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Property Overview

Price/Rent PSF $ 2,985,000.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 6,365
Date Available 06/16/2019
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Description

Listing Courtesy of SharpLaunch

The Multifamily Firm is proud to present the Siesta Key Bungalows on Siesta Key in Sarasota Florida. The Siesta Key Bungalows is a 10-unit vacation rental property, comprising of four concrete block buildings built in the 1950’s, on one parcel of approximately 0.67 acres of land. The property is located within close proximity to the worth famous Siesta Key Beach, which was rated the #1 Best Beach in America by Dr. Beach, and #1 The Best Sand Beach in America by the Travel Channel.

The Siesta Key Bungalows consists of all 1 bedroom / 1 bathroom units with each unit equipped with a full apartment style kitchen. In 2017-2018 the property went through the strenuous approval process of being converted to 10 condo units; condotel. As a result, the property was required to make several improvements / renovations to meet condo conversion guidelines and several units were deliberately taken out of service, which significantly impacted the properties performance. The rend result, however, is that the property is now approved by the State of Florida to be converted to 10 condo units and offers an investor another potential disposition strategy.

The Siesta Key Bungalows presents investors with tremendous upside to achieve a +9% CAP Rate within the first year of acquisition. This return can be achieved by instituting an automatic room pricing software to slightly improve occupancy levels and by employing a strategic online marketing campaign to increase direct bookings & decrease 3rd party commission payouts. All said, the Siesta Key Bungalows offering is an amazing opportunity to acquire a Class A market vacation rental with substantial upside!

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