTAL RATES FOR THE AREA AND PRESENTS MASSIVE UPSIDE FOR AN INVESTOR IMMEDIATELY!



CURRENTLY, THE TENANTS ARE PAYING APPROXIMATELY $150-$200 PER MONTH BELOW THE AVERAGE MARKET RATE! THIS WILL ALLOW FOR A SIGNIFICANT INCREASE IN THE POTENTIAL NOI THAT IS EASILY OBTAINABLE WITH THE CURRENT RENTS BEING SO UNDERVALUED. ESPECIALLY IN LIGHT OF THE PROPERTY'S FANTASTIC CONDITION, LOCATION, AND DEMAND!



BY SIMPLY RAISING THE RENTAL RATES APPROXIMATELY $150-$200 PER UNIT, A BUYER CAN EASILY OBTAIN A CAP RATE OF OVER 7% BY 2022. GIVEN THAT EACH UNIT HAS BEEN RECENTLY REDONE, A BUYER CAN INCREASE THE RENTAL RATES WITHOUT HAVING TO SPEND A LARGE AMOUNT OF MONEY ON CAPEX! THIS CREATES ENORMOUS UPSIDE FOR AN INVESTOR LOOKING FOR A VALUE-ADD PROPERTY IN SARASOTA, FL!



THE PROPERTY IS CURRENTLY IN INCREDIBLE CONDITION, AS ALL 10 UNITS HAVE BEEN RENOVATED IN THE PAST 5 YEARS. IN LIGHT OF THE SPACIOUS ONE-BEDROOM/ ONE-BATH FLOOR PLANS, A BUYER WILL BE ABLE TO RAISE THE RENTAL RATES QUICKLY. DUE TO THE LACK OF QUALITY ONE-BEDROOM/ ONE-BATHROOM UNITS CURRENTLY AVAILABLE FOR RENT IN THE SARASOTA AREA, THE DEMAND HAS NEVER BEEN HIGHER. THESE UNITS WILL STAY RENTED FOR YEARS TO COME AS THE PROPERTY VALUE WILL ONLY CONTINUE TO RISE IN THE FUTURE!



A ONE-BEDROOM/ONE-BATHROOM APARTMENT IN THIS PART OF FLORIDA TYPICALLY RENTS FOR MORE THAN $1,225 PER MONTH. IN FACT, SOME COMPARABLE UNITS ARE CURRENTLY RENTING FOR AS MUCH AS ($1,350 TO $1,500) PER MONTH! BECAUSE THE PROPERTY HAS CONSISTENTLY STAYED OCCUPIED WITH HIGH-QUALITY TENANTS, THE OWNER HAS NOT AGGRESSIVELY ATTEMPTED TO INCREASE THE RENTAL RATES. HOWEVER, BASED ON THE RENTAL RATES OF COMPARABLE PROPERTIES, A $150-$200 INCREASE SHOULD BE VERY EASILY ATTAINABLE. WITH THE LACK OF AVAILABLE APARTMENTS FOR RENT IN THIS AREA, THE DEMAND FOR THIS TYPE OF UNIT IS EXPONENTIAL ALLOWING THE RENTAL RATES TO CONTINUE TO INCREASE IN THE FUTURE AND THE BUYER TO OBTAIN GREAT RETURNS!



ALL UNIT INTERIORS HAVE BEEN RECENTLY RENOVATED IN THE PAST 5 YEARS AND ARE IN FANTASTIC CONDITION. THE PROPERTY IS WELL-MAINTAINED BY THE MANAGER AND HAS MANY GREAT ADDITIONS AND IMPROVEMENTS, WHICH INCLUDE, BUT ARE NOT LIMITED TO, THE FOLLOWING: ALL NEW KITCHENS, NEW KITCHEN APPLIANCES, NEW CERAMIC TILE FLOORING THROUGHOUT, NEW INTERIOR PAINT, UPDATED BATHROOMS, BRAND NEW WINDOWS, NEW TOILETS, NEW SINKS, UPDATED PLUMBING, NEW WINDOW AC UNITS WITH NEW HEAT PUMPS, NEW LANDSCAPING IN THE FRONT OF BOTH BUILDINGS, AS WELL AS EXTERIOR PAINT, ANNUAL PRESSURE WASHING AND MUCH MORE!



BOTH ROOFS ARE IN GOOD WORKING CONDITION AND HAVE ANNUAL SCHEDULED MAINTENANCE! THEY WERE BOTH REPLACED IN 2015. ALL WINDOW AC UNITS WERE REPLACED WHEN EACH UNIT WAS RENOVATED AND ARE REGULARLY CHECKED BY MANAGEMENT! GIVEN ALL OF THESE RECENT UPGRADES, THE PROPERTY IS CLEARLY IN FANTASTIC CONDITION AND WILL BE EASY TO MAINTAIN IN THE FUTURE. THIS IS THE PERFECT INVESTMENT FOR AN OUT-OF-STATE OR A LOCAL BUYER! THE DEMAND FOR MULTIFAMILY INVESTMENT OPPORTUNITIES IN THE SARASOTA AREA HAS NEVER BEEN HIGHER, THIS AMAZING OPPORTUNITY WON’T LAST LONG!

Location (Click here to view the location on the map.)
The information above is from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice.

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