Location, location, location. . .with excellent passive income. 10 unit condo package in the 96 unit Parklane Condominium complex. Complex is situated off 47th Avenue north and 4th Street- the hottest, fastest growing commercial and retail thoroughfare in St. Pete. Package consists of eight 1 bedroom, 1 bath units and two 2 bedroom, 1 bath units- all currently rented. A CURRENT 8.0% CAP RATE AT FIRM LIST PRICE, with lots of upside potential- as all units have been renovated in the past 24 months, it is a matter of simply increasing rents when leases expire, or tenants move out, with just cleaning and touchup paint. The income of a 10 unit apartment building, without any of the hassles or stress of active property management- since these are condos, all lawn care, pool maintenance, exterior paint, roofs, and water/sewer/trash are dealt with by association management company. Monthly condo fee covers it all- including free basic cable for tenants. Tenants pay electricity. Close by are great restaurants, two Publix supermarkets , as well as a Pier 1 Imports, Stein Mart, multiple Banks, CVS and Walgreens.
Best comparable sale, sold by this listing agent on 4/23/19, is a 4 Unit Condo Portfolio in the same zip code with these similarities to this 10 Unit Portfolio: NOT Age Restricted to 55 and over, No limit to units under one ownership, Pet Friendly, Low monthly Condo maintenance fees with No Assessments, New Roofs, New Paint, Pool, Comparable Cap Rate. This 4 Unit Condo comparable sold for $375,000 CASH. 2BR unit @$102,500, 3 1BR Units @ $92,500, $90,000, and $90,000 which are higher per unit prices than this current 10 Unit listing !!
A complex one block away, built the same year, with the same construction, sold for $115,000/unit less than 6 months ago; and, it had significant deferred maintenance. PLEASE DOWNLOAD INCOME STATEMENT, EXPENSE STATEMENT, and RENT ROLL, BY CLICKING PDF ATTACHMENTS DIRECTLY BELOW. THESE ARE REAL CURRENT NUMBERS,
NOT PROFORMA, "BLUE SKY" PROJECTIONS !!!
