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Morningside East I & II 2566 Harn BLVD 20 Unit Apartment Building $2,700,000 ($135,000/Unit) 6.56% Cap Rate Clearwater, FL 33764
Investment Highlights
- Value-add opportunity.
- Concrete block construction and not in a flood zone.
- Recent capital improvements include new roofs on both buildings.
- Highly desirable unit mix.
- Ability to draft behind the strong demand of Class A new construction in the submarket.
- Centrally located in Pinellas County just off of the US-19 corridor & Gulf to Bay Blvd.
Executive Summary
Morningside East is a 20-unit fractured condo community within a 44-unit community, located within Clearwater, FL. The opportunity boasts an attractive unit mix featuring 50% two-bedroom units and offering a new investor a 45.45% ownership stake in the community. The property is steps away from Highway US-19 and 1-mile from Gulf to Bay (SR 60), offering convenient access throughout the Tampa Bay.
Property Facts
| Price | $2,700,000 | Apartment Style | Garden |
| Price Per Unit | $135,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.81 AC |
| Cap Rate | 6.56% | Building Size | 25,832 SF |
| No. Units | 20 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1969 |
| Price | $2,700,000 |
| Price Per Unit | $135,000 |
| Sale Type | Investment |
| Cap Rate | 6.56% |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 0.81 AC |
| Building Size | 25,832 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1969 |
Amenities
Unit Amenities
- Air Conditioning
- Ceiling Fans
- Tile Floors
- Kitchen
- Patio
- Wheelchair Accessible (Rooms)
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 20 | - | 900 |
1 1
Property Taxes
| Parcel Numbers | Improvements Assessment | $126,235 | |
| Land Assessment | $0 | Total Assessment | $126,235 |
Property Taxes
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$126,235
Total Assessment
$126,235
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Morningside East I & II | 2566 Harn BLVD
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