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THE DOWNTOWN POINTE (APARTMENTS) 20-UNIT APARTMENT COMPLEX IN DOWNTOWN ST. PETERSBURG, FL SELLER FINANCING AVAILABLE!
Listing was updated at: 11/27/2018
Property Overview
Price/Rent PSF $ 2,200,000.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 12,061
Date Available 11/27/2018
Additional URL Link
Parking 20
Floors 3
Additional parameters Show
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Description

Location
THE DOWNTOWN POINTE APARTMENTS IS A 20-UNIT APARTMENT BUILDING IS LOCATED IN THE HEART OF DOWNTOWN ST. PETERSBURG. DOWNTOWN ST. PETERSBURG IS ONE OF THE FAST-GROWING MARKETS IN ALL OF FLORIDA. LOCATED JUST STEPS FOR TROPICANA FIELD, THIS PROPERTY IS IN A PRIME LOCATION NEXT TO ALL THE ACTION IN DOWNTOWN ST. PETE. 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 BEACH GOING. 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!

Sale
THE DOWNTOWN POINTE APARTMENTS ARE A 20- UNIT CONCRETE BLOCK APARTMENT COMPLEX LOCATED IN THE HEART OF DOWNTOWN ST. PETERSBURG. THE BUILDING HAS BEEN RECENTLY RENOVATED AND ALL THE UNITS ARE IN FANTASTIC SHAPE. THE BUILDING IS LOCATED IN, DOWNTOWN ST. PETERSBURG, ONE OF THE HOTTEST RENTAL MARKETS AROUND AND THE DEMAND FOR QUALITY APARTMENTS HAS NEVER BEEN HIGHER. THE PROPERTY CONSISTS OF (20) ONE-BEDROOM/ONE BATHROOM UNITS THAT ARE CURRENTLY 100% OCCUPIED!

THE PROPERTY CONSISTS OF BOTH SHORT-TERM AND LONG-TERM TENANTS WITH EXTREMELY LOW RENTS CREATING TREMENDOUS UPSIDE FOR AN INVESTOR. OVER 60% OF THE CURRENT TENANT ARE ON MONTH-TO-MONTH LEASES, GIVING THE BUYER MAXIMUM FLEXIBILITY IN RAISING THE RENTAL RATES IMMEDIATELY UPON PURCHASING OF THIS ASSET. THE RENTAL RATES IN THIS BUILDING ARE APPROXIMATELY $200 PER UNIT LOWER THAN THE AVERAGE RATE IN DOWNTOWN ST. PETERSBURG. WITH THE EXTREMELY UNDER-MARKET RENTAL RATES AND THE HIGH DEMAND THIS BUILDING WILL STAY RENTED ALL YEAR LONG AT MUCH HIGHER RATES THAN THEY ARE CURRENTLY RENTED FOR. THIS IS A ONE OF A KIND VALUE ADD OPPORTUNITY IN THE HEART OF DOWNTOWN ST. PETERSBURG, DOES NOT COME ALONG VERY OFTEN! IT IS EXTREMELY HARD TO FIND A QUALITY INVESTMENT WITH AS MUCH UPSIDE AS THIS BUILDING HAS IN THE CURRENT MARKET.

EVEN BETTER, IS THE FACT THAT THE SELLER IS INTERESTED IN DOING SELLER FINANCING ON THIS PROPERTY. CURRENTLY, THE SELLER IS ASKING FOR THE FOLLOWING TERMS: 25-30% DOWN PAYMENT, 5-10-YEAR BALLOON, 5% 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 $7,000 A MONTH. GIVING THE BUYER AN AMAZING CASH ON CASH RETURN OF OVER 10% IMMEDIATELY. WHEN THE RENTAL RATES ARE RAISED TO THE MARKET AVERAGE, THE CASH ON CASH RETURN WILL BE WELL OVER 17%, WHICH IS ALMOST IMPOSSIBLE TO FIND IN THIS MARKET.

THE PROPERTY HAS RECENTLY GONE THROUGH LOTS OF RENOVATIONS, AS THE OWNER HAS UPDATED THE FLOORING, KITCHENS, BATHROOMS, PLUMBING, PAINTED THE INTERIOR AND UPDATED A/C SYSTEMS IN ALL UNITS. THE PROPERTY IS A 3 STORY BUILDING WITH A CONCRETE BLOCK STRUCTURE ON ALL 3 FLOORS. SINCE THE BUILDING IS IN FANTASTIC SHAPE THE BUYER WILL HAVE LITTLE TO NO CAPEX UPON TAKING OVER THE PROPERTY AND THE DAY TO DAY MAINTENANCE IS EXTREMELY LOW. THE PROPERTY IS CURRENTLY SELF MANAGED BUT WE HAVE ADDED IN A MANAGEMENT FEE INCASE YOU PREFER TO GO THAT ROUTE.

LASTLY, THE OWNER HAS HAD SOME SUCCESS RENTING SOME OF THE UNITS AS AIR BNB RENTALS. THE AIR BNB RENTS ARE EXTREMELY HIGH FOR THIS AREA AND THE LOCATION IS PERFECT FOR THOSE COMING TO WORK IN THE DOWNTOWN AREA OR THOSE JUST ON VACATION! THERE IS OPPORTUNITY FOR AN INVESTOR TO RUN ALL OF SOME OF THESE UNITS AS AIR BNB RENTALS TO INCREASE THE OVERALL RETURN ON THE PROPERTY.

Location

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