THE OLDSMAR GARDEN DUPLEX'S
Listing was updated at: 04/24/2019
Property Overview
Price/Rent PSF $ 1,050,000.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 11,093
Date Available 04/24/2019
Additional URL Link
Parking 4
Floors 1
Additional parameters Show
Search Demographic Data Explore financing options

Contact

Description

Location
The OLDSMAR GARDEN DUPLEX'S IS LOCATED STEPS FROM THE WATER IN SAFETY HARBOR!

Sale
THE OLDSMAR GARDEN DUPLEX’S CONSIST OF 5-BUILDINGS, EACH WITH TWO LARGE 2-BEDROOM UNITS. THESE UNITS ARE IN EXCELLENT CONDITION AND, ALL HAVE THE SAME MASSIVE FLOOR PLAN OF APPROXIMATELY 1,000 S/F.

THE OLDSMAR DUPLEX’S ARE CURRENTLY 100% OCCUPIED AND HAVE AN IN-PLACE CASH-ON-CASH RETURN OF OVER 10%. WHILE THIS IS A FANTASTIC RETURN, TO BEGIN WITH, IT ONLY GETS BETTER AS THE BUYER CAN INCREASE THESE RATES IMMEDIATELY. FURTHERMORE, BY USING THE SELLER FINANCING TERMS THAT ARE BEING OFFERED, THE BUYER CAN EASILY OBTAIN A CASH-ON-CASH RETURN OF OVER 24% BY THE END OF 2019!

THE PROPERTY HAS A FANTASTIC MIX OF SHORT-TERM AND LONG-TERM TENANTS WHICH GIVES THE BUYER THE ABILITY TO INCREASE THE RENTAL RATES IMMEDIATELY UPON TAKING OVER THE PROPERTY. CURRENTLY, EACH UNIT IS RENTING FOR APPROXIMATELY $200 BELOW THE CURRENT MARKET RATE! THIS IS A MASSIVE JUMP IN THE POTENTIAL NOI THAT IS EASILY OBTAINABLE WITH THE CURRENT RENTS BEING SO UNDERVALUED DUE TO THE PROPERTIES FANTASTIC CONDITION AND LOCATION!

A TWO-BEDROOM/ TWO-BATHROOM APARTMENT WITH A ONE CAR GARAGE IN THIS PART OF OLDSMAR SHOULD BE RENTING FOR NO LESS THAN $1,150 A MONTH. SOME COMPARABLE UNITS ARE RENTING FOR AS MUCH AS $1,400 A MONTH!

THE BEST PART OF THIS SALE IS THAT THE SELLER IS WILLING TO PROVIDE SELLER FINANCING AT AMAZING TERMS. CURRENTLY, THE SELLER IS OFFERING THE FOLLOWING SELLER FINANCING TERMS: 20% DOWN PAYMENT, 5.75% FIXED INTEREST RATE, AMORTIZED OVER 30-YEARS WITH A 5-YEAR BALLOON. THESE TERMS ALONG WITH THE RENTAL INCREASES AVAILABLE TO THE BUYER WILL EASILY PRODUCE A CASH-ON-CASH RETURN OF OVER 20% BY THE END OF 2019!

THESE TERMS ARE FAR BETTER THEN ANYTHING A BANK CAN CURRENTLY OFFER AS A PROPERTY LIKE THIS WOULD REQUIRE CLOSE TO APPROXIMATELY 30% DOWN AND WOULD ONLY OFFER AN AMORTIZATION OF APPROXIMATELY 20-25 YEARS AT BEST. THE MONTHLY SAVING, A BUYER WOULD ACCUMULATE BY USING THE SELLER FINANCING, INSTEAD OF CONVENTIONAL FINANCING IS IMMENSE!

Location