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SINGLE-FAMILY HOME PORTFOLIO FOR SALE IN ST. PETERSBURG AND CLEARWATER FL! (SELLER FINANCING AVAILABLE!)
Listing was updated at: 11/27/2018
Property Overview
Price/Rent PSF $ 950,000.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 12,934
Date Available 11/27/2018
Additional URL Link
Floors 1
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Description

Location
THIS INCREDIBLE SINGLE-FAMILY HOME PORTFOLIO IS LOCATED IN MULTIPLE LOCATIONS ACROSS BEAUTIFUL ST. PETERSBURG AND CLEARWATER FL. CLOSE IN PROXIMITY TO WORLD FAMOUS CLEARWATER BEACH, THESE PROPERTIES ARE IN IDEAL LOCATIONS!
THE HOMES ARE LOCATED AT THE FOLLOWING ADDRESSES:
1. 6453 Wayne St N, Saint Petersburg, FL 33702
2. 1148 Howard St, Clearwater, FL 33756
3. 4642 19th Ave S, Saint Petersburg, FL 33711
4. 5763 Crestmont St, Clearwater, FL 33760
5. 8537 Cameo Dr, New Port Richey, FL 34654
6. 3433 Richboro Dr, Holiday, FL 34691

Sale
THE ST. PETERSBURG PORTFOLIO CONSISTS OF 6 GORGEOUS SINGLE- FAMILY HOMES, LOCATED IN AMAZING LOCATIONS ACROSS ST. PETERSBURG AND CLEARWATER FL. THESE IMMACULATE HOMES ARE ALL RECENTLY REDONE, AND IN FANTASTIC CONDITION. EACH HOME IS OVER 980 S/F WITH AT LEAST 3 BEDROOMS! THIS PORTFOLIO IS 100% OCCUPIED ON YARLY LEASES AT BELOW MARKET RENTAL RATES, MAKING THIS A FANTASTIC INVESTMENT OPPORTUNITY.

THE ST. PETERSBURG PORTFOLIO IS AN AMAZING OPPORTUNITY FOR AN INVESTOR TO ACQUIRE 6 INCREDIBLE SINGLE-FAMILY HOMES IN AMAZING LOCATIONS. WHILE EACH UNIT IS CURRENTLY OCCUPIED, THE RENTAL RATES AT EACH PROPERTY IS BELOW THE AVERAGE MARKET RATE IN THE AREA. THIS GIVES THE BUYER THE ABILITY TO ACQUIRE THIS PORTFOLIO WITH FANTASTIC LOCKED IN INCOME, THAT WILL ONLY RISE AS THE RENTAL RATES ARE INCREASED. UPON PURCHASING THIS AMAZING PORTFOLIO, A BUYER CAN OBTAIN A CAP RATE OF OVER 8.3% AND A CASH-ON-CASH RETURN OF OVER 14% IN 2019. WITH THE ABILITY TO INCREASE THE EXTREMELY LOW RENTAL RATES INSTANTLY, THE PORTFOLIO CAN ECLIPSE A 9% CAP RATE AND A CASH-ON-CASH RETURN OF OVER 17% IN 2020.


Additionally, MOST OF THE CURRENT IN-PLACE LEASES WILL BE COMING UP FOR RENEWAL IN THE NEXT 3-6 MONTHS. THIS WILL ALLOW THE BUYER TO RAISE THE RENTAL RATES INSTANTLY AND INCREASE THEIR RETURNS IN THE PROCESS. THE CONDITION OF EACH HOME ALONE CARRIES A TON OF VALUE AS THE BUYER WILL HAVE LIMITED TO NO COST FOR RENOVATIONS ON THE PROPERTY. THE SELLER HAS DONE A FANTASTIC JOB IN UPDATING AND RENOVATING THESE HOMES! THIS WILL MAKE IT VERY EASY FOR A BUYER TO MANAGE THESE UNITS FROM ANYWHERE AND OFFERS THE BUYER THE ABILITY TO SELF MANGE THIS ASSET, DECREASING EXPENSES AND INTURN INCREASING THEIR RETURN!

EVEN BETTER, IS THE FACT THAT THE SELLER IS INTERESTED IN DOING SELLER FINANCING ON THIS PROPERTY. CURRENTLY, THE SELLER IS ASKING FOR (APPROX) THE FOLLOWING TERMS: $40% DOWN (TO COVER CURRENT DEBT), 24 MONTH BALLOON, 4.75% INTEREST ONLY PAYMENTS, AMORTIZED OVER 30 YEARS. ITS IMPOSSIBLE TO FIND TERMS THIS GOOD ANYWHERE ELSE. WITH THE ABILITY FOR INTEREST ONLY PAYMENTS THE MONTHLY DEBT SERVICE WILL BE UNDER ANY RATE A BANK CAN PROVIDE. THIS GIVES THE BUYER AN AMAZING CASH-ON-CASH RETURN IMMEDIATELY. WHEN THE RENTAL RATES ARE RAISED TO THE MARKET AVERAGE, THE CASH ON CASH RETURN WILL SKYROCKET!

EACH SINGLE-FAMILY HOME HAS BEEN UPDATED IN THE PAST 2 YEARS. FOR A FULL LIST OF ALL RENOVATIONS AT THE PROPERTY PLEASE SEE PAGE 11 OF THIS OFFERING MEMORANDUM!

Location

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