Listing was updated at: 06/18/2019
Property Overview
Price/Rent PSF $ 2,555,000.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 30,000
Date Available 06/18/2019
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Largo, FL
The city of Largo, FL, was established in 1905 and is now the 4th largest city in the Tampa Bay area, approaching 75,000 residents. The city of Largo has invested over $10 million in the Clearwater-Largo Road Project, which is the exact road this fantastic property is located. The city has continued to infuse millions in the project to re-develop, pave the road, improve traffic flow, widen the road, and attract national retailers to improve the economy in Largo, FL. Clearwater-Largo Road is a long highway with many manufacturing, new technology companies, medical services and hospitals, and financial institutions that have created hundreds of thousands of jobs in the Clearwater-largo area. Largo, FL currently has an occupancy rate of over 96.8%, one of the highest in the nation.

Clearwater, FL
Clearwater is a beautiful city in Florida's Tampa Bay area known for sunny weather and gulf coast beaches. Clearwater Beach, on a barrier island, is a 3-mile stretch of white sand backed by hotels and restaurants. Home of Trip Advisors #1 rated beach, this is an ideal location to own property in a fast-growing market!

St. Petersburg, FL
St. Petersburg is a city on Florida's gulf approximately 15 miles from Sunny Tampa Bay. It's known for its pleasant weather making it an ideal location for golfing, fishing and beachgoing. Its waterfront parks host the Dali Museum, The Mahaffey Theater, and home of the Florida Orchestra. Currently St. Petersburg FL boasts an occupancy rate of approximately 95.5%, making it an ideal location to own rental property!

This 23-Unit Condominium Portfolio consists of Class A units in multiple buildings across Clearwater, St. Petersburg and Largo, Fl. All units are in fantastic condition with low rents for the area giving the buyer maximum upside.

Each unit is located in a high rise that has an in-place HOA fee. All HOA dues include wind, liability, property damage, flood (as necessary) for all damage for walls out. HOA also includes all water, sewer trash (tenants pay in the 5 units they are not included).

Each unit has been fully renovated or updated in the past 5 years with 90% of units being updated/renovated since 2016. All 23 units are located in state of the art high rise buildings, with amenities including covered parking, pool access, washer dryer units (in condos or on site), and over 50% of units have tennis court access for residents, on site. Most units allow pets and are in the best locations in town!

The current rental rates of these condos are very low compared to the market rates. This gives the buyer maximum flexibility in increasing their profits. With over 10 of the units being currently rented on month to month leases, the buyer can instantly increase the rents and create an even higher cash on cash return without having to wait! This is a rare opportunity to acquire 23 amazing rental units that does not come available very often!

This portfolio consists of Units in the Following High Rises:
Portofino- 3
Autumn Chase- 3
Lafayette- 2
Villa Nueva- 2
Morningside- 4
Windward Point -1
Bridgewater- 2
Vantage Point -1
Enclave- 2
Stonesthrow- 1
Bella Vista- 1
Sailwinds -1
** Please see the Unit Amenities for building addresses and amenities.

Seller Financing Is available on this property as the seller is interested in the following Range of Terms:
Down Payment: 30%
IR: 5%-6% (6% Could potentially be Interest only!)
Amortization: 30 Years
Balloon Payment: 5 Years