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1429 Laura St 5 Unit Apartment Building $790,000 ($158,000/Unit) 7.65% Cap Rate Clearwater, FL 33755
Executive Summary
1429 Laura St is a unique opportunity to own a stabilized 5 unit multi-family apartment community in the rapidly growing Clearwater area of Tampa Bay MSA with substantial room for growth. Conveniently located just minute’s from Clearwater’s world-famous beaches, Downtown Clearwater and major highways.
Owner Spent over $150,000 in CapEx including new roof, new hurricane impact windows, new main sewer line, building exterior paint, exterior fencing, landscaping and full interior renovations including, shaker cabinets, quartz countertops, stainless steel appliances, luxury vinyl flooring and tiled shower bathrooms.
Current Rent Roll: $7,740 with a 7 CAP on takeover!
NOI: $60,433
Unit Mix: 4 - 1 Bedroom/1 Bathroom Units, 1 - Studio/1 Bathroom Unit
Owner Spent over $150,000 in CapEx including new roof, new hurricane impact windows, new main sewer line, building exterior paint, exterior fencing, landscaping and full interior renovations including, shaker cabinets, quartz countertops, stainless steel appliances, luxury vinyl flooring and tiled shower bathrooms.
Current Rent Roll: $7,740 with a 7 CAP on takeover!
NOI: $60,433
Unit Mix: 4 - 1 Bedroom/1 Bathroom Units, 1 - Studio/1 Bathroom Unit
Property Facts
| Price | $790,000 | Building Class | C |
| Price Per Unit | $158,000 | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 2,273 SF |
| Cap Rate | 7.65% | Average Occupancy | 100% |
| No. Units | 5 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1956 |
| Property Subtype | Apartment | Parking Ratio | 2.2/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | Multi-Fam 5-units (08) - Multi-Family (5-9 units) | ||
| Price | $790,000 |
| Price Per Unit | $158,000 |
| Sale Type | Investment |
| Cap Rate | 7.65% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 2,273 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1956 |
| Parking Ratio | 2.2/1,000 SF |
| Zoning | Multi-Fam 5-units (08) - Multi-Family (5-9 units) |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Ceiling Fans
- Kitchen
- Refrigerator
- Stainless Steel Appliances
- Tub/Shower
- Patio
- Vinyl Flooring
- Large Bedrooms
Site Amenities
- Courtyard
- Gated
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $1,550 | 550 |
| Studios | 1 | $1,350 | 350 |
1 1
Moderately walkable
60/100
Moderately drivable
60/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 14-29-15-47016-001-0140 | Improvements Assessment | $341,160 |
| Land Assessment | $123,840 | Total Assessment | $465,000 |
Property Taxes
Parcel Number
14-29-15-47016-001-0140
Land Assessment
$123,840
Improvements Assessment
$341,160
Total Assessment
$465,000
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1429 Laura St