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Hillview Garden Apartments 2066 Hillview St 17 Unit Apartment Building $4,477,000 ($263,353/Unit) 5.03% Cap Rate Sarasota, FL 34239
Investment Highlights
- 17 Income producing units. Property can be developed into 39 +/- units.
- Value-add component exists along with long term cash flow.
- Block construction | Not in Flood Zone | Across from Sarasota Memorial Hospital.
Executive Summary
With 17 income producing units, the Haven on Hillview offers
concrete block construction, interior updates and a steady cash flow
in a highly desired location.
There is upside potential in place and a few future options that may
lead to additional successes.
You can focus on cash flow and utilize the 17-units as rentals,
enhance them and increase rents over time providing a steady
income producing asset with year over year positive trending
returns.
The Haven on Hillview's location of the 3 parcels is in such close
proximity to Sarasota Memorial Hospital and its ever expanding
campus that upscale housing could be well received, let alone folks
wanting to be close to Hillview but be 'East of the Trail' for price
points. Whether enhancing the existing property to capitalize on the
need for professional housing or potentially redeveloping the
property, achieving success is in place.
REDEVELOPMENT OPPORTUNITY:
Take one parcel at a time and redevelop them as you move forward
while receiving income from the existing units on the remaining
parcels.
Most of the product or housing available in this particular area are
resales or custom new homes in the million++ dollar price
range. Immediately upon crossing over US-41 onto the West side of
the Trail, values and prices trend upwards of 2X to 3X.
concrete block construction, interior updates and a steady cash flow
in a highly desired location.
There is upside potential in place and a few future options that may
lead to additional successes.
You can focus on cash flow and utilize the 17-units as rentals,
enhance them and increase rents over time providing a steady
income producing asset with year over year positive trending
returns.
The Haven on Hillview's location of the 3 parcels is in such close
proximity to Sarasota Memorial Hospital and its ever expanding
campus that upscale housing could be well received, let alone folks
wanting to be close to Hillview but be 'East of the Trail' for price
points. Whether enhancing the existing property to capitalize on the
need for professional housing or potentially redeveloping the
property, achieving success is in place.
REDEVELOPMENT OPPORTUNITY:
Take one parcel at a time and redevelop them as you move forward
while receiving income from the existing units on the remaining
parcels.
Most of the product or housing available in this particular area are
resales or custom new homes in the million++ dollar price
range. Immediately upon crossing over US-41 onto the West side of
the Trail, values and prices trend upwards of 2X to 3X.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts
| Price | $4,477,000 | Building Class | C |
| Price Per Unit | $263,353 | Lot Size | 1.56 AC |
| Sale Type | Investment | Building Size | 10,965 SF |
| Cap Rate | 5.03% | Average Occupancy | 95% |
| No. Units | 17 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1954/2023 |
| Property Subtype | Apartment | Parking Ratio | 3.1/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | RMF-5 | ||
| Price | $4,477,000 |
| Price Per Unit | $263,353 |
| Sale Type | Investment |
| Cap Rate | 5.03% |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.56 AC |
| Building Size | 10,965 SF |
| Average Occupancy | 95% |
| No. Stories | 1 |
| Year Built/Renovated | 1954/2023 |
| Parking Ratio | 3.1/1,000 SF |
| Zoning | RMF-5 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 14 | $1,850 | 600 - 650 |
| Studios | 3 | $325.00 | 300 |
1 1
Moderately walkable
70/100
Moderately drivable
60/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $161,700 | |
| Land Assessment | $1,212,000 | Total Assessment | $2,397,905 |
Property Taxes
Parcel Numbers
Land Assessment
$1,212,000
Improvements Assessment
$161,700
Total Assessment
$2,397,905
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Hillview Garden Apartments | 2066 Hillview St
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