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Melrose on the Bay 16321 Bolesta Rd 358 Unit Apartment Building For Sale Clearwater, FL 33760
INVESTMENT HIGHLIGHTS
- $6.7M in CapEX Improvements including all new roofs
- Value-Add Potential - Majority of units with original interiors
- Assumable Freddie Mac Loan: 35-year amortization, ~72% LTV, 5.10% interest rate
- 358-Unit Garden-Style Community - Concrete Block - 65% Two Bedrooms
- 93.8% T12 occupancy, $1,518 avg. rent, 4.7% T12 Net Rental Income growth
- All units have washer and dryers
EXECUTIVE SUMMARY
358-unit garden-style community on 36.2 acres near the Bayside Bridge and Feathersound Business District in Clearwater, Florida. Built in 1987, concrete block, offering one-, two-, and three-bedroom floor plans averaging 884 sq. ft., all with in-unit washer and dryer. Trailing 12-month occupancy is 93.8%. More than $6.7M in CapEx Improvements have been invested into the property, including all new roofs. The community features a swimming pool, sundeck with games, two playgrounds, a dog park, a bike share, a putting green, Amazon Hub lockers, a fitness center, and more.
PROPERTY FACTS
| Sale Type | Investment | Lot Size | 36.20 AC |
| No. Units | 358 | Building Size | 396,822 SF |
| Property Type | Multifamily | Average Occupancy | 94% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built/Renovated | 1986/1993 |
| Building Class | B | Parking Ratio | 1.7/1,000 SF |
| Zoning | RPD5 - Residential Planned Development | ||
| Sale Type | Investment |
| No. Units | 358 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 36.20 AC |
| Building Size | 396,822 SF |
| Average Occupancy | 94% |
| No. Stories | 2 |
| Year Built/Renovated | 1986/1993 |
| Parking Ratio | 1.7/1,000 SF |
| Zoning | RPD5 - Residential Planned Development |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Washer/Dryer Hookup
- Ceiling Fans
- Granite Countertops
- Refrigerator
- Range
- Views
- Framed Mirrors
- Island Kitchen
- Vinyl Flooring
- Wheelchair Accessible (Rooms)
- Large Bedrooms
SITE AMENITIES
- Courtyard
- Fitness Center
- Laundry Facilities
- Playground
- Pool
- Waterfront
- Breakfast/Coffee Concierge
- Grill
- Pet Play Area
- Putting Greens
- Maintenance on site
- Pond
- Sundeck
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 125 | - | 750 |
| 2+1 | 84 | - | 900 |
| 2+2 | 113 | - | 950 |
| 3+2 | 36 | - | 1,100 |
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PROPERTY TAXES
| Parcel Number | 33-29-16-70380-100-0600 | Improvements Assessment | $27,777,150 |
| Land Assessment | $11,322,850 | Total Assessment | $39,100,000 |
PROPERTY TAXES
Parcel Number
33-29-16-70380-100-0600
Land Assessment
$11,322,850
Improvements Assessment
$27,777,150
Total Assessment
$39,100,000
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Melrose on the Bay | 16321 Bolesta Rd
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