UNDER CONTRACT
PROPERTY OVERVIEW
Enclave at Sabal Pointe is a multifamily value-add investment opportunity located in the south portion of St Petersburg, FL. The 109-unit property features a unit mix comprised of One (23.9%), Two (49.5%), and Three Bedrooms (26.6%).
Investors have the opportunity to buy a bulk condo property with some recent capex improvements. Due to previous management issues, the property had been struggling with maintenance and occupancy rates. New third-party management was recently put in-place and the property has already seen significant progress physically and operationally. As leases expire and/or tenants move out, the next owner will be able to capitalize on rents that are below market and increase to the proven market rents. Additionally, the opportunity to value-add the units and property should help achieve significant rent growth over the next few years.
LOCATION OVERVIEW
Enclave at Sabal Pointe is conveniently located next to major roadways (I-275 and US-19), which connect the property to many attractive destinations in the Hillsborough, Pinellas and Manatee counties. The property is in close proximity to major employment centers including Downtown St. Petersburg, Feather Sound and Carillon Business District (St. Petersburg), Westshore Business District (Tampa), Downtown Tampa as well as St. Petersburg-Clearwater Airport and Tampa International Airport. Pinellas County’s award winning beaches are only a short drive from the property in addition to a variety of concert and professional sporting venues.
UNIT MIX
4 - One Bedroom One Bath, 780 SF
22 - One Bedroom One Bath, 870 SF
36 - Two Bedroom One and a Half Bath TH, 1400 SF
18 - Two Bedroom Two Bath, 1200 SF
29 - Three Bedroom Two and a Half Bath TH, 1700 SF
